De finansielle og skatteretlige komplikationer forbundet med indgåelse af leasingaftaler

Rasmus Rattenborg Ellekjær

Studenteropgave: Kandidatafhandlinger


This paper is about the financial and tax aspects related to entering into leasing agreements. The first part of the paper examines the economic foundation of leasing agreements. The purpose is to determine in which cases it would be advisable to enter intro leasing agreements. Focus is primarily on the lease or buy decision, or situations where leasing agreements are financial substitutes for buying. The shorter, typically operational leasing agreements, are only superficially treated. The relevant accounting rules for leasing, which are RV 21 based on IAS 17, is discussed in order to examine whether or not the accounting rules is important in creating economic value to a firm. RV 21 makes a distinction between operational and financial leasing, where the treatment between the two are different. The economic evaluation models are discussed in order to examine how to determine the value of a leasing agreement Other reasons for leasing than the pure financial once are discussed. These are factors such as risk and restricted opportunities for firms to borrow money. Less insensible reasons like bonus agreements based on financial ratios are also treated. The Danish taxation aspects of leasing agreements are examined. The tax treatments of options in the contracts are especially important. If there is an obligation for the lessee to buy the asset when the leasing agreement runs out, the contracts will be considered buy agreements on credit in some cases. Furthermore some contracts have been neglected because there was no economic reality in the arrangements. The distribution of the right to tax leasing in OECD’s model taxation agreement is examined. In most cases it will be regarded as business income after Article 7, but in some cases it will be treated after Article 12 as royalties, Article 8 as income from shipping, inland waterways transport and air transport or Article 6 as income from immovable property. The conclusion is that the classification in the accounting rules of operational or financial leasing may have some influence, but in most cases the professional reader of the financial statement will not be misguided by differences in the classification. The biggest problem found relating to the evaluation models, is the treatment of the residual value. There can be good reasons for leasing, even if you evaluate the agreement from perspective that is not pure financial, such as reduction of risk. Some countries qualify the ownership of the leasing asset after a criterion based on economic ownership and other countries qualify after legal ownership. Because of this, and other differences in the internal taxation systems of the contracting states, it may be possible in some cases to construct leasing agreements where you exploit the differences in the tax systems. The conclusion is that it is possible to construct leasing arrangements that will exploit this difference.

UddannelserCand.merc.jur Erhvervsøkonomi og Jura, (Kandidatuddannelse) Afsluttende afhandling
Antal sider84