What types of leasing exist? Types of leasing

Leasing (English lease - rent) means a form of long-term lease associated with the transfer of property (i.e., an object, an object) for use for business activities.

The subject of leasing can be any non-consumable things (enterprises, property complexes, buildings, structures, equipment, vehicles and other movable and immovable property) that can be used for business activities, with the exception of property prohibited by federal laws for free circulation, and property for which a special circulation procedure has been established, as well as land plots and natural objects.

In terms of its economic content, leasing is a much broader category than the simple concept of rent. In fact, leasing is a single complex of three simultaneously performed operations: rent, lending and logistics of the enterprise.

In Russia, leasing operations are regulated by the Civil Code of the Russian Federation and Federal Law of the Russian Federation No. 164-FZ “On financial lease (leasing)” dated December 29, 1998. According to this law, leasing is a type of investment activity for the acquisition of property and its transfer on the basis of a leasing agreement to individuals and legal entities for a certain fee for a certain period and for certain conditions stipulated by an agreement with the right to purchase the property by the lessee.

Participating in the leasing transaction are:: lessor, lessee and seller of the leased asset.

Lessor represents an economic entity (leasing company, bank, etc.) or an individual entrepreneur engaged in leasing activities, i.e. transfer under a leasing agreement of property specially acquired for this purpose. In other words, the lessor is the lessor of the property.

Lessee- is a citizen or business entity that receives property for use under a leasing agreement. Thus, the lessee is the lessee.

Seller of leased property- an economic entity - a manufacturer of machinery and equipment, as well as another economic entity or citizen selling property that is the subject of leasing.

The lessor, under a leasing agreement, undertakes to acquire ownership of the property specified by the lessee from a specific seller and provide the lessee with this property for a fee for temporary possession and use for business purposes.

The risk of accidental loss or accidental damage to the leased property passes to the lessee at the moment the leased property is transferred to him, unless otherwise provided by the leasing agreement.

From the point of view of property relations, leasing the transaction consists of two interrelated components: relations of purchase and sale and relations associated with the temporary use of property.

If the leasing agreement provides for the sale of property after the expiration of the contract, then the relationship for the temporary use of the property becomes a purchase and sale relationship. Only now - between the lessor and the user of the property.

By its economic nature, leasing is similar to credit relations and investments. Thus, credit relations are based on three principles: urgency (the loan is given for a certain period), repayment (returned within a specified period) and payment (remuneration is taken for the services provided).

When leasing, the owner of the property, transferring it for a certain period, receives it back, and receives a commission for the service provided. There are elements of credit relations. Only the participants in the transaction do not operate in cash, but property. In this regard, leasing is sometimes qualified as a commodity loan for fixed assets, and in form it is similar to investment financing.

To implement a leasing agreement, the lessor must have enough of its own available financial resources or it must have access to “cheap” money. In our country, such objects may be banks and other credit institutions or subsidiary leasing companies created with the participation of financial structures.

In common practice leasing is classified according to the following criteria:
1. Depending on the number of participants in the transaction distinguish:

• bilateral leasing transactions (direct leasing), in which the property supplier and the lessor act as one person;
• multilateral leasing transactions (indirect leasing), in which the property is leased not by the supplier, but by a financial intermediary, which is the leasing company.

2. By property type distinguish:

• leasing of movable property (working machines and equipment for various industries, computer and office equipment, vehicles, etc.);
• leasing of real estate (industrial buildings and structures).

3. Depending on the market sector, where leasing operations are carried out, there are:

• domestic leasing, in which all participants in the transaction represent one country;
• external (international) leasing, in which the lessor and the lessee are in different countries Oh. In turn, international leasing can be export and import.

4. Depending on the form of lease payments distinguish:

• leasing with cash payment, in which payments are made in cash;
• leasing with a compensation payment, in which the lessee pays the lessor with goods, usually produced on the leased property, or by providing counter services;
• leasing with a mixed payment, in which part of the payment is received in cash and the other in the form of goods or services.

5. By volume of service of the transferred property, leasing is divided into:

• pure leasing is a relationship in which all maintenance of the property is undertaken by the lessee. Therefore, in this case, equipment maintenance costs are not included in lease payments;
• full leasing, i.e. with a full range of services, when the lessor assumes all costs of maintaining the property.

6. According to the period of use of the property and the associated depreciation conditions are distinguished:

• leasing with full payback and, accordingly, with full depreciation of the property, when the contract term is equal to the standard service life of the property and the cost of the leased property is fully paid to the lessor;
• leasing with incomplete payback and, accordingly, incomplete depreciation of property, in which the contract term is less than the standard service life of the property, and during its validity only part of the cost of the leased property is paid off.

7. According to the term of the contract and the degree of payback(depreciation) of leased property are divided into:

• operational leasing, which is the rental of property for a period that is less than the standard service life of the property;
• financial leasing is an operation involving the acquisition of property and subsequent delivery of it for temporary possession and use for a period approaching in duration the period of its operation and depreciation of all or most of the cost of the property. During the term of the contract, the lessor, through leasing payments, returns the entire value of the property and receives a profit from the leasing transaction.

In many countries around the world, the criteria for dividing leasing into financial and operational are enshrined in the International Accounting Standard IAS 17 (International Accounting Standard).

Financial leasing is divided into direct and repayable.

Direct leasing is preferable when the lessee needs to re-equip existing technical capabilities. Under this transaction, the lessor provides 100% financing of the purchased property.

Direct financial leasing is carried out according to the scheme presented below.

Direct financial leasing involves three participants in the transaction: supplier, lessor, lessee.

Despite the fact that the majority of financial leasing transactions in the world are currently carried out with three participants, there is a tendency towards leasing to be carried out by two main participants. The number of participants in the transaction is reduced to two if the seller and the lessor or the seller and the lessee are the same person.

The leasing transaction technology is as follows. A business entity requires fixed assets (certain property). He has found a seller (or manufacturer) and informs the leasing company the cost of the required fixed assets, their technical data and methods of use. A leasing company enters into an agreement with a business entity, according to which the company fully pays the seller the cost of fixed assets and leases them to the business entity with the right to purchase at the end of the leasing period. At the same time, the leasing company enters into an agreement with the seller for the purchase of fixed assets.

Fixed assets are supplied to the business entity directly from the seller (manufacturer). The lessee makes payments to the leasing company according to the terms of the leasing agreement.

According to the economic content, leasing refers to direct investments, during the execution of which the lessee is obliged to reimburse the lessor for investment costs (expenses) made in material and monetary forms, and to pay remuneration. The amount of investment costs and the amount of remuneration form the total amount of the leasing agreement.

Leaseback is a type of financial leasing in which the seller of the leased asset simultaneously acts as a lessee.

Leaseback operations essentially represent the receipt of additional financial resources secured by the lessee's own fixed assets.

The essence of leaseback is that the lessor acquires property from the lessee and immediately leases this property to him. Thus, during a leaseback, an enterprise receives financial resources, the return guarantee of which is its own property pledged to the lessor.

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 it is also possible to mortgage an already owned apartment. Please note that a mortgage is a public security. When real estate is mortgaged, the authorities registering the transactions make appropriate entries indicating that the property is encumbered with a pledge. Any interested person may request an extract from State Register 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 actively operating in the mortgage market.

Mortgage loans are classified according to various criteria.

By property:

· land;

· 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:

· purchase 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.

Leasing, all participants of which represent one country. In English: Inner leasing See also: International leasing Financial Dictionary Finam... Financial Dictionary

Internal leasing- (English internal leasing) according to the civil legislation of the Russian Federation, one of the main forms of leasing, in which the lessor, lessee and seller (supplier) are... Encyclopedia of Law

Internal leasing- type of leasing associated with the implementation of a leasing agreement, in which the lessor and the lessee are subjects economic activity one state... Source: MODEL LAW ON LEASING... Official terminology

internal leasing- see leasing. * * * (English: internal leasing) according to the civil legislation of the Russian Federation, one of the main forms of leasing, in which the lessor, lessee and seller (supplier) are residents of the Russian Federation. V.l. regulated by the Federal Law “On... ... Large legal dictionary

Internal leasing- When carrying out internal leasing, the lessor and the lessee are residents Russian Federation.st. 7 of the Federal Law of October 29, 1998 No. 164 FZ On financial rent (leasing) ... Vocabulary: accounting, taxes, business law

Internal leasing- when carrying out internal leasing, the lessor, lessee and seller (supplier) are residents of the Russian Federation. Domestic leasing is regulated by the legislation of the Russian Federation... Encyclopedic dictionary-reference book for enterprise managers

Leasing- (English leasing, from lease, rental of property) according to the civil legislation of the Russian Federation, a type of investment activity for the acquisition of property and its transfer on the basis of a L. agreement (see Financial lease agreement) to individuals or ... Encyclopedia of Law

Leasing- (Leasing) Definition of leasing, types of leasing, leasing agreement Information on the definition of leasing, types of leasing, leasing agreement Contents Contents Economic feasibility of leasing and assessment of leasing Legal regulation of leasing in ... Investor Encyclopedia

leasing- a type of investment activity for the acquisition of property and its transfer on the basis of a leasing agreement (see financial lease agreement) to individuals or legal entities for a certain fee, for a certain period and on certain conditions, ... ... Large legal dictionary

A type of investment activity for the acquisition of property and its transfer on the basis of a leasing agreement (see Financial lease agreement) to individuals or legal entities for a certain fee, for a certain period and on certain conditions, ... ... Legal Dictionary

According to one of the classifications, leasing is usually divided depending on the affiliation of the participants in the transaction into internal and external. So, internal leasing is considered to be one in which both parties belong to the same state - in this case, relations are regulated by the legislation of that state. With external leasing, the parties to the transaction enter into international relations.

Types of domestic leasing

Here are the two most common classifications of domestic leasing - this is necessary to understand the aspects of interaction between the parties. The first suggests dividing leasing according to terms, the second - according to the form of relationship:

This classification is simple: long-term leasing refers to those relationships that last over 3 years, and short-term leasing – less than 1.5 years. Classification by terms is important for the manager solely from the point of view of financial planning.

The second method of dividing internal leasing (by form) is more complicated:

So, let's take a closer look at each type:

1. Financial. With this type of leasing, there is a third party - the seller of the object. buys an object from the seller and rents it out to the lessee on a long-term basis (according to the previous scheme, we know that this is more than 3 years). The term of the transaction cannot be less than the period of full depreciation of the equipment. After the lease agreement expires (or the amount established by the agreement is paid), the leased asset becomes the property of the lessee. As you can see, this scheme is beneficial for all participants, since:

- the seller sells the goods;

- the lessee receives ownership of the equipment upon completion of the transaction;

- the lessor receives in the long term.

The main difficulty of such a transaction falls on the shoulders of the lessor - to calculate the potential profit, he needs to use .

1. Returnable. The seller acts as a lessee. The company sells the property to another organization and immediately leases it. Thus, the company has additional funds Now, can be repaid Then, and the necessary equipment also remains in place. Lessors are banks and insurance companies who are happy to agree to such transactions, because the object of the relationship is essentially collateral.

1. Operational. The subject of the relationship is transferred to the lessee for a short period of time. This form of relationship is the least preferable for the lessor, since it is issued at his risk, and the equipment is then returned. This is what causes the high interest rate.

Regulation of internal leasing relations

As stated above, domestic leasing is regulated by the legislative acts of the Russian Federation. The main one is Federal Law No. 164 “On Financial Lease (Leasing)”, the secondary one is the Civil Code. This act establishes the very concept of leasing, as well as the procedure for reflecting the leased object on the balance sheet of the enterprise. The accounting of leasing transactions for the purposes of accounting control is regulated by Order of the Ministry of Finance No. 1 of February 17, 1997, which is briefly called Instructions No. 15.

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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 (for example, 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 full price property and absence of 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 for 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 regional center support of entrepreneurship 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 the 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 repayments. leasing transactions.

Leasebacks constantly attract the attention of tax authorities: a transaction in which there is no clear 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(transport, 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.

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

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 since 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 go 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.

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:

• The 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 contracts, 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. During the period of validity of the leasing agreement, tax on movable property is not charged, regardless of whose balance sheet it is 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 lower. 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 should property purchased under lease be registered in 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 have government agency. Can we lease property?

Yes, government and municipal institutions has 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's done 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 it is?

Most often, fictitious leasing is a cover for an installment purchase 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 provided for by regional programs or interest rate. 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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