New challenges in growing time. Perspectives of leasing in Uzbekistan by Mr. Zafar Mustafaev, CEO of...
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Transcript of New challenges in growing time. Perspectives of leasing in Uzbekistan by Mr. Zafar Mustafaev, CEO of...
New challenges in growing time.Perspectives of leasing in Uzbekistan
by Mr. Zafar Mustafaev,
CEO of Uzbek Leasing International
General Director of Association of Uzbekistan Lessors
Progress of leasing in Uzbekistan
1993 – National airline of Uzbekistan purchased via leasing 10 airplanes (Boeing, Airbus, RJ)1995 – establishment of the first leasing company “Uzbek Leasing International A.O.”1999 – adoption of the Law “On Leasing”2001 – creation of the Working Group with participation of IFC’s Leasing Project for improvement of leasing legislation in Uzbekistan2002 – The Presidential Decree on measures for further stimulus of development of leasing2003 – amendments to the Economic Procedural Law of Uzbekistan on the issue of the leased asset repossession2004 – resolution by the Cabinet of Ministers of the Republic of Uzbekistan on accelerated depreciation during the leasing2005 – established the Association of Uzbekistan Lessors2006 – The Presidential Decree on developing of services industry
www.leasing.uz
Why Leasing
Technological equipment imported for leasing is exempt from VAT and customs dutiesObject of leasing are exempt from the property tax Lease payments released of VATTaxable income of the Lessee is reduced for the amount of interest on lease. Lessee deducts all the interest amount (lessor’s income) regardless of the leasing periodOpportunity of use of accelerated depreciationLeasing services exempted from profit tax until April 01, 2009
www.leasing.uz
What we have today?
Volume of internal leasing in million USD
34.925.5 27.9
36.6 40.5
6.5
12.415.5
44.9
67.1
-
20
40
60
80
100
120
2002 2003 2004 2005 2006
Uzselkhozmashleasing other lessors
www.leasing.uz
Which sector is more important for the Lessees ?
Types of equipment, given on lease basis(all lessors, excluding Uzselhozmashleasing )
www.leasing.uz
manufacturing equipment
27%
other0.3%
computer & office equipment1%
medical equipment1%
real estate13%
passenger vehicles10%
trucks3%
other14%
construction9%
printing5%
agricultural machinery32%
light industry8%
food production4%
Who are the players on Uzbekistan leasing market
Lease CompaniesAsia – Europe Trust Company Association of Business Women of KarakalpakstanAsaka-Trans LeasingBaraka LeasingBusiness LeasingExpress LeasingKurilish LeasingPoytaht LeasingUzbek Leasing International AOUzagrocaseleasingUzselhozmashleasingUzavialeasingUzavtosanoatleasingZamin Invest
BanksAloka BankAsaka BankCapital BankGalla BankIpak Yuli Bank Ipoteka Bank NBUPahta BankRavnak BankSavdogar BankMicrocredit BankTuron BankUzpromstroybankUzKDBankKhalk BankKhamkor Bank
www.leasing.uz
Uzbekistan Lessor’s Association
Uzbekistan Lessor’s Association was established in 2005
• Mission - to create conditions for development of leasing services in the Republic of Uzbekistan for effective realization of economic reforms implemented in Uzbekistan.
There are 19 members in Association: Asaka-Trans Leasing Asia – Europe Trust Company Baraka Leasing Asaka Bank Business Leasing Capital Bank Express Leasing Ipak Yuli Bank Kurilish Leasing Ipoteka Bank Poytaht Leasing Pahta Bank Uzbek Leasing International AO Microcredit Bank Uzselhozmashleasing Hamkor Bank Uzavialeasing Zamin Invest Uzavtosanoatleasing
www.leasing.uz
First Leasing Company Operations on the leasing market since 1996 Paid-up capital USD 6 million Solid shareholders:
15 % 35 %
15 % 35 %
Over 140 projects has financed and total amount of USD 25 million Internal funds, credit lines from NBU, IFC, EBRD, CDB and export
credit agency
www.uzbek-leasing.com
Portfolio Structure – Industry Sectors
www.uzbek-leasing.com
Portfolio structure based on the industrial sectorsAgriculture
1%
Wood processing6%
Food processing36%
Services14%
Construction materials
8%
Poligraphy16%
Chemical industry3%
Lightindustry
16%
Portfolio Structure – Project Size
www.uzbek-leasing.com
31%
49%
12%9%
1%
0%
10%
20%
30%
40%
50%
from 100th USD
from 100th to300th USD
from 300th to500th USD
from 500th to1mln.USD
more than 1mln.USD
in % from number of projects
Portfolio Structure – Supplier Countries
www.uzbek-leasing.com
Italy7%
Taiw an3%
Ukrain1%
France1%
Israil2%
Bolgaria 1%
Pakistan1%
Hungary1%
Slovakia1%
Ireland1%
Syria1%
Belgium3%
China3%
Sw eden1%
Syngapure1%
Uzbekistan30%
USA7%
Austria2%
Belarussia3%
Turkey10%
Russia12%
Germany7%
What equipment is most wanted in Uzbekistan?
Compact and mini-technological equipments for small and private entrepreneurship
Car leasing Cotton spinning and textile industryProcessing of agricultural productsConstruction equipmentSpecial vehicles, trucks and busesTelecommunication
www.leasing.uz
Why Leasing in Uzbekistan?
One of the best legislative bases on leasing in the world: Simplified system for registration and taxation of
leasing companies Leasing activity is not licensed Availability of tax allowances and preferences
Big demand for leasing services
Leasing is high profitable financial facility
Our address:
Tashkent city, 100003 Republic of Uzbekistan
4th Floor, International Banking & Finance Center
1, Turab Tula Street Tel.: (+998 71) 114 64 46 (+998 71) 114 64 44 (+998 71) 139 16 54 (+998 71) 132 62 94 Fax.: (+998 71) 120 67 29
E-mail: [email protected] www.uzbek-leasing.com