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Leasing legislation

Under Russian Federation legislation, any material value if it isnt utilized in working cycle can become the leasing transaction subject. Buildings, facilities, transport and other mixed property can be leased out.

The civil code of the Russian federation gives the following definition to financial lease (lease):

  • "Under financial lease agreement (lease) the lessor shall take possession of the property specified by the lessee from the seller and transfer that property to the lessee for a fee on the temporary possession basis for entrepreneurial purposes. In this case the lessor isnt responsible for the lease subject and the seller".
  • Leasing is a unique investment tool which contributes to the competitive recovery of the Russian Federation industry, the enlargement of the working sector, the growth of business and state income and stimulates the replacement of foreign products with the Russian ones.

Lease regulatory base

  • The civil code (parts 1 and 2) (with amendments)
  • The federal Law of the Russian federation dated 29.10.98 164-FZ "Lease law"
  • The Russian Federation Ministry of Finance order 15 dated 17.02.97 "On reflecting lease agreement operations in accounting" (with amendments)
  • The Russian Federation federal law 16-FZ "n joining of the Russian Federation to UNIDRUA Convention on international financial leasing" dated 08.02.98
  • UNIDRUA Convention on international financial leasing (international financial equipment leasing). Ottawa, 25.05.88
  • Amendments to the Federal law "On leasing", project, December, 26, 2001
    • The Russian Federation federal law "On amending the Federal law "On leasing"
    • The Russian Federation federal law "On financial leasing (lease)"
  • Amendments to the Federal law "On leasing", January, 29, 2002
    • The Russian Federation federal law "On amending the Federal law "On leasing"
    • The Russian Federation federal law "On financial leasing (lease)"

As well as other regulatory legal acts regulating relations in separate manufacturing fields (transport, telecommunications, agro-industrial sector and e.t.c.)

The civil code of the Russian federation gives the following definition to financial lease (lease):

  • "Under financial lease agreement (lease) the lessor shall take possession of the property specified by the lessee from the seller and transfer that property to the lessee for a fee on the temporary possession basis for entrepreneurial purposes. In this case the lessor isnt responsible for the lease subject and the seller". In this case the lessor isnt responsible for the lease subject and the seller".
  • Leasing is a unique investment tool which contributes to the competitive recovery of the Russian Federation industry, the enlargement of the working sector, the growth of business and state income and stimulates the replacement of foreign products with the Russian ones

About accounting

Inside the Russian Federation the leasing activity is regulated with the following legal acts:

  • The Russian Federation civil code (chapter 34, paragraph 6, articles 665 - 670).
  • The federal law dated 29.10.1998 164-FZ "On financial leasing (lease)" (as in force on 24.12.2002).
  • The Russian Federation part 1 dated July, 31, 1998. 146 - FZ and part 2 dated August, 5, 2000 117 - FZ (with amendments dated March, 30, July, 9 1999, January, 2, August, 5, December, 29, 2000, March, 24, May, August ,30, 6, 7, 8, November 27, 29, 28, 29, 30, December, 31, 2001, May, 29, July, 24, 25, 24, 27, December, 31, 2002, May, 6, 22, 28, 6, June, 23, 30, July, 7 2003).
  • The Federal law dated October, 29, 1998 164 - FZ "On financial leasing (lease)" (with amendments dated January, 29, December, 24, 2002).
  • The Russian Federation Ministry of Finance dated February, 17, 1997 15 "On reflecting lease agreement operations in accounting" (with amendments dated January, 23, 2001).

Legal information, leasing agreement

Under the federal law dated October 29, 1998 164 - FZ "On financial leasing (lease)" with amendments dated January 29, 2002:

  • Leasing is a complex of economic and legal ties arising in the context of leasing agreement implementation, including leasing subject acquirement.
  • Leasing agreement is an agreement under which the lessor shall take possession of the property specified by the lessee from the seller and transfer that property to the lessee for a fee on the temporary possession basis for entrepreneurial purposes. The leasing agreement stipulates that the lessor shall choose the seller and the equipment.

Leasing activity is a sort of investment activity in acquiring property and transferring it in rent.

Leasing subject is a number of nonexpendable things as well as enterprises and other complexes, buildings, installations, equipment, transport and other mixed property that can be launched into business activity. The leasing subject transferred on the temporary possession and use basis is the property of the lessor. The leasing agreement stipulates that the leasing subject becomes the lesses property upon the expiry date of the leasing agreement or before the expiry date on terms provided by the parties.

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