Kiralama-leasing ve Türkiye uygulaması

Abstract

Bu çalışmada ülkemiz için oldukça yeni bir finansman yöntemi olan "Kiralama- Leasing" ve bu yöntemin Türkiye'deki uygulamaları incelenmiştir. Öncelikle kiralamanın tanıtımı yapılmaya çalışılmış, bu amaçla kiralamanın tanımı, türleri, unsurları, avantaj ve dezavantajları ele alınmıştır. Daha sonra kiralamanın satın alma yöntemiyle karşılaştırılmasına değinilmiş ve bu iki yöntemi topluca gösteren bir örnekte hangi alternatifin daha karlı olacağı Bugünkü Değer Yöntemi ile incelenmiştir. Kiralamanın diğer ülkelerdeki durumu, gelişmiş ve gelişmekte olan ülkeler açısından ele alınmış, bu ülkelerdeki kiralama uygulamalarına, kiralama ile ilgili kuruluşlara ve varsa kiralamayı düzenleyen yasal çerçeveye değinilmiştir. Son bölümde ise ülkemizdeki kiralama işlemleri kapsamlı olarak tanıtılmaya çalışılmış, bu amaçla kira lamaya ilişkin yasal çerçeve yani 3226 sayılı Finansal Kiralama Kanunu, kiralamanın Türkiye'deki gelişimi, iki sektörde kiralama işlemlerinin incelenmesi, Türkiye'de uygulanan kiralama türleri, Türkiye'de yerleşik iki kiralama şirketinin faaliyetlerinin incelenmesi ve kira lamanın Türkiye açısından önemi konularına değinilmiştir.

The purpose of this study is to define leasing as a new financial option by examining its classifica tions, elements and prons & cons. An economic comparison was also searched between leasing and pruchasing alter natives by means of Net Present Value Method. In addition to this it was mentioned about the leasing activities in developing and developed countries. Finally, The Law of Financial Leasing, improvement of leasing, investigation of applications in two different sectors, currently applied leasing types, evaluation of activities of some leading leasing companies and importance of leasing were presented in the context of leasing in Turkey. The leasing phenomenon first appeared in Europe, more precisely in the United Kingdom in the 1 9 th century, and developed into its present form over the last 30 years. It has now become an economic and financial reality of primary importance. The leasing concept derives from the basic fact that profits are generated through use rather than mere ownership of economic assets. Leasing as a means of providing medium term finance was introduced- to 'the Turkish economy during the second half of 1985. The legal framework to regulate lesing operations was- drawn with the enactment of Law no. 3226 on Financial Leasing in June 1985 and the issuance of a series of related decrees and communiques in September 1985. It was the goverment's intention to propell econo mic growth via improving the performence of fixed capital formation backed by leasing finance. Because leasing was envisaged as one of the means to finance the projected 1D % annual rate of growth of fixed capital formation over the coming years. Domestic leasing was expected to channel domestic savings into productive investment. It was also expected that cross-border leasing into Turkey would be instrumental in creating new and as yet untapped sources of external finance for the growing needs of the Turkish economy. However, the leasing legislation aroused considerable debate on certain taxation issues, lending limits and leverage ratios of lessors and unavailability of financing instruments in the market. The legislation thus drawn did not have much practical effect for more than a year and the first leasing company in Turkey was formed following the removal of certain obstacles. The receptiveness of the government to suggestions from the industry and the co-operation of the Undersecretariat of Treasury and Foreign Trade which regulates leasing activities has allowed continuous improvement in the regulatory environment ever since. The Turkish banking system is not willing to supply medium to long term loans for investment projects. Available data indicate that the total stock of outstanding bank loans has almost remained constant in real terms since 1980. The share of medium to long terror loans in the total credit stock, on the other hand is declining. Similarly, while Turkey^ short term foreign indebtedness has been growing for the last five years, medium term private foreign loans are decreasing both in absolute and relative terms. The need for new sources of finance is obvious and leasing is one of the candidates to fill the gap. While the title of the leasing law implies financial leasing only, operating leases could also be structured to fit into the broad definitions described in the legislation. The law also describes the terms and the conditions relating to domestic and cross-border leases where by the authority to deal domestic leases is vested with local lessors duly licensed by the Undersecretariat. Cross-border leases could be booked by lessors domiciled in any foreign country following asset qualification and registration with the Undersecretariat. XI A typical domestic lease is a three-party transaction where a domestic lessor acquires title to equipment, either locally manufactured or imported, and leases to a domestic lessee for a minimum uncancellable period of four years. The lessor retains title to the equipment throughout the lease trem and enjoys the benefits associated with ownership. The lessee makes rental payments, as determined in the lease agreement, in return for the right of using J ' equipment. Rentals could be denominated in Turkish Lira or in any convertible currency and may be fixed or floating. The lease agreement may contain a purchase option for a pre-determined value but early termination is not permissable. Lease transactions to be made in connection with an investment incentive certificate require the involvement of the State Planning Organisation as a requlatory party. Domestic lessors are required to report the details of each lease transaction to the undersecretariat and the pre-approval of the latter is necessary if exposure in a particular transaction is anticipated to exceed the officially set lending limits of the lessor. A cross-border lease transaction, however, is a more intricate operation as compared to domestic leasing. The parties to a cross-border lease are usually an equipment seller in a foreign country, a duly organised leasing company ideally domiciled in the country of the vendor, a Turkish lessee, a well established g-uarantor, The State Planning Organization in case of an incentive related investment and the Undersecretariat. Although the mechanics of a cross-border lease is quite similar to a domestic one, where by the foreign lessor purchases the equipment from the vendor and leases to a domestic lessee for a minimum term of four years, it is generally required from the lessee to avail an internationally acceptable guarantee facility in favour of the lessor. The additional cost element of such a guarantee coupled with a withholding tax of 0.5 % on rental payments made to offshore lessors usually make cross-border leasing unattractive to domestic lessees. Moreover, the requirement of registering such lease contracts with ths Undersecretariat and the right of refusal of permission of the latter in relation to equipment which ? do not qualify in technological aspects have virtually made cross-border leasing unoperational. Transactions of leasing companies operated in Turkey and cross-border leasing transactions of the companies operated at abroad are as fololws: xix TABLE: 1. Transactions af Leasing Companies Operated in Turkey. Million TL . 1986 1987 1988 1989 1990 1991(1) Leasing-amnunt - 7781 96355 564541 1085689 662990 Camputer,affiçe and tBlBcominication apparatus - 3076 5607 38684 150692 118756 Land transpartation vehiclas - 2139 64373 366375 632023 3BB54B Aircrafts - - 2485 - 847 1609 x ^ Marine^transportation. _ B37 g6agg ^^ ^^ TBKtilB and printing _ ^35 4B46 ^^5 Q macnınBs Medical appliances -, 532 2199 5612 42292 25567 Other manufacturing machinss - 856 17419 52136 167575 98911 Number af companies 2 4 B 12 20 22 Number af transactions - 177 279 23B4 3300 1292 (1) Figurss ara provisional by August 31, 1991. TABLE: 2. Cross-Barder Leasing Transactians nf The Campanies Operated At Abrnad (1) Million dallar 19B6 19B7 19BB ' 19B9 1990 1991 (2) Leasing amount (1) 3 37 425 125 240 179 Computer, office and telecominicatian apparatus 3 2B 30 2 Construction * equipmBnts - 71 43 22 < Air transportation aircrafts - - 319 74 216 174 Textile and printing machines 3 1 Medical appliances 1 1 3 3 5 Other manufacturing machines - 5 42- Number of transactions 3 1_3 1_6 T7 1_6 12 (1) Rates of exchange are calculated as ta annual crass-rates (2) Figures are provisianal by August 31, 1991. As for lau and regulation, financial leasing in Turkey is governed by Lam no. 3226 (Law on Financial Leasing) and a number of goverment decrees, regulations, and communiques issued by various public bodies. The Lam does not define what leasing is but is closely regulates the legal nature and structure of the leasing agreement and the rights and duties of the contracting parties. Movable or immovable goods of any description, with the exception of nonmaterial rights such as patents, can be leased. The law requires that the goods to be leased must be selected by the lessee and purchased or otherwise acquired by the lessor as demanded by the former. Throughout the lease term the lessor keeps the ownership of the leased asset, thus enjoying all the benefits associated with ownership, while the lessee has the right to use the asset without interference from the lessor and third parties. In return for the right to use the asset the lessee makes rental payments, as determined in the lease agreement, which may be denominated in Turkish Lira or in any convertible currency. Payments may be fixed or variable. The minimum uncancellable period for a lease agreement is four years. The three exceptions to this general rule allow the early cancellation of the agreement if the leased asset: - Has an economic life of less than four years. - Has certain technological characteristics which limit its use to less than four years, and - Can be the subject of a new lease agreement. The lease agreement is drawn and registered by a notary public. In the case of cross-border leases the agreement is registered by the Undersecretariat of Treasury. Real right acquisition claims by third parties cannot be entertained after registration. The lease agreement may contain a purchase option at the end of the lease term. This option may be nominal or substantial. xv Duly incorporated companies only with a paid-up capital of a minimum of TL. 1.000m can be lessors. The lessor's charter clearly defines the corporation's main line of business as leasing and excludes any other type of activity. If the total rental receivables of a lesaing company from a single lessee exceed the limits allowed in the legislation, that portion of the rentals over and above the legal limit must be guaranteed by a bank which does not have any equity participation in the leasing company, The limits are as follows - 25 % of lessor's equity for projects not qualifying for investment incentives; - 40 % of lessor's equity for projects qualifying for investment incentives; - 75 % of lessor's equity if a special permission is obtained from the Undersecretariat of Treasury. The law requires that the leased asset must be insured for the duration of the lease and the indurance premiums be paid by the lessee. If the lessee defaults on lease payments the lessor must grant 30 days' grace before abolishing the contract. This grace period is 60 days for contracts containing a purchase option. The panorama of leasing market in Turkey implies that supply and demand of the sector haven't been constructed yet. Saving intention in Turkey which is not adequate brings about a supply scarcity in leasing as a new investment oppurtinity. As a result, since leasing corporations have some difficulties to find out necessary funds, they cannot work in an efficient way as well as they have not the chance to grow up very rapidly. These are the main reasons behind the deminishing supply of the leasing options in Turkey's capital market. Although it was expected that some foreign leasing com panies in abroad would have fed the market with fresh money, uncertainies, political risks, financial positions of companies as lessee candidates and difficulties of getting fund in current situation have caused to some negative effects. Impulse of Turkish market has decreased for foreign leasing companies. If all the reasons that are mentioned above as problems can be solved, it can be expected a healthy growth in leasing market in Turkey.