Volume of leasing operations in Uzbekistan jump
By Kamila Aliyeva
The total volume of leasing operations in Uzbekistan rose by 5.7 percent in 2016 compared to 2015 to 973.1 billion soums, the aggregate portfolio of leasing transactions was 14.5 percent, up to 2.59 trillion soums, Trend reported with the reference to the Lessors Association.
In total, leasing companies of Uzbekistan signed 5,540 deals last year, while 5,600 transactions were processed a year earlier.
The main share in the structure of leased property by the end of 2016 still holds agriculture equipment, the share of which amounted to 31.8 percent of the structure in leasing deals compared to 32.9 percent in 2015.
The volume of deals in leasing technological equipment amounted to 31.7 percent (30.6 percent in 2015), motor vehicles to 18.9 percent (19.8 percent in 2015) and real estate to 17.6 percent (16.7 percent in 2015).
In 2016, 90 leasing companies, including 24 banks and 64 leasing companies operated on the leasing market of the country.
Uzbekistan has abolished customs duties on import of modern technological equipment on leasing terms while lease payments are exempt from VAT, and lessees from the payment of the leased property tax.
Legal entities that provide leasing services are freed from leasing part of the income tax and single tax payment.
The market of leasing services has a huge potential for growth. Year after year, competition in the leasing market grows, which points to an increase in the level of leasing services provided.
As in previous years, one of the decisive factors in the development of the leasing sector is the access of lessors to sources of funding. Leasing companies have to sort out the issue of foreign direct credits and cooperation with insurance companies to fund leasing deals.
In the near future, leasing, which ensures well-organized and protected relations between all participants of the finance-investment chain and contributes to the revamp of key economic sectors and regional infrastructure, may become one of the prospective tools for ensuring sustainable development of Uzbekistan’s innovative economy.
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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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