1.2 History of the lease and its role in the modern economy

History of the development of leasing in Kazakhstan.

Leasing in many countries became widespread in the 70 years of the twentieth century and has since been considered the most appropriate way of organizing business. Currently in Kazakhstan, many enterprises are not able to make large investments of funds in technical updating and intensifying production, so in our opinion it is necessary to significantly expand the scope of leasing as a form of entrepreneurial activity.

Difficulty in assessing the origin of leasing as a financial instrument is that the literature on this subject, there are a variety of views. There are two basic approaches:

- Historical and dialectical, in which, based on the identification of finance leases and traditional, it is believed that “the operation of” leasing originated in ancient times and the modern idea of ​​leasing was borrowed;

- Proving the absence of historicism in the leasing industry: states that leasing - a young phenomenon, the appearance of which is associated with the action of «Bell».

In most studies on the history of the lease states that Aristotle touched leasing ideas, expressing its philosophical meaning. We believe that Aristotle wrote about the right to use that requires, first of all, the right to use the object owner. Link to Aristotle is only valid as a definition of the basic idea of leasing. The evaluation of all the facts obtained in the framework of the historical method and its projection on the existing reality, suggests that the idea of leasing is borrowed from history, but its mechanism is formed in the twentieth century.

Analysis of global trends in the development of leasing allows you to select two groups of factors that promote its spread: the objective associated with the laws and characteristics of the development of scientific and technical progress; subjective predetermined socio-economic policy of the state and overcoming psychological barriers. The most important features immanent leasing business abroad: increasing the share of short-and medium-term agreements and the share of leasing objects of industrial purpose, used in high-tech industries; demarcation between the lessors under the nomenclature of lease assets. We can expect that the individual stages of development of leasing in Kazakhstan should be faster or combined, which is premised on the positive foreign experience, infrastructure, the objective need of new enterprises in the financial and investment mechanisms, etc.

The role of leasing in the modern economy to ensure sustainable economic development is required to provide both increased production and aggregate demand and increase investment in order to meet growing demand. In solving these problems, can play a significant role leasing. Tool lease financing is an important determinant of economic growth, contributing to an increase in the production of goods and services through the creation of new production capacity, increasing aggregate demand, and investment resources. Leasing is part of market commercial finance, namely its medium and long component; short part here is factoring. In the last few years leasing in Russia became a profitable way of investing that effectively allocate available funds. For banking leasing moreover means expanding diversification of operations and an active search for customers.

Economic entities leasing provides plenty of opportunities: 1. raising capital from external sources. Leasing allows you to get the equipment in use without full payment, to organize a new production without withdrawal from circulation of large financial resources. Any enterprise to upgrade production on the basis of modern technologies, adaptation to market and product quality, to compete with the best foreign analogues, does not require an initial allocation of significant funds.

2. Ability to quickly mobilize the necessary resources. Thanks leasing consumer receives favorable conditions for renewal of fixed assets.

3. Possibility of temporary use technology to solve production problems arise, rather than the acquisition of its ownership (when operational leasing).

4. The opportunity to try the equipment to its full payment, ie, before the acquisition of the property.

5. Ability to follow scientific and technological progress, acquiring new equipment. Lessee can get rid of obsolete equipment before the end of its useful life and implement the necessary re-production in the event of more efficient models.

6. Possibility of acquiring supplied equipment leasing at the best market prices. And the lessee and the lessor are interested in minimizing equipment costs. As a rule, the lessor has the better chance of achieving the minimum contract prices than the lessee.

7. Opportunity not to attract their own borrowing. Leasing does not burden the assets of the company and helps to maintain the optimal ratio of debt to equity. As a rule, the leasing object is listed on the lessor's balance sheet.

8. Get wide range of related services for product adjustment and maintenance of the equipment purchased. Consumers spared from many cases, they do not delve into the technical details. Leasing companies eliminate defects and service equipment, relying on the material-technical base of specialized enterprises, or on your own.

9. Possibility of making flexible lease payments, taking into account the seasonality of the business of the lessee.

10. The use of additional tax benefits. User equipment lease payments are charged to cost of production and, consequently, reduce the tax base, the amount of taxes for the payment of the budget.

Leasing services among consumers deserve special attention small businesses. Own funds of small businesses are small and access to bank loans is often limited. For them, leasing is one of the most accessible sources of funding. Initial costs of equipment leasing company bears, which in turn are interested in supporting small business, have. Equipment for small business is relatively inexpensive, and is sufficient collateral leasing transaction. In contrast to the leasing of large expensive facilities (aircraft, sophisticated high-tech equipment ) , a feature of leasing objects allows for small businesses to diversify risks arising between many midsize deals with different clients , reduce the probability of default of the lease payments .

By leasing, may run in Kazakhstan, the process of large-scale modernization of the economy. With the rapid growth of the Kazakhstan economy and high level of depreciation of fixed assets in the country formed an enormous investment demand for renovation and expansion of production. In the world practice is leasing is one of the most important sources of financing renovation and expansion of fixed assets. The share of leasing in the amount of fixed capital investment in the advanced economies is about 20-30%, in our country - less than 15%.

Consolidating the leasing certain benefits, the government encourages investment activity in the field of modernization of the means of production. Under these conditions, with estimated 2009 cancellation opportunities for accelerated depreciation of fixed assets related to amortization groups 1-3 significantly delay the development of leasing in our country , and hence the process of growth and economic renewal.

Acceleration upgrade equipment and technologies in wide use leasing increases productivity, reduces resource consumption, capital intensity, increases the quality of the products, accelerate capital turnover, which leads to increased efficiency of the national economy.

Significantly accelerate the development of leasing is possible only by eliminating inconsistencies and flaws in the legislation. Classic benefits of leasing (accelerated depreciation, the automatic use of the leased asset as collateral ) , as well as the lack of " long" money banks have already led to the fact that leasing is actually replaced the medium and long term bank loans in the event of having to purchase fixed assets. Greatest obstacles to further extensive development tool lease financing are flaws in the legislation, resulting in inconsistencies law on leasing with other regulations. Should be clearly defined in the legislation procedure (and sequence) registration of rights to real estate and real estate leasing agreements relevant; creating a system of state registration of rights in aircraft to confirm ownership of lessors; introduction to the tax and accounting legislation rules governing balance- shift change during the term of the lease agreement; clear definition of the concept in the regulatory framework of the redemption value of the property.

State by adjusting the conditions of lease financing (giving him various advantages such as tax benefits and opportunities of accelerated depreciation) should use leasing as a powerful incentive for modernization of production, the restructuring of the Kazakhstan economy, the expansion of production capacity, saturation of the market with high quality goods.