International Leasing by Simon S. Gao

Author:Simon S. Gao [Gao, Simon S.]
Language: eng
Format: epub
Tags: Political Science, Labor & Industrial Relations
ISBN: 9781859725832
Google: psVpQgAACAAJ
Publisher: Ashgate
Published: 1999-01-15T04:50:03+00:00

Import duties and stamp duties

Customs duties are also an area requiring consideration. In transactions involving the leasing of equipment/machinery that is to be imported into the lessee's country, the question of import duties can obviously be of great importance to the parties involved. However, the computation of export/import duties on leased assets is a too complex area. Duty is generally payable on the sale value of the assets on importation and the amount of duty payable depends on the type of assets. Sometimes, duty is computed by discounting the total rentals receivable under the lease agreement. Some countries like Hungary, have made imported leased equipment and machinery that is owned by lessors outside Hungary exempt from import duties. Stamp duties are another form of taxation that can have some importance in a transaction and which vary significantly between different countries. Many countries, if they have any at all, simply have a system of duties payable on the provision by the government authorities of notary services or, in the case of Hungary, on the grant of permission to a foreign company to conduct business in Hungary. Interestingly, Poland, though it has a rigorous system of stamp duties, has adopted the position that duties are not payable on leasing transactions with foreign lessors. However, rules on import and stamp duties are frequently changed to reflect the need of the fiscal policy of individual countries. International leasing analysis requires a full examination of these policies.

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