Array
(
    [ID] => 108751
    [~ID] => 108751
    [IBLOCK_ID] => 25
    [~IBLOCK_ID] => 25
    [IBLOCK_SECTION_ID] => 1472
    [~IBLOCK_SECTION_ID] => 1472
    [NAME] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
    [~NAME] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
    [ACTIVE_FROM_X] => 
    [~ACTIVE_FROM_X] => 
    [ACTIVE_FROM] => 
    [~ACTIVE_FROM] => 
    [TIMESTAMP_X] => 24.10.2016 17:13:58
    [~TIMESTAMP_X] => 24.10.2016 17:13:58
    [DETAIL_PAGE_URL] => /publications/rzd-partner-int/12/3910/
    [~DETAIL_PAGE_URL] => /publications/rzd-partner-int/12/3910/
    [LIST_PAGE_URL] => /info/index.php?ID=25
    [~LIST_PAGE_URL] => /info/index.php?ID=25
    [DETAIL_TEXT] => 
Interview
– Mr. Nikiforov, one of the urgent problems is non-repayment of the VAT by taxation authorities to companies providing leasing services. What is the reason for the problem?
 – I believe that it is not quite correct to speak about VAT refund for leasing contracts. The discussion should be about the difficulties of tax refund by the state on the whole. This problem is typical of all sectors of our economy. Attempts of illegal VAT refund play an important role.
At the first stage, the fight with the illegal VAT refund from the federal budget was aimed at export, more precisely, at pseudo-export; at the second stage is targeted pseudo-leasing.
Considering the examples of some unprincipled leasing companies, whose activities should interest law enforcement officials the taxation authorities started to refuse to refund the VAT to fair and respectable leasing companies, trying to prove the refusal from the legislative standpoint. 
At courts, taxmen usually argue that the aim of the leasing company’s activities is not acquiring profit based on leasing contracts concluded but getting a VAT refund from the federal budget. To support the idea, they compare the profitability of the company’s contracts (1-5%), the sum of the taxes paid to the budget, and the sum of the VAT to be refunded.      
– What is the reaction of the courts?
– The best argument for the arbitrators has often been the fact that the sum of the VAT to be refunded to this or that leasing company increases annually (and it is absolutely normal, if the organization enlarged its leasing portfolio). Besides, the taxation authority mentions leaseback contracts (if the taxpayer concluded them), which envisage that the position of the sides does not change (the former owner continues to use the property); however the arrears of the budget increase.
Additional arguments of taxation authorities are the use of loan means by the company, fly-by-night suppliers, and defects in invoices (absence of payment order number in advance payments, absence of the consignor’s and the consignees’s names and addresses etc.)…
– What counter-arguments do you use presenting the interests of your clients?
– When contesting the position of the taxation authorities, we give to the court of arbitration the documents about the profitability of the leasing company’s activities (including some definite contracts), and the document confirming the payment for the purchase of the leased property. In particular, the latter proves that the tax claimed to be refunded is not the profit of the company, but a compensation for previous expenses. Besides, we show documents proving that the taxpayer has properly fulfilled all his obligations taken according to the terms of the credit contract. However, there are many problems with complaints about fly-by-night suppliers, especially if a large contract is under discussion.
On the whole, deciding to apply to a court of arbitration, a leasing company must be ready to show a lot of documents, including their business-plan and other evidence confirming long-term prospects of the taxpayer’s activities.
– Do leasing companies win actions?
– A year ago, the situation in courts of arbitration was unfavourable for leasing companies. Taxation authorities often tried to swing the judges’ opinions. However, after Informational Letter № 53 from 12.01.06 of the RF High Court of Arbitration devoted to the issue of tax benefit, as well as Statement №267-O of the RF Constitutional Court on the opportunity to present additional documents to court, were published, the situation has improved. The most important thing is to verify that a leasing company really goes in for business (concludes contracts, suffers expenses when leasing property, gets leasing payments).
– Do taxation authorities take their defeat easy?
– If they lose, taxation bodies usually go to all the three judicial instances. As a result, the term of a lawsuit is 9-12 months on average. The inspections of the RF Federal Tax Service usually do not apply to the RF High Court of Arbitration. Lodging complaints is often initiated by taxpayers.
– If a leasing company is refused to have its VAT refunded what can (or should) it do to protect its interests?
It is difficult to give leasing companies some “juridical prescription” that will protect them from constant arguments with taxation authorities, because the problem is often caused not by mistakes of a taxpayer, but by the state bodies’ unwillingness to refund the VAT. Nevertheless, I would hardly recommend leasing companies not to appeal to courts.
Firstly, the amount of suits on the VAT refund to leasing companies is growing such suits have already become a common thing. Secondly, if there are many refusals to refund the VAT, the situation should be brought to public attention.
On the whole, business community should do its best to have a dialogue with the authorities, and share its opinion on the ways to solve the problem of illegal VAT refunding to pseudo-leasing companies.    
    [~DETAIL_TEXT] => 
Interview
– Mr. Nikiforov, one of the urgent problems is non-repayment of the VAT by taxation authorities to companies providing leasing services. What is the reason for the problem?
 – I believe that it is not quite correct to speak about VAT refund for leasing contracts. The discussion should be about the difficulties of tax refund by the state on the whole. This problem is typical of all sectors of our economy. Attempts of illegal VAT refund play an important role.
At the first stage, the fight with the illegal VAT refund from the federal budget was aimed at export, more precisely, at pseudo-export; at the second stage is targeted pseudo-leasing.
Considering the examples of some unprincipled leasing companies, whose activities should interest law enforcement officials the taxation authorities started to refuse to refund the VAT to fair and respectable leasing companies, trying to prove the refusal from the legislative standpoint. 
At courts, taxmen usually argue that the aim of the leasing company’s activities is not acquiring profit based on leasing contracts concluded but getting a VAT refund from the federal budget. To support the idea, they compare the profitability of the company’s contracts (1-5%), the sum of the taxes paid to the budget, and the sum of the VAT to be refunded.      
– What is the reaction of the courts?
– The best argument for the arbitrators has often been the fact that the sum of the VAT to be refunded to this or that leasing company increases annually (and it is absolutely normal, if the organization enlarged its leasing portfolio). Besides, the taxation authority mentions leaseback contracts (if the taxpayer concluded them), which envisage that the position of the sides does not change (the former owner continues to use the property); however the arrears of the budget increase.
Additional arguments of taxation authorities are the use of loan means by the company, fly-by-night suppliers, and defects in invoices (absence of payment order number in advance payments, absence of the consignor’s and the consignees’s names and addresses etc.)…
– What counter-arguments do you use presenting the interests of your clients?
– When contesting the position of the taxation authorities, we give to the court of arbitration the documents about the profitability of the leasing company’s activities (including some definite contracts), and the document confirming the payment for the purchase of the leased property. In particular, the latter proves that the tax claimed to be refunded is not the profit of the company, but a compensation for previous expenses. Besides, we show documents proving that the taxpayer has properly fulfilled all his obligations taken according to the terms of the credit contract. However, there are many problems with complaints about fly-by-night suppliers, especially if a large contract is under discussion.
On the whole, deciding to apply to a court of arbitration, a leasing company must be ready to show a lot of documents, including their business-plan and other evidence confirming long-term prospects of the taxpayer’s activities.
– Do leasing companies win actions?
– A year ago, the situation in courts of arbitration was unfavourable for leasing companies. Taxation authorities often tried to swing the judges’ opinions. However, after Informational Letter № 53 from 12.01.06 of the RF High Court of Arbitration devoted to the issue of tax benefit, as well as Statement №267-O of the RF Constitutional Court on the opportunity to present additional documents to court, were published, the situation has improved. The most important thing is to verify that a leasing company really goes in for business (concludes contracts, suffers expenses when leasing property, gets leasing payments).
– Do taxation authorities take their defeat easy?
– If they lose, taxation bodies usually go to all the three judicial instances. As a result, the term of a lawsuit is 9-12 months on average. The inspections of the RF Federal Tax Service usually do not apply to the RF High Court of Arbitration. Lodging complaints is often initiated by taxpayers.
– If a leasing company is refused to have its VAT refunded what can (or should) it do to protect its interests?
It is difficult to give leasing companies some “juridical prescription” that will protect them from constant arguments with taxation authorities, because the problem is often caused not by mistakes of a taxpayer, but by the state bodies’ unwillingness to refund the VAT. Nevertheless, I would hardly recommend leasing companies not to appeal to courts.
Firstly, the amount of suits on the VAT refund to leasing companies is growing such suits have already become a common thing. Secondly, if there are many refusals to refund the VAT, the situation should be brought to public attention.
On the whole, business community should do its best to have a dialogue with the authorities, and share its opinion on the ways to solve the problem of illegal VAT refunding to pseudo-leasing companies.    
    [DETAIL_TEXT_TYPE] => html
    [~DETAIL_TEXT_TYPE] => html
    [PREVIEW_TEXT] => Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,
lawyer Anton Nikiforov also commented on the issue.
    [~PREVIEW_TEXT] => Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,
lawyer Anton Nikiforov also commented on the issue.
    [PREVIEW_TEXT_TYPE] => html
    [~PREVIEW_TEXT_TYPE] => html
    [PREVIEW_PICTURE] => 
    [~PREVIEW_PICTURE] => 
    [LANG_DIR] => /
    [~LANG_DIR] => /
    [CODE] => 3910
    [~CODE] => 3910
    [EXTERNAL_ID] => 3910
    [~EXTERNAL_ID] => 3910
    [IBLOCK_TYPE_ID] => info
    [~IBLOCK_TYPE_ID] => info
    [IBLOCK_CODE] => articles_magazines
    [~IBLOCK_CODE] => articles_magazines
    [IBLOCK_EXTERNAL_ID] => 
    [~IBLOCK_EXTERNAL_ID] => 
    [LID] => s1
    [~LID] => s1
    [EDIT_LINK] => 
    [DELETE_LINK] => 
    [DISPLAY_ACTIVE_FROM] => 
    [FIELDS] => Array
        (
        )

    [PROPERTIES] => Array
        (
            [AUTHOR] => Array
                (
                    [ID] => 97
                    [IBLOCK_ID] => 25
                    [NAME] => Автор
                    [ACTIVE] => Y
                    [SORT] => 400
                    [CODE] => AUTHOR
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => S
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => Y
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Автор
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:97
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [AUTHOR_PHOTO] => Array
                (
                    [ID] => 108
                    [IBLOCK_ID] => 25
                    [NAME] => Автор фото
                    [ACTIVE] => Y
                    [SORT] => 410
                    [CODE] => AUTHOR_PHOTO
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => S
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Автор фото
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:108
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [ISSUE] => Array
                (
                    [ID] => 93
                    [IBLOCK_ID] => 25
                    [NAME] => Выпуск
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => ISSUE
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => E
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => Y
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Выпуск
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 105237
                    [PROPERTY_VALUE_ID] => 108751:93
                    [DESCRIPTION] => 
                    [~VALUE] => 105237
                    [~DESCRIPTION] => 
                )

            [BLOG_POST_ID] => Array
                (
                    [ID] => 94
                    [IBLOCK_ID] => 25
                    [NAME] => ID поста блога для комментариев
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => BLOG_POST_ID
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => N
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 1
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => ID поста блога для комментариев
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:94
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [BLOG_COMMENTS_CNT] => Array
                (
                    [ID] => 95
                    [IBLOCK_ID] => 25
                    [NAME] => Количество комментариев
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => BLOG_COMMENTS_CNT
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => N
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 1
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Количество комментариев
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:95
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [MORE_PHOTO] => Array
                (
                    [ID] => 98
                    [IBLOCK_ID] => 25
                    [NAME] => Дополнительные фотографии
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => MORE_PHOTO
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => F
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => Y
                    [XML_ID] => 
                    [FILE_TYPE] => jpg, gif, bmp, png, jpeg
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Дополнительные фотографии
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [PUBLIC_ACCESS] => Array
                (
                    [ID] => 110
                    [IBLOCK_ID] => 25
                    [NAME] => Открытый доступ
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => PUBLIC_ACCESS
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => L
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => C
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Открытый доступ
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:110
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                    [VALUE_ENUM_ID] => 
                )

            [ATTACHED_PDF] => Array
                (
                    [ID] => 324
                    [IBLOCK_ID] => 25
                    [NAME] => Прикрепленный PDF
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => ATTACHED_PDF
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => F
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => pdf
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Прикрепленный PDF
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:324
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

        )

    [DISPLAY_PROPERTIES] => Array
        (
        )

    [IPROPERTY_VALUES] => Array
        (
            [SECTION_META_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [SECTION_META_KEYWORDS] => vat refund for leasing contracts: do not fear taking it to count
            [SECTION_META_DESCRIPTION] => <img src="/ufiles/image/rus/partner/2007/4/033.png" border="1" alt="Anton Nikiforov" title="Anton Nikiforov" hspace="5" width="110" height="140" align="left" />Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,<br />lawyer Anton Nikiforov also commented on the issue.
            [ELEMENT_META_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_META_KEYWORDS] => vat refund for leasing contracts: do not fear taking it to count
            [ELEMENT_META_DESCRIPTION] => <img src="/ufiles/image/rus/partner/2007/4/033.png" border="1" alt="Anton Nikiforov" title="Anton Nikiforov" hspace="5" width="110" height="140" align="left" />Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,<br />lawyer Anton Nikiforov also commented on the issue.
            [SECTION_PICTURE_FILE_ALT] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [SECTION_PICTURE_FILE_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [SECTION_DETAIL_PICTURE_FILE_ALT] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [SECTION_DETAIL_PICTURE_FILE_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_PREVIEW_PICTURE_FILE_ALT] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_PREVIEW_PICTURE_FILE_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_DETAIL_PICTURE_FILE_ALT] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_DETAIL_PICTURE_FILE_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
        )

)

									Array
(
    [ID] => 108751
    [~ID] => 108751
    [IBLOCK_ID] => 25
    [~IBLOCK_ID] => 25
    [IBLOCK_SECTION_ID] => 1472
    [~IBLOCK_SECTION_ID] => 1472
    [NAME] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
    [~NAME] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
    [ACTIVE_FROM_X] => 
    [~ACTIVE_FROM_X] => 
    [ACTIVE_FROM] => 
    [~ACTIVE_FROM] => 
    [TIMESTAMP_X] => 24.10.2016 17:13:58
    [~TIMESTAMP_X] => 24.10.2016 17:13:58
    [DETAIL_PAGE_URL] => /publications/rzd-partner-int/12/3910/
    [~DETAIL_PAGE_URL] => /publications/rzd-partner-int/12/3910/
    [LIST_PAGE_URL] => /info/index.php?ID=25
    [~LIST_PAGE_URL] => /info/index.php?ID=25
    [DETAIL_TEXT] => 
Interview
– Mr. Nikiforov, one of the urgent problems is non-repayment of the VAT by taxation authorities to companies providing leasing services. What is the reason for the problem?
 – I believe that it is not quite correct to speak about VAT refund for leasing contracts. The discussion should be about the difficulties of tax refund by the state on the whole. This problem is typical of all sectors of our economy. Attempts of illegal VAT refund play an important role.
At the first stage, the fight with the illegal VAT refund from the federal budget was aimed at export, more precisely, at pseudo-export; at the second stage is targeted pseudo-leasing.
Considering the examples of some unprincipled leasing companies, whose activities should interest law enforcement officials the taxation authorities started to refuse to refund the VAT to fair and respectable leasing companies, trying to prove the refusal from the legislative standpoint. 
At courts, taxmen usually argue that the aim of the leasing company’s activities is not acquiring profit based on leasing contracts concluded but getting a VAT refund from the federal budget. To support the idea, they compare the profitability of the company’s contracts (1-5%), the sum of the taxes paid to the budget, and the sum of the VAT to be refunded.      
– What is the reaction of the courts?
– The best argument for the arbitrators has often been the fact that the sum of the VAT to be refunded to this or that leasing company increases annually (and it is absolutely normal, if the organization enlarged its leasing portfolio). Besides, the taxation authority mentions leaseback contracts (if the taxpayer concluded them), which envisage that the position of the sides does not change (the former owner continues to use the property); however the arrears of the budget increase.
Additional arguments of taxation authorities are the use of loan means by the company, fly-by-night suppliers, and defects in invoices (absence of payment order number in advance payments, absence of the consignor’s and the consignees’s names and addresses etc.)…
– What counter-arguments do you use presenting the interests of your clients?
– When contesting the position of the taxation authorities, we give to the court of arbitration the documents about the profitability of the leasing company’s activities (including some definite contracts), and the document confirming the payment for the purchase of the leased property. In particular, the latter proves that the tax claimed to be refunded is not the profit of the company, but a compensation for previous expenses. Besides, we show documents proving that the taxpayer has properly fulfilled all his obligations taken according to the terms of the credit contract. However, there are many problems with complaints about fly-by-night suppliers, especially if a large contract is under discussion.
On the whole, deciding to apply to a court of arbitration, a leasing company must be ready to show a lot of documents, including their business-plan and other evidence confirming long-term prospects of the taxpayer’s activities.
– Do leasing companies win actions?
– A year ago, the situation in courts of arbitration was unfavourable for leasing companies. Taxation authorities often tried to swing the judges’ opinions. However, after Informational Letter № 53 from 12.01.06 of the RF High Court of Arbitration devoted to the issue of tax benefit, as well as Statement №267-O of the RF Constitutional Court on the opportunity to present additional documents to court, were published, the situation has improved. The most important thing is to verify that a leasing company really goes in for business (concludes contracts, suffers expenses when leasing property, gets leasing payments).
– Do taxation authorities take their defeat easy?
– If they lose, taxation bodies usually go to all the three judicial instances. As a result, the term of a lawsuit is 9-12 months on average. The inspections of the RF Federal Tax Service usually do not apply to the RF High Court of Arbitration. Lodging complaints is often initiated by taxpayers.
– If a leasing company is refused to have its VAT refunded what can (or should) it do to protect its interests?
It is difficult to give leasing companies some “juridical prescription” that will protect them from constant arguments with taxation authorities, because the problem is often caused not by mistakes of a taxpayer, but by the state bodies’ unwillingness to refund the VAT. Nevertheless, I would hardly recommend leasing companies not to appeal to courts.
Firstly, the amount of suits on the VAT refund to leasing companies is growing such suits have already become a common thing. Secondly, if there are many refusals to refund the VAT, the situation should be brought to public attention.
On the whole, business community should do its best to have a dialogue with the authorities, and share its opinion on the ways to solve the problem of illegal VAT refunding to pseudo-leasing companies.    
    [~DETAIL_TEXT] => 
Interview
– Mr. Nikiforov, one of the urgent problems is non-repayment of the VAT by taxation authorities to companies providing leasing services. What is the reason for the problem?
 – I believe that it is not quite correct to speak about VAT refund for leasing contracts. The discussion should be about the difficulties of tax refund by the state on the whole. This problem is typical of all sectors of our economy. Attempts of illegal VAT refund play an important role.
At the first stage, the fight with the illegal VAT refund from the federal budget was aimed at export, more precisely, at pseudo-export; at the second stage is targeted pseudo-leasing.
Considering the examples of some unprincipled leasing companies, whose activities should interest law enforcement officials the taxation authorities started to refuse to refund the VAT to fair and respectable leasing companies, trying to prove the refusal from the legislative standpoint. 
At courts, taxmen usually argue that the aim of the leasing company’s activities is not acquiring profit based on leasing contracts concluded but getting a VAT refund from the federal budget. To support the idea, they compare the profitability of the company’s contracts (1-5%), the sum of the taxes paid to the budget, and the sum of the VAT to be refunded.      
– What is the reaction of the courts?
– The best argument for the arbitrators has often been the fact that the sum of the VAT to be refunded to this or that leasing company increases annually (and it is absolutely normal, if the organization enlarged its leasing portfolio). Besides, the taxation authority mentions leaseback contracts (if the taxpayer concluded them), which envisage that the position of the sides does not change (the former owner continues to use the property); however the arrears of the budget increase.
Additional arguments of taxation authorities are the use of loan means by the company, fly-by-night suppliers, and defects in invoices (absence of payment order number in advance payments, absence of the consignor’s and the consignees’s names and addresses etc.)…
– What counter-arguments do you use presenting the interests of your clients?
– When contesting the position of the taxation authorities, we give to the court of arbitration the documents about the profitability of the leasing company’s activities (including some definite contracts), and the document confirming the payment for the purchase of the leased property. In particular, the latter proves that the tax claimed to be refunded is not the profit of the company, but a compensation for previous expenses. Besides, we show documents proving that the taxpayer has properly fulfilled all his obligations taken according to the terms of the credit contract. However, there are many problems with complaints about fly-by-night suppliers, especially if a large contract is under discussion.
On the whole, deciding to apply to a court of arbitration, a leasing company must be ready to show a lot of documents, including their business-plan and other evidence confirming long-term prospects of the taxpayer’s activities.
– Do leasing companies win actions?
– A year ago, the situation in courts of arbitration was unfavourable for leasing companies. Taxation authorities often tried to swing the judges’ opinions. However, after Informational Letter № 53 from 12.01.06 of the RF High Court of Arbitration devoted to the issue of tax benefit, as well as Statement №267-O of the RF Constitutional Court on the opportunity to present additional documents to court, were published, the situation has improved. The most important thing is to verify that a leasing company really goes in for business (concludes contracts, suffers expenses when leasing property, gets leasing payments).
– Do taxation authorities take their defeat easy?
– If they lose, taxation bodies usually go to all the three judicial instances. As a result, the term of a lawsuit is 9-12 months on average. The inspections of the RF Federal Tax Service usually do not apply to the RF High Court of Arbitration. Lodging complaints is often initiated by taxpayers.
– If a leasing company is refused to have its VAT refunded what can (or should) it do to protect its interests?
It is difficult to give leasing companies some “juridical prescription” that will protect them from constant arguments with taxation authorities, because the problem is often caused not by mistakes of a taxpayer, but by the state bodies’ unwillingness to refund the VAT. Nevertheless, I would hardly recommend leasing companies not to appeal to courts.
Firstly, the amount of suits on the VAT refund to leasing companies is growing such suits have already become a common thing. Secondly, if there are many refusals to refund the VAT, the situation should be brought to public attention.
On the whole, business community should do its best to have a dialogue with the authorities, and share its opinion on the ways to solve the problem of illegal VAT refunding to pseudo-leasing companies.    
    [DETAIL_TEXT_TYPE] => html
    [~DETAIL_TEXT_TYPE] => html
    [PREVIEW_TEXT] => Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,
lawyer Anton Nikiforov also commented on the issue.
    [~PREVIEW_TEXT] => Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,
lawyer Anton Nikiforov also commented on the issue.
    [PREVIEW_TEXT_TYPE] => html
    [~PREVIEW_TEXT_TYPE] => html
    [PREVIEW_PICTURE] => 
    [~PREVIEW_PICTURE] => 
    [LANG_DIR] => /
    [~LANG_DIR] => /
    [CODE] => 3910
    [~CODE] => 3910
    [EXTERNAL_ID] => 3910
    [~EXTERNAL_ID] => 3910
    [IBLOCK_TYPE_ID] => info
    [~IBLOCK_TYPE_ID] => info
    [IBLOCK_CODE] => articles_magazines
    [~IBLOCK_CODE] => articles_magazines
    [IBLOCK_EXTERNAL_ID] => 
    [~IBLOCK_EXTERNAL_ID] => 
    [LID] => s1
    [~LID] => s1
    [EDIT_LINK] => 
    [DELETE_LINK] => 
    [DISPLAY_ACTIVE_FROM] => 
    [FIELDS] => Array
        (
        )

    [PROPERTIES] => Array
        (
            [AUTHOR] => Array
                (
                    [ID] => 97
                    [IBLOCK_ID] => 25
                    [NAME] => Автор
                    [ACTIVE] => Y
                    [SORT] => 400
                    [CODE] => AUTHOR
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => S
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => Y
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Автор
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:97
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [AUTHOR_PHOTO] => Array
                (
                    [ID] => 108
                    [IBLOCK_ID] => 25
                    [NAME] => Автор фото
                    [ACTIVE] => Y
                    [SORT] => 410
                    [CODE] => AUTHOR_PHOTO
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => S
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Автор фото
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:108
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [ISSUE] => Array
                (
                    [ID] => 93
                    [IBLOCK_ID] => 25
                    [NAME] => Выпуск
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => ISSUE
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => E
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => Y
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Выпуск
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 105237
                    [PROPERTY_VALUE_ID] => 108751:93
                    [DESCRIPTION] => 
                    [~VALUE] => 105237
                    [~DESCRIPTION] => 
                )

            [BLOG_POST_ID] => Array
                (
                    [ID] => 94
                    [IBLOCK_ID] => 25
                    [NAME] => ID поста блога для комментариев
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => BLOG_POST_ID
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => N
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 1
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => ID поста блога для комментариев
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:94
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [BLOG_COMMENTS_CNT] => Array
                (
                    [ID] => 95
                    [IBLOCK_ID] => 25
                    [NAME] => Количество комментариев
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => BLOG_COMMENTS_CNT
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => N
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 1
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Количество комментариев
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:95
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [MORE_PHOTO] => Array
                (
                    [ID] => 98
                    [IBLOCK_ID] => 25
                    [NAME] => Дополнительные фотографии
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => MORE_PHOTO
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => F
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => Y
                    [XML_ID] => 
                    [FILE_TYPE] => jpg, gif, bmp, png, jpeg
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Дополнительные фотографии
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

            [PUBLIC_ACCESS] => Array
                (
                    [ID] => 110
                    [IBLOCK_ID] => 25
                    [NAME] => Открытый доступ
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => PUBLIC_ACCESS
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => L
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => C
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => 
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Открытый доступ
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:110
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                    [VALUE_ENUM_ID] => 
                )

            [ATTACHED_PDF] => Array
                (
                    [ID] => 324
                    [IBLOCK_ID] => 25
                    [NAME] => Прикрепленный PDF
                    [ACTIVE] => Y
                    [SORT] => 500
                    [CODE] => ATTACHED_PDF
                    [DEFAULT_VALUE] => 
                    [PROPERTY_TYPE] => F
                    [ROW_COUNT] => 1
                    [COL_COUNT] => 30
                    [LIST_TYPE] => L
                    [MULTIPLE] => N
                    [XML_ID] => 
                    [FILE_TYPE] => pdf
                    [MULTIPLE_CNT] => 5
                    [LINK_IBLOCK_ID] => 0
                    [WITH_DESCRIPTION] => N
                    [SEARCHABLE] => N
                    [FILTRABLE] => N
                    [IS_REQUIRED] => N
                    [VERSION] => 2
                    [USER_TYPE] => 
                    [USER_TYPE_SETTINGS] => Array
                        (
                        )

                    [HINT] => 
                    [~NAME] => Прикрепленный PDF
                    [~DEFAULT_VALUE] => 
                    [VALUE_ENUM] => 
                    [VALUE_XML_ID] => 
                    [VALUE_SORT] => 
                    [VALUE] => 
                    [PROPERTY_VALUE_ID] => 108751:324
                    [DESCRIPTION] => 
                    [~DESCRIPTION] => 
                    [~VALUE] => 
                )

        )

    [DISPLAY_PROPERTIES] => Array
        (
        )

    [IPROPERTY_VALUES] => Array
        (
            [SECTION_META_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [SECTION_META_KEYWORDS] => vat refund for leasing contracts: do not fear taking it to count
            [SECTION_META_DESCRIPTION] => <img src="/ufiles/image/rus/partner/2007/4/033.png" border="1" alt="Anton Nikiforov" title="Anton Nikiforov" hspace="5" width="110" height="140" align="left" />Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,<br />lawyer Anton Nikiforov also commented on the issue.
            [ELEMENT_META_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_META_KEYWORDS] => vat refund for leasing contracts: do not fear taking it to count
            [ELEMENT_META_DESCRIPTION] => <img src="/ufiles/image/rus/partner/2007/4/033.png" border="1" alt="Anton Nikiforov" title="Anton Nikiforov" hspace="5" width="110" height="140" align="left" />Almost all companies we asked named the so-called “VAT problem” among other negative factors restraining the leasing market development in the RF. Head of Tax Practice Department of the juridical company “Pepeliaev, Goltsblat and Partners”,<br />lawyer Anton Nikiforov also commented on the issue.
            [SECTION_PICTURE_FILE_ALT] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [SECTION_PICTURE_FILE_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [SECTION_DETAIL_PICTURE_FILE_ALT] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [SECTION_DETAIL_PICTURE_FILE_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_PREVIEW_PICTURE_FILE_ALT] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_PREVIEW_PICTURE_FILE_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_DETAIL_PICTURE_FILE_ALT] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
            [ELEMENT_DETAIL_PICTURE_FILE_TITLE] => VAT Refund for Leasing Contracts: Do Not Fear Taking It to Count
        )

)
								

Array
(
    [ID] => 108750
    [~ID] => 108750
    [IBLOCK_ID] => 25
    [~IBLOCK_ID] => 25
    [IBLOCK_SECTION_ID] => 1472
    [~IBLOCK_SECTION_ID] => 1472
    [NAME] => Leasing of Railway Transport: Is Growth Peak Over?
    [~NAME] => Leasing of Railway Transport: Is Growth Peak Over?
    [ACTIVE_FROM_X] => 
    [~ACTIVE_FROM_X] => 
    [ACTIVE_FROM] => 
    [~ACTIVE_FROM] => 
    [TIMESTAMP_X] => 24.10.2016 17:13:58
    [~TIMESTAMP_X] => 24.10.2016 17:13:58
    [DETAIL_PAGE_URL] => /publications/rzd-partner-int/12/3909/
    [~DETAIL_PAGE_URL] => /publications/rzd-partner-int/12/3909/
    [LIST_PAGE_URL] => /info/index.php?ID=25
    [~LIST_PAGE_URL] => /info/index.php?ID=25
    [DETAIL_TEXT] => 
Statistics shows 
According to the common international practice, the main figure characterizing leasing development in this or that country is the total cost of the contracts concluded during the reporting year. The growth of the so-called “new production” is considered to be one of the basic figures by almost all national leasing associations of the USA and Europe, as well as the European Federation of Leasing Company Associations (Leaseeurope).
According to this criterion, in Russia the cost of the railway transport leasing contracts was not less than RUR 43 bln in 2005, and more than RUR 59 bln in 2006, 2007 will give about 75 bln. This fact enables us to say that “railway” leasing as an alternative to credit and rent scheme of rolling-stock purchase has formed in the Russian Federation.
What types of rolling stock do transport companies purchase? According to statistics, the most popular type of rolling stock is gondola cars, tank wagons and flat wagons. Hoppers and box cars are also popular. There was a significant growth in passenger wagon leasing. 
Till recently, the rate of growth of railway rolling stock leasing contract volume exceeded the average growth rate of leasing in Russia, which is why the share of the sector constantly increased on the market. Deputy Chairperson of the Russian Leasing Company Association (Rosleasing) Valery Kashkin believes that the main reason for this is the “peculiarity of Russia”, i.e. extremely long transport routes that provide the demand for such machinery.
However, it should be taken into consideration that we are speaking of a relative share of the sector. The absolute figures of rolling stock leasing contracts are much higher in some states of the European Union and in the USA than in Russia. However, other sectors of leasing market are better developed there, that is why the relative share of railway rolling stock leasing is not very large. So, the role of railway rolling-stock leasing in the total structure of Russian leasing market may be called “a large piece of a small pie”. 
The comparative macroeconomic evaluations of experts prove that the Russian leasing “pie” is really small. “According to the volume of leasing operations, the leasing share in the gross domestic product and investment into basic assets (about 7%), the level of the Russian Federation coincides with that of the Netherlands”, Professor of the High School of Economics Viktor Gazman is certain. 

Peculiarities  of Russian Leasing
Speaking of the degree of Russian railway leasing market development, one can’t but notice that its modern stage has its own characteristic features. Leasing companies offer more and more attractive financial terms for clients, reduce their rates step-by-step and increase the periods of leasing contracts. “Conclusion of contracts for a several-year period has become a usual practice, used by many leading players of the sector”, states Sergey Bogdanov, Director of Business Development, OOO Brunswick Rail Leasing.
Leasing companies also pay much attention to such qualitative indicator as geographical availability. Earlier contracts used to be concluded in industrial cities with a developed bank infrastructure mainly nowadays leasing companies strive to enlarge their presence in the regions, better cooperating with the enterprises located far from the traditional business centres. Besides, a group of relatively small players has started to form on the market. Their park of leased wagons consists of not thousands, but of hundreds and even dozens units. 
Another characteristic feature is that the major part of the rolling stock purchased by Russian transport companies is given in financial leasing, which is the most popular sort of leasing deal in Russia. According to experts, the railway transport leasing market is characterized by a very high level of concentration. Almost 20% of companies operating on the market conclude 80% of the total amount of contracts; and no more than 40 companies work in this sector. “Such a situation is characteristic of several sectors of the leasing market, because on the whole the market is not regulated anyway, and there are no limiting barriers, such as the minimum capital volume required or the system of obligatory licensing”, believes Deputy Chairperson of Rosleasing Vasily Kashkin. In his opinion, the high concentration in wagons and locomotives leasing sector results from the large scale of contracts, high price competition and the tenders held by OAO RZD, in which only the largest players can participate.

OAO RZD Is VIP Client
Speaking of the role of OAO RZD in the Russian leasing services market development, it can’t but be admitted that the role coincides with the company’s position on the transport services market. So, it is not surprising that Russia’s largest railway corporation’s share is 75% of the total volume of contracts for rolling stock leasing. And, according to the Investment programme for 2007-2008, OAO RZD’s volume of rolling stock purchase in lease exceeds RUR 72 bln (excluding VAT)
The company’s top-management has stated several times that at the current stage of the reform they believe attraction of external investments to be of key importance. In fact,  any other position would be considered strange, because the ageing park of OAO RZD is one of the largest problems of the transport sector. As for tenders, they influence the market positively because it makes lessors work under conditions of minimum recompense and look for the ways to reduce expenses. Still, there are some negative factors of the national carrier’s influence on the leasing market. Analysts believe that the most important of them is that the reform has not been completed yet, which creates additional risks for the market players. For example, many experts fear that the launch of the Cargo Company and the possible changes of the tariff rates on this or that freight transportation types may influence the profitability of private companies-operators’ different business activities. 

What Is the Forecast?
According to experts, another factor that may influence the further development of the railway rolling stock leasing market is designing new machinery models. That is why some estimations and forecasts are pessimistic. “All the processes that take place on the Russian railway rolling stock leasing market are just local bursts, caused by the urgent necessity to replace the ageing rolling stock units. They do not come out of the frames of usual market fluctuations”, believes Head of the Railway Transport Research Department of the Institute of the Problems of Natural Monopolies Vasily Savchuk.
In his opinion, the basic models of wagons purchased by the players of the transport market are just improved copies of their obsolescent predecessors. For this reason, later the purchase of such rolling stock will be unprofitable because of its low economic efficiency. So, a new qualitative leap of the growth rates of leasing can hardly be expected.

viewpoint
Andrey Filev,
C