At the modern stage of formation of the market economy of the Russian Federation, newly created, small and medium-sized enterprises must acquire and update the fixed assets of production, thereby increasing the competitiveness of their products. For enterprises that do not have sufficient funds to purchase equipment, there are two ways out: either take a loan from a bank or use the mechanism of leasing. Leasing is a complex of property relations arising in connection with the acquisition of property and its subsequent transfer for temporary use. It is a contract of financial lease, under which one party (the lessee) can use the property owned by the leasing company (the lessor) and purchased by order of the lessee for a certain fee. Acquisition of property under a financial lease agreement is more profitable than under a purchase agreement using a bank loan, which is confirmed when calculating cash flows in either case. According to the tax legislation the whole amount of the leasing payments is included in the cost of production, thus reducing the taxable base, and consequently reduces the amount of the profit tax payable. The possibility for the lessor to apply the mechanism of accelerated depreciation makes it possible to achieve savings on the property tax. The development of the leasing industry has a positive impact on the economic development of the country as a whole.
