Domestic and international leasing. What is leasing - how does it differ from a loan, types of leasing, conditions for obtaining, examples Full leasing

Hello! In this article we will talk about what leasing is and how to use it. In a difficult economic situation, when banks demand exorbitant interest rates on loans, and leasing as a type of transaction is not suitable for a number of reasons, enterprises or individual entrepreneurs are increasingly turning to leasing companies. The goal is to purchase equipment, transport, and real estate on favorable terms. What is leasing for individuals and legal entities? What types of leasing are there? What are the advantages of such a deal? You will learn about all this in this article!

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What is leasing in simple words

Leasing - it's the same lease. (Translated from English "lease" - "rent"). But there are a number of significant differences.

Let's look at the diagram as an example:

An enterprise or entrepreneur does not have enough funds to purchase equipment. You can take out a loan with high interest rates, or you can ask a leasing company to buy the necessary equipment. She, in turn, considers the proposal and evaluates the profit for herself. If approved, the lessor leases the acquired property to the enterprise under a special agreement.

Under the terms of this agreement, the lessee pays the company a certain amount every month (leasing payments), as for rent. After a certain period of time, you can buy out equipment, real estate or a car by paying the residual value.

As can be seen from the example, three parties are involved in the leasing process:

• Recipient of property– a person (individual or legal) to whom the leased asset is leased for use for some time, with the possibility of its full redemption;
• Leasing company– the party purchasing the equipment: real estate, transport, equipment or an entire enterprise.
• Salesman– the party who sells the above valuable property.

Sometimes two parties are enough if the owner of the property acts as a lessor. In many cases, you will need another party - the insurance company.

Purpose of leasing for an enterprise– expand production, modernize technology, which will lead to increased profits.

The lessor benefits from the difference between the market price of the property and its value after the leasing transaction. A seller of equipment, real estate, vehicles gets the opportunity to quickly sell expensive equipment, real estate, vehicles, etc.

According to the law of the Russian Federation, the following property can be leased (transferred):

• Road transport;
• Real estate;
• Equipment;
• Enterprises.

Some objects are prohibited, to which special conditions of use apply by law, for example, military items. Such property cannot be leased:

• Without an individual or serial number (for example, when a vehicle does not have a VIN);
• Withdrawn from circulation;
• Natural resources and land.

Leasing companies also set their own restrictions. They depend on the lessor's policy and on the items themselves. There are also common parameters for all objects that are not offered for leasing:

• Having low liquidity;
• Unreliable manufacturer;
• Used item more than 5-7 years old.

The basic rule is that all leased items are purchased in order to use them in the process of any commercial business.

Types of leasing

In accordance with the terms and economic essence of the contracts, there are three main types of leasing:

• Returnable;
• Operating;
• Financial.

There are also leasing of real estate, equipment, vehicles and others.

According to the degree of risk, leasing transactions are divided into three types:

1. Guaranteed– risks are distributed between several parties – guarantors of the transaction;
2. Unsecured– the lessee does not provide any guarantees for the fulfillment of its obligations;
3. Partially secured– having an insurance contract.

Description of the main types of leasing

Leaseback

This is a special type of transaction. In this case, the lessee and the seller of the property are one person. The company enters into an agreement with a leasing company to transfer ownership of its property for a certain amount and immediately acts as a lessee. In this case, the production process does not stop - the equipment is not removed. The company received a large sum, which it can immediately use to increase profits or for other needs. At the same time, it pays small payments every month. This transaction looks like a loan secured by property, but there is no interest to the bank.

Leaseback is beneficial for enterprises that need additional funds for development. After all, it is possible to receive money from the leasing company and the equipment will not be lost, and the production process will continue.

But there is a significant drawback. Leaseback transactions attract special attention from tax authorities. They may consider such agreements one of the ways to evade taxes. But if the transaction is carried out in accordance with all financial and legal rules, and the agreement is justified by economic feasibility, then the fiscal authorities will not have grounds for a fine.

The tax service compares leasing conditions and possible loans. If it turns out that a loan is more profitable for the entrepreneur, then the Federal Tax Service suspects tax evasion.

Here are the terms of transactions that attract the attention of fiscal authorities:

• The leaseback agreement was signed by two parties dependent on each other. According to the law, this is possible, but in practice the Federal Tax Service does not pay VAT refunds precisely for this reason;
• The parties to the transaction used bills, checks and other non-cash methods when making payments;
• One of the parties to the agreement has previously been found to have paid taxes in bad faith.

Operational leasing

This is a transaction in which the period of use of the property is much longer than the term of the contract. The rate is higher than in the case of financial leasing. In fact, a parallel can be drawn with ordinary rent.

The leasing company bears full responsibility for the subject of the contract. In other words, repairs, maintenance and insurance. The recipient of the leased item does not bear any responsibility. All risks associated with the destruction or loss of the leased asset fall on the shoulders of the company.

The recipient of the leased item may terminate the contract with the company if the item is not suitable for use.

Upon expiration of the operational leasing agreement, the lessee can:

• Change an object to another;
• Leave the property to the lessor;
• Conclude another agreement;
• Buy property and become its owner.

Operational leasing has a positive effect on the dynamics of the production process. After all, the equipment is being updated.

The concept of financial leasing

Financial leasing – a way to raise funds for specific purposes. The terms of use of the leased asset are equal to the terms of the contract. By the end date of the agreement, the value of the property is close to zero. More often than not, the lessee wants to take ownership of such property, especially since by the end of the lease it is worth practically nothing.

Main features and conditions of financial leasing:

• The lessor purchases property specifically for leasing, and not for its own use;
• The buyer selects the property and the seller;
• The seller is aware of the existence of a leasing agreement, but the subject of the agreement is delivered to the buyer, and he accepts it for operation;
• The lessee forwards all claims regarding the quality of equipment, machinery, and vehicles to the seller, bypassing the lessor;
• In case of damage to the leased item, it is transferred to the buyer after signing the acceptance certificate for commissioning.

Stages of concluding a leasing transaction

Despite the fact that the process of obtaining an object for leasing is considered a simple transaction, you need to carefully consider all stages of its implementation.
Key steps towards a successful leasing transaction:

1. Choosing a leasing company . It is better to give preference to large organizations that are subsidiaries of well-known financial institutions. We recommend using Europlan on favorable leasing terms.

2. Study of all proposed terms of the contract . Before signing the contract, it is necessary to find out: the initial and monthly payment amount, the payment schedule, the conditions under which the transaction is terminated, as well as the characteristics of the transferred property.

3. Drawing up a contract . Before this, the leasing company may require the following documents from the client:

• statement of intention to lease a certain object;
• bank statement about the company's recent turnover;
• financial statements for the last 4 months;
• copies of documents of the business manager;
• agreement with the supplier;
• documents confirming insurance of the leased object.

The lessor may require other documents and papers - this depends on the type of transaction and the company itself.

4. Then comes the down payment . After this operation, the enterprise receives the object of the contract for use.

- one of the profitable ways that allows an enterprise to increase production without high costs, build new workshops, and update technology through the purchase of technical innovations.

You can purchase everything necessary for the operational operation of the office, computer equipment. In agriculture, buy new equipment for processing crops, collecting milk, cutting meat. In the restaurant business, purchase the necessary equipment for trading. Such leasing is also beneficial for the woodworking, gas, and oil refining industries.

The main advantages of using equipment leasing :

• Allows an enterprise or individual entrepreneur to develop, even if they have part of the money to purchase new equipment;
• Payments are evenly distributed over months according to a personal schedule, there is no need to pay the entire cost at once;
• Leased items are immediately available for use, and they can participate in the production process after signing the contract;
• Monthly payments are covered by the profit that will come from the use of new equipment and workshops;
• Payments are classified as cost, which leads to a decrease in the income tax base;
• Savings by reducing property tax payments. This is due to accelerated depreciation. After the contract term, it turns out that the leased item is worth almost nothing.

Car leasing

Both legal entities and individuals can buy a car on lease. This is a relatively new type of transaction for the Russian population, but in recent years it has been rapidly progressing in its distribution.

Let’s take a closer look at the question of what leasing is for individuals. In fact, any citizen of the Russian Federation can purchase a car, as if renting it. One difference is that you can become the owner of the vehicle at the end of the contract.

The motorist gets the opportunity to use vehicles after completing the transaction and making the down payment. Such procedures can be executed not only by special leasing companies, but also by banks and car dealerships.

What is the procedure for leasing a car?

1. The client provides identification and driver documents, fills out the necessary documents;
2. An agreement is concluded between the parties: the future car owner and the lessor. The document gives the right to use transport with its subsequent purchase. A purchase and sale agreement is also concluded between the seller (transport supplier) and the company (bank) that has assumed the responsibilities of the lessor;
3. The recipient of the rental car pays the first 20-30% contribution of the total cost under the contract;
4. It is mandatory to take out insurance for the leased item (car) in two packages: OSAGO and CASCO;
5. The leasing company takes care of the costs and hassle of registering the car with the traffic police and carrying out maintenance;
6. After all the above points, the transport passes into the use of the lessee, but not into ownership. The owner is a leasing company, which can be a car dealer, bank or other financial institution;
7. The user of the car pays monthly amounts, and upon expiration of the contract, the vehicle can be taken over. You can also exchange it for a new car.

Pros of car leasing

1. You can purchase not only a passenger car, but also trucks and special equipment;
2. It doesn’t matter whether the car was used or whether the new car was leased from a dealership or from a private person;
3. Minimum package of documents for completing a leasing transaction;
4. The level of requirements for the client is lower than when applying for a loan;
5. The lease term is up to 5 years, after this period the client can become the owner, for this the remaining amount must be paid;
6. You can return the leased item – a car – ahead of schedule;
7. You can use the car immediately after the transaction.

Cons of car leasing

1. Interest rates for car leasing agreements are higher than for loans, especially for mid-price vehicles;
2. If the leasing payment schedule is violated, the car is confiscated;
3. The car is not property and cannot be rented out or used as collateral without the consent of the official owner - the leasing company;
4. For periodic inspection, you must provide the car to the leasing company.

Before deciding on how to purchase a car, you need to carefully study all the factors, weigh all the pros and cons, and find out all the lucrative offers from banks.

Real estate leasing is something between rent and mortgage. The essence of the process is the same as with other types of leasing. The company buys the property that the client has chosen. Then, the leasing organization rents out this living space to him. The client is obliged to pay monthly amounts for using the lease.

Real estate leasing for individuals

Apartment leasing for the ordinary population has not yet become widespread. Maybe the fact is that people want to see real estate in their possession immediately, and not in 15-20 years. Psychologically, it is much calmer when the apartment becomes property immediately, as, for example, with a mortgage.

When registering real estate on credit, the buyer gets the opportunity to use and own square meters; the right to dispose of it will come after the last payment. When leasing, a person has only one right - to use the living space. All other rights will come into force after the end of the contract period and payment of the residual value.

Purchasing a house or apartment on lease has a number of other disadvantages V:

• Most often, a mortgage agreement is cheaper than a leasing agreement;
• Two transactions are drawn up: one of them is for the purchase and sale between the leasing company and the seller, the second is between the citizen and the leasing company. As a result, more funds are spent on registration. These costs most often fall on the person wishing to purchase an apartment.

What are the benefits of leasing real estate to individuals?

It's all about the reliability of the deal for the parties to the contract. With a mortgage, there is a risk for the bank that the client will not fulfill all obligations. Then you will have to take additional measures, which entail costs for the financial institution. Whereas the leasing company is already the owner of the living space and does not lose anything in the event of the client’s insolvency. Therefore, she is more tolerant of late payments and considers all options for payments that an individual offers her.

Leasing companies do not care about the credit history of their client. Therefore, this type of apartment purchase is suitable for citizens who have been denied a bank loan.

Purchasing housing on lease is also attractive for those people who do not want to own their property and pay taxes on it. For example, this option can be considered if a married couple is in an unstable relationship and one of the parties is afraid of losing part of the property during division.

There are many scammers among real estate leasing companies, so the average citizen should carefully choose an organization. It is best to pay attention to leasing companies that are subsidiaries of a large bank.

Real estate leasing for legal entities

The situation is different with the leasing of commercial real estate for persons engaged in entrepreneurial and financial activities. This type of deal has been around for a long time and is in demand. This is primarily due to favorable taxation schemes.

Not putting real estate on the balance sheet is always beneficial for any enterprise, in particular for the following reasons:

• You can count on a refund of value added tax;
• Accounting records leasing payments as expenses, thereby not understating profits and reducing the corresponding tax;
• There is no need to pay property tax at all - the real estate is not listed on the balance sheet of the enterprise and does not belong to it.

That is why purchasing square meters through leasing is much more attractive for an enterprise than a commercial mortgage agreement.

Leasing or credit – which is more profitable?

For clarity, we present a comparative table with the same comparative characteristics for loans and leasing.

Comparison of loans and leasing

Features for comparison	Leasing	Credit
Who can use	legal entity, individual engaged in commercial activities (IP)	any natural or legal person
Who is the owner	During the term of the contract, the owner is the lessor; at any time he can withdraw the property	after the transaction, the owner of the acquired property is immediately the enterprise or individual entrepreneur
Payments	- monthly payments: — payment of the leasing company’s margin; — insurance premiums; — tax on leased property; — advance payment is 20-30% of the cost	— loan payments (interest for using the loan, insurance); — possible fees for maintaining a loan account and assessing property; — there may be no down payment
Past history of property acquisitions	it is not necessary to have any (positive, negative) history of leasing property	having a positive credit history
Depreciation	the possibility of using accelerated depreciation (except for cars costing more than 300 thousand rubles and minibuses costing more than 400 thousand rubles - a coefficient that reduces depreciation is applied to them)	normal depreciation scheme
Taxes
VAT	VAT is included in lease payments	money received as credit is not subject to VAT. The tax presented by the supplier can be deducted by the lessee after purchasing the property
Property tax	the property is on the balance sheet of the leasing company and therefore cannot be subject to property tax. if the property is on the balance sheet of the enterprise, then property tax is reduced due to rapid depreciation provided for leasing	the property is immediately the property of the enterprise, which means it is taxed

The advantage of leasing over a loan is not always obvious. Each specific case must be considered separately from all sides. You cannot do without legal and financial assistance.

Using a specific example, let’s look at leasing a car of a well-known brand. The conditions offer payments 30% less than for a loan. But there is one more point - in order to receive such a favorable offer after the contract period, the car must be returned to the seller. If you buy it out in full, the overpayment will be higher than for the intended loan.

Taxes and depreciation

When determining the income tax base, the enterprise (lessee) classifies leasing payments as expenses. This is described in detail in Article 264 of the Tax Code in paragraph 1 of subparagraph 10.

Under the terms of the agreement, it is possible to include the property on the balance sheet of the enterprise, then the amount of depreciation is deducted from the amount for expenses of leasing payments.

When the property is not on the balance sheet of the enterprise, then it is taken into account by the lessor. In this case, the cost of the subject of the contract is deducted from the amount of all expenses for leasing payments. By law, the income tax base does not take into account expenses for the acquisition of property subject to depreciation. This is the redemption value of the leased asset, and it is written off gradually using depreciation.

There are cases when the contract does not clearly state the amount of the redemption price. In this case, specialists from the Ministry of Finance propose to include all amounts of leasing payments in the initial cost. After ownership rights are transferred to the enterprise, accrue payments as expenses through depreciation.

An enterprise or individual entrepreneur can challenge this position, because there is no mention of the redemption price in the law and the Tax Code. Article 264 of the Tax Code states that all leasing payments are classified as other expenses. The exception is depreciation accrued by the enterprise.

There is also a special procedure for calculating the cost of depreciable property during leasing operations. This is specified in Article NK 257. The initial cost of property includes the costs of delivery, construction, acquisition, and bringing it to a state suitable for use. This means that for the parties to the leasing agreement the initial cost of the leased asset will not differ.

It turns out that if the lessor fully pays off the cost of the property through depreciation, then by the end of the contract he transfers the subject of the contract to the enterprise with zero residual value.

If the property is not fully depreciated, then it is transferred to the other party to the contract at the value that remains after depreciation has been calculated. This part will be written off as expenses of the enterprise through depreciation. Therefore, if the lessee accumulates the redemption value, he will not be able to write it off, since depreciation is not charged on it.

It turns out that it is more profitable not to divide the lease payment, but to include it in full as other expenses.

Depreciation

Accelerated depreciation rates apply to property purchased under lease. In this case, the tax accounting policy of the enterprise must indicate the method of calculating depreciation.

Leasing payments contain VAT, so in the future the enterprise can offset it from the budget in accordance with Articles 171-172 of the Tax Code.

When purchasing on credit, the cost of VAT will be less than in a leasing transaction. This happens because when leasing, the base for calculating VAT includes not only the cost of the property, but also the price for the services of the lessor.

Renting and leasing - similarities and differences

Leasing is similar to renting only from the outside. Leasing is often called financial lease. Essentially, in both cases, the main parties to the transaction are two clients. One person needs a certain expensive item, but does not have the entire amount to buy it. Another client has the funds to purchase the item and can rent it out at a premium to make a profit.

However, this is only the external side. In fact, these two operations have many differences.

The main difference is the ability to take into account equipment during leasing, both on the balance sheet of the leasing company and on the balance sheet of the enterprise. When renting an item, it appears in the off-balance sheet accounts of the recipient of the item.

Differences and similarities between leasing and renting

Features for comparison	Leasing	Rent
Deadlines	usually a long-term deal. The term is equal to the useful use of the leased asset	provision of a leased item for a short period of time that is not related to its useful life
Possibility to use land plots	not provided	Maybe
Redemption of the item at the end of the contract	Can	it is forbidden
Type of property rights	use
Legal regulation	Chapter 34 of the Civil Code – “Rent”; Article 2 of the Federal Law	Chapter 34 Civil Code
Liability for the risk of accidental breakage, death or damage to the subject of the transaction	direct responsibility on the lessee	the tenant is not responsible
Providing documents confirming solvency	a comprehensive assessment of the enterprise for solvency is carried out	not required, only account details are needed
Who chooses the property	lessee (enterprise)	landlord
Subject of the transaction and its quality	implies new equipment	the object may be a property that has been rented several times, defects and malfunctions cannot be excluded

Lease payment schedules

Regular payments on leased property may be regressive, seasonal, annuity.

Regressive payments mean that the monthly payment decreases with each subsequent payment. The same amount (fixed) is meant by annuity payments. As the name suggests, seasonal payments depend on the time of year. Many businesses make a profit during a certain season, so the leasing company may consider special payment terms for them.

What is subleasing

The following cases often arise: the lessee no longer needs the received property or cannot use it. And then thoughts arise: is it possible to rent out the leased item? This will be considered subleasing.

This type of transaction is legalized and a corresponding subleasing agreement is drawn up. Its participants are the new acquirer of the property - the subtenant, the former lessee who no longer needs the subject of the agreement.

The lessor is an organization that owns the property and writes a written consent or prohibition on the transaction.

Conclusion

Now you know what leasing is, types of leasing and how to lease a car, equipment, etc. If you have questions, ask in the comments below. And also read other articles on our website!

In world practice, a wide variety of types of leasing are used. Their classification can be carried out according to a number of criteria.

The main forms of leasing are domestic leasing and international leasing

In world practice, the most common are four main models of international leasing operations.

First model: A lessor in one country maintains contacts regarding the organization and implementation of a leasing operation with a lessee located in another country.

Second model: A lessor in one country carries out contacts regarding the organization and implementation of a leasing operation with a lessee located in another country, but through a subsidiary located in the lessee’s country.

Third model: A lessor in one country carries out contacts regarding the organization and implementation of a leasing operation with a lessee located in another country, but through an intermediary - a leasing company located in the lessee's country. The intermediary company is entrusted with organizing and conducting negotiations, preparing and concluding a leasing agreement on the agreed terms, as well as its execution. Legally, the relationship between two leasing companies is formalized by a regular agency agreement, and payments are made in the form of either a commission for services, or a counter transaction, or a division of profits.

Fourth model: The lessor of one country carries out contacts on the organization and implementation of a leasing operation with a lessee located in the same country, and transfers the execution of the concluded leasing agreement to an intermediary - a leasing company located in another country - on the above terms of the agency agreement.

It should be noted that one of the main problems facing the lessor is establishing the business reputation of the lessee. This circumstance is of particular importance in international leasing operations. It is clear that when concluding a transaction with a foreign partner, the level of commercial risks increases significantly due to the inherent differences in different countries in civil and trade laws, tax regimes, accounting methods, and the practice of concluding and executing contracts.

Another feature of international leasing operations is currency risks, most of which are also borne by the lessor. Concluding a long-term transaction, settlements for which are carried out in various currencies, requires reliable guarantees against possible fluctuations in exchange rates, changes in national exchange control regimes, depletion of the partner’s currency reserves and other negative phenomena. The conditions of each transaction are specific, and, as practice shows, it is possible to ensure a high degree of protection against currency risks only with careful consideration of all its nuances.

International operations are more risky for the lessor from the point of view of protecting property rights to the leased property, as well as ensuring guarantees of its return upon expiration of the contract. In addition, the deal may be complicated by political risks. When carrying out international leasing, the lessor or lessee is a non-resident of the Russian Federation. When implementing internal leasing the lessor, lessee and seller (supplier) are residents of the Russian Federation. The main types of leasing are: 1) long-term leasing - leasing carried out for three or more years; 2) medium-term leasing - leasing carried out for a period of one and a half to three years; 3) short-term leasing - leasing carried out for less than one and a half years.

The period of use of the leased property serves as one of the criteria for distinguishing between financial and operational leasing, which are especially common in modern business practice. Financial leasing- a type of leasing in which the lessor undertakes to acquire ownership of the property specified by the lessee from a specific seller and transfer this property to the lessee as a leased item for a certain fee, for a certain period and under certain conditions for temporary possession and use. In this case, the period for which the leased asset is transferred to the lessee is comparable in duration to the period of full depreciation of the leased asset or exceeds it. The leased asset becomes the property of the lessee upon expiration of the leasing agreement or before its expiration, subject to payment by the lessee of the full amount provided for by the leasing agreement, unless otherwise provided by the leasing agreement. During the term of the contract, the lessor, through leasing payments, returns the entire value of the property and receives profit from the financial transaction. The main features characterizing financial leasing are the following: - the lessor acquires property not for its own use, but specifically for leasing it; - the right to choose the property and its seller belongs to the user; - the seller of the property knows that the property is specifically purchased for leasing; - - the property is directly supplied to the user and accepted by him for operation; - the lessee sends claims regarding the quality of the property, its completeness, and correction of defects within the warranty period directly to the seller of the property; - the risk of accidental loss and damage to property passes to the lessee after signing the certificate of acceptance and commissioning of the property. Financial leasing has several different types, which have received their own name. Classic financial leasing is characterized by a tripartite relationship and compensation for the full cost of the property. At the request of the lessee, the lessor purchases the necessary equipment from the supplier and leases it to the lessee, reimbursing its financial costs and making a profit through leasing payments. Subleasing- a special type of relationship arising in connection with the assignment of rights to use the leased asset to a third party, which is formalized in a subleasing agreement. When subleasing, the person carrying out subleasing accepts the leased asset from the lessor under a leasing agreement and transfers it for temporary use to the lessee under a subleasing agreement. The assignment by the lessee to a third party of its obligations to pay lease payments to a third party is not permitted. When transferring the leased asset for subleasing, the consent of the lessor in writing is required.

Operating leasing - a type of leasing in which the lessor purchases property at his own risk and transfers it to the lessee as a leased item for a certain fee, for a certain period and under certain conditions for temporary possession and use. The period for which the property is leased is established on the basis of the leasing agreement. Upon expiration of the leasing agreement and subject to payment by the lessee of the full amount stipulated by the leasing agreement, the leased asset is returned to the lessor. In this case, the lessee has no right to demand the transfer of ownership of the leased asset. With operational leasing, the leased asset can be leased repeatedly during the full depreciation period of the leased asset. The following features are characteristic of operational leasing: - the term of the leasing agreement is significantly less than the standard service life of the property, as a result of which the lessor does not expect to reimburse the cost of the property from proceeds from one contract; property is leased multiple times; It is not the property specifically purchased at the request of the lessee, but the property available at the leasing company that is leased. In other words, the leasing company, when purchasing property, does not know its specific user. In this regard, leasing companies specializing in operational leasing must be well aware of the market conditions for leasing property, both new and used; - responsibilities for maintenance, repair, and insurance lie with the leasing company; - The lessee may terminate the contract if the property, due to unforeseen circumstances, turns out to be in a condition unsuitable for use; - the risk of accidental death, loss, damage to the leased property lies with the lessor; - - - - the amount of leasing payments for operational leasing is higher than for financial leasing, since the lessor must take into account additional risks associated, for example, with the lack of clients to re-let the property, possible damage or loss of property; - at the end of the contract, the property is usually returned to the lessor. If desired, the lessee has the right to extend the contract on new terms and even acquire ownership of the leased property. If financial leasing in its economic essence can be compared with long-term financing of capital investments, then with operational leasing, rental payments are comparable to current operating expenses. The formation and development of this type of leasing becomes possible with the emergence of a secondary market for leased equipment, since the lessor has the problem of selling the property at the end of the leasing period. This new problem raises the need for work in the field of property management and resale of property returned to the lessor. The lessor is forced to rent out the leased equipment for temporary use several times, and for him the risk of recovering the residual value of the leased object increases in the absence of demand for it. The risk associated with property management is not limited to the problem of what to do with the property at the end of the leasing period - with an operating lease, the term of the contract is rarely commensurate with the “life” of the property. The growth of the operating lease market is driven by lessors seeking new opportunities in off-balance sheet financing, protection against residual value risks and reduced recurring payments. Lessors, under pressure from competition, are forced to calculate the volume of payments based on after-tax profits and transfer the tax benefits of owning property to the lessee in the form of reduced leasing payments. The property leased out for operating lease is varied: from cars (it is this type of property that primarily dictates the need to create a “secondary” market) to computers, which are associated with the risk of technological obsolescence.

The main differences between operational and financial leasing are presented in the table:

Operating leasing	Financial leasing
Short- and medium-term nature of transactions Partial depreciation of equipment during the initial rental period. At the end of the contract period, the equipment can be rented out again The leasing contract provides for the participation of the lessor in technical maintenance, repair and insurance of equipment Offered by equipment manufacturing companies, their leasing subsidiaries and trading companies	Medium- and long-term nature of transactions Depreciation of all or most of the cost of equipment during the initial lease term The leasing agreement is primarily limited to financing and does not provide for the lessor’s obligations to provide any services. Offered by banking and their subsidiaries leasing companies

A type of financial leasing is leaseback. In a transaction of this kind, the lessor enters into an agreement to purchase property from another organization for the purpose of leasing it to the same legal entity. There are only two participants in this operation - the lessee (former owner of the property) and the lessor (specialized leasing company, bank). The first uses the property, gradually returning the capital investments spent by the lessor. Thus, the original owner receives the full value of the property from a specialized leasing company, while retaining the right to use it.

Depending on the number of participants in the transaction, there are direct And indirect leasing Direct leasing occurs when the lessor is also a supplier of property, and the transaction itself is bilateral in nature. At indirect leasing There is one or more financial intermediaries between the property supplier and the lessee. If there is only one intermediary, then this is a classic three-way leasing transaction. With an increasing number of intermediaries, complex multilateral transactions are concluded.

Leasing to supplier differs from returnable in that the supplier of equipment, although he acts as a seller and lessee at the same time, is not a user of the property, which he necessarily subleases to a third party.

One of the most complex forms of indirect leasing is the so-called separated leasing, or leasing using additional sources of financing. Transactions of this type are usually concluded to implement expensive projects, have a large number of participants and are characterized by the complexity of financial flows.

The peculiarity of separate leasing is that the lessor, when purchasing the property, pays from his own funds only part of its cost. The remaining amount, usually up to 70-80% of the cost of the leased object, is borrowed from one or more lenders. In this case, the lessor enjoys all tax benefits, which are calculated based on the full value of the property. An important point is also the terms of the loan. The borrower - lessor is not directly responsible to creditors for the repayment of the loan. He only formalizes a pledge in favor of the creditors on the leased property and cedes to them the right to receive part of the lease payments to repay the loan. Thus, the main financial risks in the transaction are borne by creditors, and property and lease payments serve as security.

According to the type of property leased, they are distinguished leasing of movable property, i.e. various types of technical equipment, and real estate leasing, i.e. industrial buildings and structures.

Based on the degree of recoupment of the costs of leased property, leasing is distinguished with full and incomplete recoupment. Leasing with full payback occurs when, during the term of one contract, the lessor fully compensates for the costs of acquiring the property transferred for use. At leasing with incomplete payback Only part of these costs is reimbursed.

Depending on the depreciation conditions of the leased property, leasing with full and partial depreciation is distinguished. Leasing with full depreciation means that the term of the leasing agreement approximately coincides with the standard service life of the property and its value is completely written off during the execution of the contract. Leasing with partial depreciation assumes that the contract period is shorter than the service life of the property, and allows you to write off only part of its value.

Based on the nature and scope of servicing the leased property, clean and so-called wet leasing are distinguished. Net leasing occurs when the lessor provides only leasing services, i.e. provides the property for temporary use, and its maintenance and associated costs are borne entirely by the lessee.

« Wet» leasing or full-service (partial-service) leasing is characterized by the fact that the lessor offers the lessee various related services related to the maintenance of the leased property. If equipment is leased, then such services may include its regular preventive maintenance, repairs, insurance, etc. When leasing particularly complex equipment with unique technical characteristics, the lessor may take on additional obligations, including the supply of necessary raw materials and components, personnel training, marketing and advertising support for the lessee’s products. This type of leasing is one of the most expensive.

Based on the type of leasing payments, leasing with cash payment is distinguished ( monetary), when all settlements between the parties to the transaction are carried out only in cash; leasing with compensation payment ( compensatory), in which the services of the lessor are paid either by the supply of goods produced using the leased property, or by counter services; leasing with mixed payment ( mixed), when a combination of monetary and compensation forms of payment is used.

For completeness, we note that it is also necessary to distinguish between fictitious And valid leasing.

Fictitious leasing refers to transactions that are not related to the actual transfer of property on lease and are concluded only for the sake of their participants receiving unjustified financial and tax benefits. Real leasing includes all actually completed leasing transactions.

In Western countries and in Russia, the leasing services market is characterized by a variety of leasing forms, models of leasing contracts and legal norms governing leasing operations. This paragraph reflects the most common of them. Forms of leasing are becoming more diverse every day, meeting the ever-new demands of the developing world economy, expanding the variety of characteristics of their classification, which characterize: attitude towards the leased property; type of financing of the leasing operation; type of leased property; composition of participants in the leasing transaction; type of property leased; degree of payback of leased property; market sector where leasing operations are carried out; attitude towards tax, customs and depreciation benefits and preferences; procedure for leasing payments; degree of risk for the lessor and more.

Why, in leasing transactions and in the definition of leasing and its various types, are such economic categories as credit and rent used, but at the same time, we distinguish leasing as a separate concept? The next paragraph of this chapter answers this question and discusses in more detail the distinctive features of leasing from other economic categories, such as credit and rent, as well as the advantages and disadvantages of all these financial instruments.

To update equipment, purchase new vehicles, expand production or office space, large financial investments are required. What to do if it is not possible to collect the required amount at a time or take out a loan? There is a very effective alternative - leasing. Let's talk about what this term means, what types of leasing there are, what property can be leased, how to correctly complete such a transaction, and what pitfalls this procedure has.

Despite the fact that “lease” is translated from English as “rent,” leasing is a kind of “hybrid” of rent and credit with the involvement of a third party – a leasing company. The latter buys the property from the seller and transfers it to the lessee. He pays a certain amount monthly, which is both a rental payment and a loan payment (depending on the user’s further intentions). At the end of the period specified in the contract, the property can be purchased at its residual value or returned to the leasing company.

Simple example:

The auto company plans to renew its bus fleet. It enters into an agreement with a leasing company (let it be VTB Leasing, YarKamp Leasing or any other). A leasing company buys 10 buses from a manufacturing plant (let’s say MAZ) for a total amount of 60 million rubles. The buses are transferred to the auto company, which pays an initial payment of 10 million rubles, and then deposits 1.6 million rubles monthly into the leasing company’s account for three years.

In the 19th century, leasing began to actively develop in the USA and Great Britain. The concept of “lend-lease” during the Great Patriotic War became significant for our country: the provision of military equipment was also a leasing option. Leasing began to significantly influence economic development in the 50s of the last century. The founder of the modern leasing industry is called American entrepreneur Henry Schofeld, who opened the first specialized leasing company in San Francisco.

In the USSR, leasing was used for enterprises to purchase expensive imported equipment back in the 70s and 80s, but its scale was limited. In the domestic market, the first leasing operations began in 1989. Until the mid-90s, leasing did not have a serious impact on the Russian economy. After the modernization of tax legislation and the adoption of the federal law “On financial lease (leasing)” in 1998, business interest in this instrument increased significantly. At the end of 2017, the volume of the leasing market in the Russian Federation was estimated by specialists of the rating agency RAEX (Expert RA) at a trillion rubles.

Parties to the leasing transaction

Typically there are three parties involved in the leasing process:

1 Seller– a legal entity or individual entrepreneur (necessarily a VAT payer) that owns or sells the necessary equipment. The property is transferred to the lessor on the basis of a purchase and sale agreement.

2 Lessor– its role is played by a leasing company, which can be registered both as a legal entity and as an individual entrepreneur. Most often, banks or structures with them that have sufficient capital to purchase expensive property (vehicles, real estate, equipment) act as a lessor.

3 Lessee- this is a buyer, also either a legal entity in any organizational and legal form, or an individual entrepreneur who needs equipment, transport or real estate of the seller for use in commercial activities and obtaining.

Sometimes the seller is also the lessor, then there are two parties involved in the transaction, not three.

What is the economic meaning of leasing?

Each party to a leasing transaction has its own reasons for participating in it.

• The seller sells his goods and receives the full value of the property and no risks;
• The lessor benefits from an increase in the value of the property included in the lease payment.;
• The lessee purchases the property on more favorable (interest rate/down payment) or more favorable (solvency requirements) terms compared to a bank loan. He has the right to refuse the purchase if the circumstances of his business have changed. In addition, the buyer saves on tax payments (VAT, income tax, property and transport taxes, if vehicles are purchased).

A feature of a leasing transaction is a reduction in the redemption price of the property by the end of the contract. This happens due to depreciation– annual write-off of part of the value of an asset as it wears out. Depreciation is taken into account using special formulas and does not depend on the actual wear and tear of the product. In leasing transactions for certain types of property, accelerated depreciation is applied, due to which, by the end of the contract, transport or equipment have zero value and become the property of the lessee without additional payment.

According to the federal law “On financial lease (leasing)” (No. 164-FZ dated October 29, 1998 with subsequent amendments), movable and immovable property can be leased: vehicles, equipment, real estate, enterprises as economic complexes.

The subject of leasing cannot be natural objects, land plots and property with limited circulation. An exception in this sense is weapons - the Russian Federation has the right to sell them to other countries on lease under the conditions established in international treaties and the law on military-technical cooperation.

There are other leasing restrictions set by the lessors themselves. In particular, buyers who wish to lease the following are refused:

Labor leasing relations in Russia are regulated by federal law dated May 5, 2014 No. 116-FZ. It outlines the following rules:

• Personnel leasing can only be carried out by private recruitment agencies operating on the basic tax system and accredited by the state employment service.
• Contracts for the employment of an employee with a lessee cannot be concluded for longer than 9 months.
• All employee transfers can only be carried out with his written consent.
• The salary of a “leasing” employee for the same work cannot be lower than that of the lessee’s full-time employees.
• The leasing company is obliged to pay all necessary compensation for occupational hazards - the same ones that are paid to the main employees of the lessee.

The law establishes certain restrictions for “rental” labor. You cannot engage leasing personnel:

• To perform work of I and II hazard classes or 3 and 4 degrees of harm;
• To perform the work of a freight forwarder or other employees on shipping transport;
• To perform work at enterprises that are in bankruptcy;
• To replace striking workers
• To work in conditions of threat of dismissal of key employees

What types of leasing are there?

In a leasing transaction, a lot depends on the terms of the contract. Depending on them, three types of leasing can be distinguished:

1 Financial

With this option, the lessor is, in fact, only a financial intermediary, formally participating in the transaction. The property is delivered directly from the seller to the lessee; the latter makes claims regarding the quality of this property to the seller. By the end of the lease agreement, the property, as a rule, has a minimum residual value.

In such a scheme, the leasing agreement often stipulates the seller’s obligation to accept the property if the buyer returns it to the lessor. The bank does not need old cars or machines, to put it simply. VTB24, Avangard Bank, Promsvyazkapital group and others have their own leasing subsidiaries.

2 Operating

With this leasing option, the contract term is significantly shorter than the service life of the acquired property (real estate, industrial complex, etc.). In this regard, the role of the leasing company in the transaction is key. The lessor assumes full responsibility for the safety of the leased property, organizing repairs, insurance and maintenance.

The role of the lessee in this scheme is close to the role of the tenant. When the contract ends, the buyer has the right:

• Buy the property at its residual value (in this case, this value is quite high due to the long depreciation period);
• Return the property to the leasing company;
• leasing agreement, if the lessor does not object to this;
• Exchange property for another (for example, production equipment with more modern or different characteristics).

The operational type of leasing is often used by dealers of large automakers: the buyer uses a car of a certain brand for 2-3 years, and then rents out and leases again a more modern model.

3 Returnable

The most specific type of leasing. Here the seller and the lessee are one person. In fact, the transaction is a form of secured lending, when the property is transferred to the lessor only formally, while actually remaining in its place. An enterprise can sell the equipment it owns and then lease it, receiving a large sum of money for development and maintaining production capacity.

However, these types of transactions are also the most corruption-intensive.

A fresh example from the Vologda region

A leasing transaction for the sale of a large cinema center took place here. The seller was an LLC, let's call it Alpha. This company owned the cinema center for over 10 years. but the business did not take off, the debts grew, and the founders of Alpha turned to the regional business support center with a request for state support - the object is socially significant, the building has historical value. Support in the amount of 10 million rubles was provided with the condition that it would be used to develop the film business in the region.

Immediately, Alpha LLC entered into a leasing deal, selling to the lessor (let it be Beta LLC, one of the founders of which was the same regional business support center that provided support to Alpha) property for film exhibition in the amount of 24 million rubles. The lessor transferred this property to the buyer - Gamma LLC, having concluded an agreement for 34 million rubles with the payment of 10 million as a down payment. Nothing unusual, if you do not pay attention to the fact that the founders of Gamma were the same people as Alpha, and the difference between the sale and purchase price exactly repeated the amount of state support provided to film entrepreneurs in the region.

The regional government eventually came to its senses and demanded the money paid as state support back. This led to the bankruptcy of Gamma LLC (the debt written off due to impossibility of collection amounted to 10.07 million rubles), the cessation of the activities of Beta LLC, internal proceedings in the regional government and heated discussions about whether government agencies should even participate in repayment leasing transactions.

Leasebacks constantly attract the attention of tax authorities: a transaction in which there is no obvious economic feasibility can be recognized as a form of tax evasion.

Signs of a fictitious leaseback transaction:

• The seller and the buyer are related to each other (for example, one is a legal entity dependent on the second). In this case, the Federal Tax Service may refuse to pay a VAT refund.
• Payment for the leaseback transaction in one of its parts was carried out by checks, bills and other non-cash methods. This may indicate an attempt to withdraw funds by the seller or buyer.
• At least one of the participants has already been caught in unscrupulous leasing schemes.

Leasing transactions by risk level

Like any other transaction for the transfer of property, leasing has its risks - some of them have already been described above. Based on the degree of risk, there are three types of leasing transactions:

1 Guaranteed

The process of transfer of property is insured by specialized insurance companies or several other companies act as guarantors of the lessee, capable of fully compensating the lessor for the cost of the property in case of violation of the contract.

2 Partially secured

The security deposit, paid by the lessee to the leasing company's account, covers part of the cost of the property. If nothing not specified in the contract happens during the entire leasing period, the funds will be returned to the buyer.

3 Unsecured

Transactions in which the parties do not guarantee each other the fulfillment of their obligations. Nowadays, such relationships between leasing entities are becoming less and less common; the lack of insurance usually “hints” at a dubious or fictitious transaction.

All stages of the leasing transaction

There are usually five stages of selling property on lease. Let's look at each of them.

Stage 1. Analysis of the leasing market, selection of a leasing company.

The leasing market in the Russian Federation is almost identical to the size of the first hundred of the banking sector. You can choose a leasing company based on the conditions offered and the reliability of the parent company. The rating of lessors is maintained, for example, on the portal banki.ru/products/leasing/companies/.

Stage 2. Analysis of the conditions offered by the lessor.

The most important points: initial payment (advance payment), monthly payment, amount of overpayment, term and repayment schedule, conditions for terminating the leasing agreement.

Stage 3. Drawing up a leasing agreement.

To draw up the text of the contract, the lessor usually requires the following documents:

• statement of intention to lease property indicating the parameters;
• financial statements for the last reporting period;
• an account statement of an enterprise or individual entrepreneur (to assess the turnover of a company or entrepreneur);
• copy of the passport of the manager/individual entrepreneur, order of appointment/certificate of registration;
• insurance policy for the leased object.

The leasing company may also require other documents.

Stage 4. Making an advance (down payment).

The down payment amount usually starts from 5% (these are the conditions for most companies involved in operational leasing of vehicles). On average, the advance in the market is 20-30%. After paying the required amount, the buyer receives the property for use.

Stage 5. Use of property during the term of the contract.

Leased property must be used in strict accordance with the terms of the contract. This applies to annual insurance, maintenance (vehicle, equipment) and, of course, timely payment of monthly payments.

Leasing payment options

Regular payments under leasing agreements can have one of three types of schedule:

1 Regressive – the first payments are the largest, then decrease. An analogue of differentiated payments on loans. This scheme allows you to minimize interest payments.

2 Annuity – payments in equal installments. The most “expensive” schedule, because the first payments go almost entirely to repay the lessor’s interest/margin.

3 Seasonal - a schedule adapted to certain types of business (for example, agriculture, where the main profits occur in autumn and winter - during these periods payments increase compared to average, in other seasons they decrease).

Other special payment schedules may also be used, depending on the specifics of the activities of specific companies.

What is more profitable: credit or leasing?

In each specific case, the answer to this question may be different. It depends on both the type of leasing and the property, the conditions of the lessor and the creditor bank and many other aspects. Let’s not forget that leasing is used primarily for business purposes, and lending conditions for legal entities and individual entrepreneurs differ significantly from those for “physicists.”

First, let's look at the comparison based on external features. Let's say we decide to buy a car worth 1 million rubles. Let’s compare the average parameters of the lending and leasing program at the beginning of 2018.

It seems that it is obviously more profitable to take out a loan. However, let's not forget that the interest rate and the amount of overpayment are not always the main factors when choosing a method of acquiring property.

If you put together all the characteristics by which leasing and lending can be correctly compared, you will get something like this table:

Options	Leasing	Lending
Subject	Legal entities and individual entrepreneurs.	Any individual (including individual entrepreneurs) and legal entities
Right to property after the transaction	The object remains the property of the lessor until full payment of its cost by the buyer	The property becomes the property of the client, remaining pledged to the bank
Terms of service	The history of previous leasing transactions and credit history does not matter (except for attempts at fraud)	A positive credit history is required
Payments under the agreement	Advance (down payment) Monthly regular fixed payments Payment of the lessor's interest (margin) It is possible to pay for insurance of the leased item	Monthly payments (loan body + interest) Down payment possible Possible commissions (for account maintenance, etc.) Possible payment of insurance
Depreciation of property	For some types of property, it is possible to use accelerated depreciation For cars over 300,000 rubles and minibuses over 400,000 rubles, a decreasing depreciation coefficient is applied.	The usual procedure for calculating depreciation
Tax payments
VAT	Included in payments under the leasing agreement. The tax can be claimed for refund after the property is redeemed.	Not taxed
Property tax	If the property is on the balance sheet of the lessor, the buyer does not pay tax. If the property is on the buyer's balance sheet, the tax is reduced due to accelerated depreciation.	Property purchased on credit immediately becomes the property of the buyer and is subject to full tax.

There are also differences in the purpose of leasing and credit for business purposes. In general they can be expressed as follows:

• Loan funds can be used by an entrepreneur for any purpose, while leasing funds can be used primarily for business development and renewal of fixed assets.
• In the case of a loan, the bank has to control the intended use of the loan. In leasing, control is not required because the property belongs to the lessor.
• When lending to a business, the bank requires guarantees in the form of collateral of property the client already has (which may not exist), as well as insurance. In the case of leasing, the purchased property itself acts as collateral.
• Property purchased with loan funds immediately goes to the balance sheet of the company that took out the loan. After acquiring property under lease, it can either be on the balance sheet of the lessor or transfer to the balance sheet of the lessee, depending on the terms of the agreement.
• Property purchased with borrowed funds is displayed on the borrower’s balance sheet and limits the possibilities for further lending. Leasing property most often goes on the balance sheet of the leasing company, allowing the lessee to easily take out loans.
• Stopping loan payments may also lead to the sale of assets to pay off the debt. Termination of leasing payments only leads to the seizure of the leased property.

From a formal point of view, leasing is similar to renting. In both cases, there is an owner of the property and a person who would like to take possession of this property, but does not immediately have the entire amount to purchase. The owner, in turn, is ready to rent out the property for use at a certain markup.

But along with the similarities between renting and leasing, there are also significant differences.

Options	Rent	Leasing
Formal parameters
Legislative basis	Civil Code of the Russian Federation, Art. 34 Federal laws on certain types of rentals.	Federal Law “On Financial Lease (Leasing)”
Deadlines	Most often short terms with the possibility of extension.	In a significant part of leasing transactions, the contract term is equal to or close to the full depreciation period of the transferred property.
Item	Any non-consumable property that is not limited in circulation.	Non-consumable property that is not limited in circulation and is not a natural object (for example, a land plot)..
Possibility of purchasing the property at the end of the contract	No	There is
Right to property	use
Who chooses the property provided?	Landlord	Lessee
Package of documents	Confirmation of solvency is not required	Documents confirming the existence of the business and solvency
Business scheme
Transaction participants	Landlord, tenant	Seller, lessor, lessee. Banks, insurance companies, guarantor firms, etc. may also participate.
Status of seller (manufacturer) of property	Not involved in the deal	The participant in the transaction enters into an agreement with the lessor.
Responsibility for compliance of property with stated requirements	Landlord bears	It is borne by the lessee, with the exception of the situation when the lessor offers the property for leasing, and he is also looking for a seller.
Risk of accidental loss/damage to property	Landlord bears	Bears the lessee
Property insurance subject	Landlord	Most often the lessee

Leasing and taxes

Income tax

For the lessee, leasing payments are considered other expenses (Article 264, clause 1 of the Tax Code of the Russian Federation). Accordingly, the higher the payment, the less income tax you have to pay. This, according to the legislator, stimulates the development of enterprises and the renewal of fixed assets.

When concluding a leasing agreement, there are two options:

1 If the property is left on the balance sheet of the lessor

In this case, the lessee includes the entire amount of the lease payment as expenses.

For example, if a leasing agreement is concluded for 24 months, and the total amount of payments excluding VAT is 300,000 rubles, then the monthly amount included by the buyer in his expenses will be: 300,000 rubles / 24 months = 12,500 rubles.

2 If the property is placed on the balance sheet of the lessee

The property must be included in one or another depreciation group at the cost of the lessor's costs for the purchase of the leased asset and its pre-sale servicing. Depreciation is calculated depending on the group - the multiplying factor for some types of property can reach 3 (depreciation occurs 3 times faster than usual).

The lessee may include the lease payment minus the amount of depreciation of the property as expenses.

Let's take the same example with property leased for 300,000 rubles, and a monthly payment of 12,500 rubles, and the cost of purchasing the leased item (let it be a computer-controlled machine belonging to the 5th depreciation group) was 200,000 rubles. The minimum period of use of property of the 5th group is 85 months. 200,000 rub. / 85 months * coefficient 3 = 7058 RUR.

This amount will be included in expenses to determine the income tax base as the cost of depreciation. Plus, the costs will take into account part of the leasing payment in the amount of 12,500 – 7,058 = 5,442 rubles. As a result, the deduction will still be the same 12,500 rubles, but if it is not completed correctly, income tax will have to be paid without any deductions.

Value added tax

Under leasing agreements, you can receive a VAT refund from the state (Articles 171, 172 of the Tax Code of the Russian Federation). This will happen if you meet the following conditions:

• Leased property is acquired by the lessee for activities subject to VAT.
• The lessor can confirm that he actually provided the lessee with the property (copies of agreements, other documents at the request of the Federal Tax Service).
• The lessee can confirm that he has reflected the leasing transaction in his accounting.
• There is an invoice for the lease payment provided by the lessor to the buyer.

Property tax

If the property remains on the balance sheet of the lessor, the lessee does not pay tax. When registering property on the balance sheet of the lessee, it is possible to reduce property tax due to accelerated depreciation. Tax on movable property is not charged during the period of validity of the leasing agreement, regardless of whose balance sheet it is located on.

Transport tax

Everything is simple here: this tax is paid by the party that registered the leased vehicle with the State Traffic Safety Inspectorate or Gostekhnadzor, regardless of whose balance sheet the property is on during the period of validity of the leasing agreement.

Frequently asked questions about leasing

Is it possible to close a leasing transaction early?

Most companies provide for early repurchase of the leased asset (this clause must be included in the contract). However, for the lessee this is not the most profitable option: with early payment of the residual value, the repurchase amount is higher and the tax preferences are smaller. In addition, a quick buyout leads to increased attention to the transaction from the tax authorities: the Federal Tax Service may cancel the leasing agreement and recognize it as a commodity loan agreement. Then there will be no tax deductions at all.

In what cases does property purchased under lease need to be registered with government agencies?

According to the legislation of the Russian Federation, it is necessary to register the following property and the right to it:

• transport (aviation, sea, road)
• high-risk equipment

In each of these cases, the leased asset is registered by agreement between the lessor and the lessee in the name of one of them. If the leasing agreement is terminated due to the lessee's failure to pay regular payments, the registration authorities will cancel the record of the user of the property.

We are a government agency. Can we lease property?

Yes, state and municipal institutions have the right to act as a lessee. However, for them, the leasing law (Article 9.1) establishes a number of features:

• The lessor independently determines the seller and is responsible for the timely delivery of the property.
• Payments are made only in cash, barter is not allowed.
• Only leased property can be used as collateral.

The lessor delays the delivery of equipment, citing problems with the supplier. He refuses to compensate for lost time, citing the fact that we looked for the supplier ourselves. Is this legal?

The legislation (Article 34 of the Civil Code of the Russian Federation and Article 22 of the Federal Law “On Financial Lease (Leasing)”) directly indicates that the risk of failure by the supplier to fulfill its obligations under the leasing agreement rests with the party that selected the supplier. Most often, the lessee plays this role. The same applies to the non-compliance of the property with the objectives of the project. If you select equipment and it turns out to be unsuitable, you will be responsible for the costs. If a leasing company was looking for a supplier or equipment, it will pay the costs.

What is subleasing?

This term refers to the transfer of the right to use leased property to third parties. Let's say equipment was leased to implement a project. It was completed ahead of schedule. Closing the contract early means incurring losses in terms of tax compensation. A decision is made to sublease the equipment. The former lessee becomes the lessor. In this case, permission to the transaction is required from the original lessor. The new lessee has the same tax preferences as the main lessee. If the main leasing agreement is violated (regular payments are not made), the subleasing agreement is also invalid.

We often hear about fictitious leasing. What is it?

Most often, fictitious leasing is a cover for an installment purchase and sale transaction. Issued in order to receive tax benefits. Since many regions have programs to stimulate economic development, leasing operations there are subsidized by government funds. This also opens up wide scope for fictitious transactions.

In St. Petersburg and the Tyumen region, at the end of 2017, trials were held in high-profile cases of theft of budget subsidies under fictitious leasing agreements: in the first case, 18 million rubles went into the pockets of fraudsters, in the second - over 50 million. The scheme was the same: the authorities received a fake leasing agreement (in fact, no property initially existed or was transferred), according to which the attackers received compensation for the down payment or interest rate provided for by regional programs. In the northern capital, an employee of the business support center participated in the scheme, turning a blind eye to the obvious fictitiousness of the contract.

Conclusion

So, leasing is one of the most convenient financial instruments that allows a company to update fixed assets or purchase equipment for the development of new business areas. Its main advantage is that to implement his plans, the entrepreneur does not need to invest large amounts of his own money and jeopardize the financial stability of the company.

The state provides a number of benefits and tax preferences for companies that use leasing schemes for their development. Some particularly enterprising individuals are trying to benefit from this by using fictitious leasing, but for such things you can get a conviction under the article of the Criminal Code of the Russian Federation “Fraud.”

It must be taken into account that leasing cannot replace a loan in every case: the decision must be preceded by a careful calculation of upcoming expenses and taking into account the accompanying circumstances. However, the prevalence of leasing in the Russian Federation suggests that very often it is the best option for expanding your business.

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The legal basis for regulating leasing is Chapter 34 of the Civil Code of the Russian Federation “financial lease” (leasing), as well as Federal Law No. 164 of October 29, 1998 “on financial lease” (leasing). The Civil Code of the Russian Federation formulates the basic provisions on leasing, and Federal Law No. 164 reveals in detail the essence of the leasing relationship, sets out special rules that make it possible to distinguish leasing from other rental relationships, and lists the rights and obligations of the parties under the leasing agreement.

Leasing is one of the forms of long-term financing of the fixed capital of an enterprise (equipment, machinery, buildings and structures), which is not its property. The word leasing comes from the English verb to laze, which means to rent out and rent property. Since 1998, Russia has been a member of UNIDROIT (the international institute for the unification of private law in Rome, the organization has adopted a number of conventions). The UNIDROIT Convention on International Financial Leasing was adopted in Atawa (Canada) in May 1988, Russia joined them in 1998 in accordance with Federal Law No. 16 “on the accession of the Russian Federation to the UNIDROIT Convention on International Financial Leasing.”

Leasing is the rental of various technical equipment, buildings and structures, mainly for the medium and long term. Classic leasing is carried out within the framework of a tripartite transaction. The leasing company (lessor) purchases from the manufacturer (owner and seller) property of the choice of the client (lessee), which is transferred to the disposal (rent) of the latter (lessee). A two-way transaction is when the owner sells and then leases the sold property. In any form of leasing, the relationship is secured by a leasing agreement.

Financial leasing is a lease with the right to purchase property, which is leased at its residual value. In general, leasing is an agreement under which one party (the lessor), the owner, transfers to the other party the lessee the rights to use some property for a certain period and on specified terms; Typically, such an agreement provides for the payment of regular payments for the equipment used throughout the entire service life. At the end of the contract or in the event of its early termination, the property is returned to the owner; however, more often, leasing contracts imply the tenant’s right to purchase the property at a preferential or residual value or to conclude a new leasing agreement.

Currently, in different countries, various forms and types of leasing are used in economic practice, each of which is characterized by its own specifics.

The most common are:

1) Operating (service) leasing is sometimes called operational

2) Financial (capital) leasing

3) Leaseback

4) With the participation of a third party (equity)

5) Direct leasing

An operating lease is an ongoing lease agreement whose term is typically less than the full depreciation period of the leased asset. The rent provided for in the contract does not cover the full cost of the asset, which necessitates the need to lease it several times. The most important feature of this leasing is the right of the lessee to terminate the agreement or contract early. The agreement usually provides for the provision of installation and ongoing maintenance services for the leased equipment.

The main objects of operational leasing include rapidly aging types of equipment and technically complex ones that require constant maintenance. This type of leasing is more beneficial to the tenant because the possibility of early termination of the lease allows you to get rid of obsolete equipment and replace it with more competitive one; in addition, if the market situation is unfavorable, the lessee can stop this type of activity by returning the equipment to the owner and reducing costs associated with the liquidation or reorganization of production.

There are higher risks for the landlord. Such leasing implies a higher fee, requirements for an advance payment or prepayment, penalties and other conditions designed to reduce the risk of property owners.

Financial leasing is a long-term agreement that provides for full depreciation of the leased property at the expense of a fee paid by the lessee. Unlike operational leasing, it significantly reduces the owner’s risk. In essence, the terms of the agreement are identical to agreements for obtaining long-term bank loans because provide for full repayment of the cost of equipment (loans) and payment of a periodic fee, including the cost of the equipment and the owner’s income (loan payments - principal and interest); the right to declare the tenant bankrupt if he is unable to fulfill the agreement, etc. The objects of this type of leasing include real estate, as well as long-term means of production

Financial leasing serves as the basis for other forms of long-term leaseback and shared lease.

Leaseback is a system of two agreements in which the owner sells equipment into the ownership of another party while simultaneously concluding a long-term lease agreement with the buyer. The buyers are usually commercial banks, investment, insurance, and leasing companies.

Such transactions are often carried out during a business downturn in order to stabilize the financial position of the enterprise.

Share leasing(with the participation of a third party) - provides for the participation in the transaction of a third party - an investor, which is usually a bank, insurance or investment company; in this case, a leasing company, having previously concluded a contract for the long-term lease of some equipment, acquires its property, paying part of the cost using borrowed funds funds (mortgage registration).

Lease payments, part of which is paid by the tenant, directly to the investor can also serve as collateral for borrowed funds. At the same time, the leasing company takes advantage of the tax shield that arises in the process of depreciation of equipment and repayment of debt obligations. The target is usually high-value assets. Mineral deposits, equipment for mining industries.

Direct leasing the tenant enters into an agreement with the leasing company to purchase the required equipment and then lease it to him. Such a lease agreement is most often concluded with the manufacturer directly (manufacturers such as IBM copier BMW Mercedes work on leasing terms)

Regardless of the type or form of leasing, it should be considered only as one of the alternative sources of financing for a specific project, after the results of the investment analysis show its economic efficiency, which is calculated similarly to the efficiency of the investment project. Thus, to assess the efficiency of using leasing, the NPV from the project, the profitability index, and the discounted payback period are calculated.

The procedure for calculating leasing payments. Feature is:

1. The frequency and methods of payment, which are established by agreement of the parties to the leasing agreement. The frequency may be annual or quarterly. Payment can be in equal shares, in increasing or decreasing amounts. Calculation of the total amount of long-term payments

LP = JSC (Depreciation deductions) + PC (loan fee) + KV (commissions) + DU (additional services) + VAT

Depending on the country of residence of the main participants in the leasing transaction, leasing is divided into domestic and international.

In domestic leasing, all participants in the leasing transaction are legal entities (or citizens) of the same country.

If the place of residence of the lessor and the lessee are different countries, leasing is considered international. At the same time, for the country of residence of the lessee, international leasing is called imported if the property of the agreement is purchased abroad. If the property is purchased in the country of residence of the lessor, the lease is considered export.

There is direct international leasing, which is a transaction where all transactions are carried out between commercial organizations (with the right of a legal entity) from two different countries. Its peculiarity is that the lessor has the opportunity to obtain an export loan in the country of permanent residence and thereby expand the market for its property and services; the lessee provides full financing for the use of this property and accelerated re-equipment of the enterprise’s production

The difference between export and import leasing is determined by the country of location of the lessor and lessee. With import leasing, the manufacturer (seller) is located abroad, and with export leasing, the foreign partner is the lessee.

In foreign practice, there is another type of international leasing - transit leasing, when the lessor, lessee and manufacturer (seller) are located in different countries.

Transit international leasing occurs when a lessor in one country takes out a loan or purchases the necessary property in another country and delivers it to a lessee located in a third country.

Housing (mortgage loan)

Mortgage lending is a long-term loan provided to a legal entity or individual by banks secured by real estate: land of industrial and residential buildings, premises, structures. The most common option for using a mortgage in Russia is for an individual to purchase an apartment on credit. In this case, as a rule, newly purchased housing is mortgaged, although you can also mortgage an apartment you already own. Please note that a mortgage is a public security. When mortgaging real estate, the authorities registering transactions make appropriate entries that the property is encumbered with a pledge. Any interested person may request an extract from the State Register of Rights to Real Estate and Transactions with It. In this extract, if the property is mortgaged, it will be indicated that there is an encumbrance: pledge. In Russia, no more than one hundred banks, mostly from Moscow, are active in the mortgage market.

Mortgage loans are classified according to various criteria.

By property:

· land plots;

· enterprises, buildings, structures and other real estate used in business activities;

· residential buildings, apartments and parts of residential buildings and apartments, consisting of one or more isolated rooms;

· dachas, garden houses, garages and other consumer buildings;

· aircraft, sea vessels, coastal navigation vessels and space objects; unfinished construction projects*

By lending purpose:

· acquisition of finished housing in an apartment building or a separate house for one or more families as the main or additional place of residence;

• purchasing a house for seasonal living, a summer house, garden houses with plots of land; acquisition of land for development.

By type of creditor:

· banking and non-banking

· By type of borrowers:

• as subjects of lending: loans provided to developers and builders; loans provided directly to the future owner of the property;
• loans can be provided to bank employees, employees of companies that are bank clients, clients of real estate firms and persons living in the region, as well as to everyone.

By refinancing method.

Mortgage lending is provided by various credit institutions. The peculiarities of their activities lie in the method of refinancing issued loans

Property transferred in a mortgage agreement

A mortgage agreement is an agreement on the pledge of real estate. When a mortgage is used to solve housing problems, the collateral is usually a residential building or apartment.

The parties to a mortgage agreement are the mortgagee (the bank that issued the mortgage loan) and the mortgagor (the borrower or co-borrowers of the mortgage loan). The parties must be legally competent and capable, that is, citizens must be at least 18 years old, and legal entities must not have restrictions on the transfer of property under mortgage specified in their constituent documents.