Importance The article focuses on practical and methodological aspects of the leasing process. The research investigates a particular entity where the top executives face the need for economic and tax optimization of cash flows. Specialists and experts often have a very vague understanding and vision of all the details and implications a lease agreement may cause. Lease brings a lot of advantages and benefits for businesses seeking loans. Objectives The article reviews how lease generates cash flows, assesses the impact on the base of income tax, Value Added Tax, property tax and vehicle tax. The article also compares three types of financing for purchase of property items, i.e. using own funds, loans and lease finance. Results The author identifies strengths and weaknesses of each option, draws up the lease payment schedule and reviews the lease advantages. Conclusions The author substantiates the assumption that some advantages of lease are doubtful and disputable. The lease methodology lacks clarity and transparency, being understandable only for a specialist who deals with the financial documentation management. The article includes references to the legislation, thus corroborating the author's statements.
Keywords: lease, loan, financing source, borrowings, capital
References:
Gazman V.D. Strukturnye proportsii finansirovaniya lizingovoi industrii Rossii [The structural composition of the Russian lease industry finance]. Finansy = Finance, 2014, no. 7, pp. 15–20.
Zubareva L.V. Lizing kak metod investirovaniya [Lease as an investment method]. Moscow, Finansy i investitsii Publ., 2006, 152 p.
Ivanov V.V., Tsytovich N.N. Korporativnoe finansovoe planirovanie [Corporate financial planning]. St. Petersburg, BAN, Nestor-Istroiya Publ., 2010, 332 p.
Kazakova N.A. Formirovanie dostovernoi otsenki stoimosti biznesa na rynke lizingovykh uslug [Reliable business valuation in the lease market]. Lizing.Tekhnologii biznesa = Lease. Business Technologies, 2014, no. 12, pp. 3–12.
Karpova I.F. Lizing v malykh formakh khozyaistvovaniya [Lease in smaller businesses]. Lizing.Tekhnologii biznesa = Lease. Business Technologies, 2014, no. 8, pp. 18–21.
Kirillovykh A.A. Lizingovye sdelki: nekotorye voprosy pravovogo regulirovaniya obyazatel'stv [Leasing transactions: some issues of legal regulation of obligations]. Nalogi = Taxes, 2010, no. 21, pp. 16–22.
Klimova M.A. Lizing oborudovaniya: uchet i nalogooblozhenie u predpriyatiya-lizingopoluchatelya [Equipment lease: accounting and taxation of the lessee]. Bukhgalterskii uchet v izdatel'stve i poligrafii = Accounting in Publishing and Printing Industry, 2010, no. 8, pp. 20–25.
Kovalev V.V. Lizing nedvizhimosti: problemy realizatsii sdelok na otechestvennom rynke [Real estate lease: difficulties in transacting in the domestic market]. Finansy i kredit = Finance and Credit, 2011, no. 19, pp. 2–7.
Kovalev V.V. Finansovyi menedzhment: teoriya i praktika [Financial management: theory and practice]. Moscow, Velbi, Prospekt Publ., 2007, 1024 p.
Kovalev Vit.V. Voprosy sopostavimosti uchetnykh dannykh pri operatsiyakh lizinga [Issues of accounting data comparability in relation to lease transactions]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2012, no. 27, pp. 2–12.
Kuznetsov D.V., Novokupova I.N., Rumyantseva R.N. Problemy i perspektivy razvitiya lizinga v Rossii kak istochnika finansirovaniya investitsii [Problems and prospects of lease in Russia as a source of investment financing]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2013, no. 18, pp. 36–45.
Linnikov A.S. Kontseptsiya effektivnogo regulirovaniya deyatel'nosti finansovykh organizatsii [The concept of the effective regulation of financial institutions]. Biznes v zakone = Business in Law, 2013, no. 6, pp. 164–169.
Nikandrova L.Yu. Ekonomicheskaya sushchnost' lizinga [The economic substance of lease]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2010, no. 2, pp. 60–68.
Nurtdinov I.I. Lizing kak instrument razvitiya biznesa v sovremennykh usloviyakh [Leasing as a business development tool in the modern circumstances]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2012, no. 11, pp. 41–46.
Prokof'ev K.Yu., Moiseev V.A. Analiz lizinga nedvizhimosti [A real-estate lease analysis]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2014, no. 22, pp. 33–40.
Rozhentsova O.V. Lizing kak nesposob nalogovoi optimizatsii [Leasing as an ineffective tool for tax optimization]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2008, no. 22, pp. 8–20.
Samvelyan R.V. Perspektivy razvitiya rynka lizinga. Puti povysheniya effektivnosti lizingovoi deyatel'nosti v Rossii [Prospects of the lease market development. Ways of improving the leasing practices in Russia]. Finansy i kredit = Finance and Credit, 2011, no. 3, pp. 72–77.
Sechnoi A.I. Metod opredeleniya optimal'nykh parametrov dogovora lizinga [Method for determination of optimal parameters of a lease agreement]. Finansy i kredit = Finance and Credit, 2010, no. 3, pp. 51–55.
Stankevich A.S. Obzor variantov dolgosrochnogo finansirovaniya predpriyatii [Overview of options for long-term business financing]. Finansy i kredit = Finance and Credit, 2006, no. 6, pp. 37–41.
Chernyaev K. Ekonomicheskaya sushchnost' lizinga i ego rol' v sovremennykh ekonomicheskikh usloviyakh [The economic substance of lease and its role in the current economic circumstances]. Ekonomicheskie nauki = Economic Sciences, 2009, no. 4, pp. 185–187.
