President signs new wording of law on financial leasing

President signs new wording of law on financial leasing

Ukrainian President Volodymyr Zelensky has signed the new wording of the law "On Financial Leasing," the presidential press service has reported.

The parliament passed the law on February 4, the report said.

"The document sets out the new wording of the law 'On Financial Leasing' and defines the general principles of financial leasing in Ukraine in accordance with international law. The law will help protect the rights of lessees, lessors, create a competitive environment in this area and bring the legislation of Ukraine into line with the law of the European Union," the President's Office said.

According to the document, the National Bank of Ukraine carries out state regulation and supervision in the financial leasing market.

The law also defines the features of financial leasing and its objects. In particular, it may be the property that is not prohibited by law for free circulation in the market and is not prohibited for leasing. At the same time, according to the law, land plots and other natural objects, as well as objects defined by Part 2 of Article 3 of the law of Ukraine "On Lease of State and Municipal Property" may not be objects of financial leasing.

"Financial leasing services are one of the factors increasing the competitiveness of domestic enterprises, improving the quality of their services, improving production efficiency and, as a result, strengthening positions in the domestic market and increasing the chances of entering the international market. After all, in developed countries, almost a third of investments in fixed assets are made through leasing, while in Ukraine this figure has fluctuated within 3-4% in recent years," the report said.

It is expected that the signed law will improve the instrument of financial leasing, which will help enterprises upgrade production capacity, purchase transport, equipment, machinery, real estate, and all this will increase gross output and thus increase taxes to the state budget.

On February 4, the Verkhovna Rada, Ukraine's parliament, adopted at second reading and in its entirety the law "On Financial Leasing." A total of 279 MPs voted for the decision.


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