Summary:

On August 1st, the pilot program of “reform of the camp” was implemented nationwide, and the financial leasing industry felt the coolness of “the fire in July and the clothing in September”.

After the introduction of Caishui [2013] No. 37 document, the lessor’s tax burden on the leaseback business increased by 953%, which was 2473% higher than the tax burden on business tax.” Liu Bin (a pseudonym), a leasing practitioner in Beijing, gave the China Times The reporter calculated an account, which means that the tax burden of the lessor is even higher than the gross profit, resulting in a loss of the lessor's leaseback business under the assumption. This also means that in the financial leasing industry, 90% of the sale and leaseback business has been suspended.

However, in Wang Qingbo, a leasing practitioner in Shanghai, the future market challenges and opportunities coexist. The reform of the camp has only set up a slap in the face, and washed out a single leasing company with a single business model that makes big money and quick money. And various leasing companies have also studied strategies to deal with the increase in the reform of the camp. Most of them have gradually shifted from the after-sales and lease-back business that emphasizes the financing characteristics to the direct leasing of the properties of the melt.

After-sales leaseback

On the eve of the “big waves and sands”, the financial leasing industry is still experiencing explosive growth. It has once become the new darling of financial capital and industrial capital, and both the number of enterprises and the scale of business have expanded.

The booming financial leasing expansion was slammed on the brakes on August 1st.

"With the nationwide promotion of the pilot reform and expansion pilot, the financial leasing company must conduct a full invoicing to make the business difficult to continue." Wang Qingbo said that the current sale and leaseback occupies financial leasing companies, foreign financial leasing companies and 70% of the three types of financial leasing companies in the domestic pilot financing leasing company, such as the sale and leaseback business can not be carried out smoothly, equivalent to the industry to press the pause button.

Taking financial leasing companies as an example, in fact, starting from the pilot of China's banking industry into the financial leasing industry in 2007, after-sales leaseback has become the basic business model of bank leasing companies, and the proportion of direct leasing is very low. As early as 2010 and 2011, the proportion of direct rents was still around 35%, but by 2012 this proportion had dropped rapidly to 24%.

According to the statistics of the first half of 2013, the lending amount of 20 financial leasing companies was 230.7 billion yuan, of which only 37.7 billion yuan was directly invested, and the direct rent amount was only 16%.

As a result of this development, the financial leasing industry relies on what the industry calls “credit-like” after-sales and leaseback business, and assets are enlarged. The data shows that as of the end of the first half of 2013, the total assets of the 20 financial leasing companies supervised by the CBRC reached 902.166 billion yuan, which is only one step away from the trillion scale. However, among the 20 companies, 9 leasing companies have operating leasehold assets of “0”, and the entire financial leasing industry has not yet started in operating leases.

In other words, the proportion of the financial leasing industry that is close to 84% is the sale and leaseback business. Some people think that rentback is a credit-like business and is a problem that hinders the development of the industry. It should be restricted by fiscal and taxation policies.

The sale and leaseback is corresponding to the direct lease, which is differentiated by the direction of the lease equipment selection process. When the lessee lacks production equipment, the lessor (ie the financial leasing company) rents the equipment from the manufacturer and then leases it to the lessee, which is direct rent; and when the lessee has equipment but lacks liquidity, the equipment is sold to The lessor, in turn, the lessor is rented to the lessee, that is, the lessee and the supplier are the same enterprise, which is the leaseback.

Shi Yanping, director of the Center for Leasing Research at the University of International Business and Economics, believes that the financial leasing company's own reasons are one of the factors that lead to the excessive rate of rent leasing by financial leasing companies. First, the operation method of sale and leaseback is closer to bank lending. Bank lessors are more familiar with such operations, and it is more convenient to sell and lease back. Second, bank leasing companies have relatively high requirements on scale effect, and rentback is relatively high. The transaction speed is relatively fast, and after the scale, the market can be quickly occupied in a short period of time, and the sale and leaseback becomes the first choice.

The sale and leaseback has solved the hunger and thirst of many enterprises. According to Qian Yajun, a leasing industry insider, "At present, at the key point of the enterprise's industrial transformation, revitalizing existing assets and realizing asset restructuring is far more demanding than expanding asset scale. ”

However, in many areas, after-sales leaseback is a helpless choice for leasing companies in a realistic policy environment. Qian Yajun used aircraft leasing as an example. Some aircraft only have an import license for airlines, and purchases and leases have different tax treatments. These objectively result in the aircraft being financed only through the leaseback model, rather than the direct rent model. . Similar to imported medical device licensing, motor vehicle registration and special equipment, and certain accelerated depreciation equipment.

The straightforward and complicated procedure is also the reason why the lessor and the lessee are willing to choose to rent back. In addition, the direct renting mode requires the VAT ticket equipment supplier to open to the leasing company, but the leasing company cannot directly invoice the principal to the lessee at one time. For the lessee, the input tax that can be deducted in the current period is less, the lessee Of course, I am not willing to accept it. On the other hand, if the lessor has to pay the principal VAT ticket once, once the lessee has a bad condition, the lessee will not be paid after the tenant has received the full value-added tax invoice, which will be the risk to the lessor. Management has a big impact.

However, a paper No. 37 text is like a heavy earthquake, which instantly buried the thriving market of the entire financial leasing industry.

Conflicting old and new policies

In fact, the main task of the reform of the fiscal and taxation system, the “reform of the camp”, has been successful for more than a year. As of June 2013, more than 95% of the 1.34 million taxpayers who have been included in the pilot have experienced different degrees of taxation, with an average tax reduction of nearly 30%. The total tax reduction since the pilot has exceeded 900. 100 million yuan.

However, the financial leasing industry was deeply affected. The survey results of the Ministry of Finance's Shanghai Office of the Financial Ombudsman were “due to the announcement of the State Administration of Taxation on the 13th of 2010, the financial leasing company could not get the invoice, and the VAT chain broke. If financing is required The leasing enterprise pays the output tax in full at 17%, and there is not only a double taxation, but also a total loss in the business, which will be difficult for the company to continue."

The above No. 13 announcement is the abbreviation of the “Notice on Tax Issues Concerning the Sale of Assets by the Lessee in the Financing Sale and Leaseback Business” issued by the State Administration of Taxation in 2010. The announcement stipulates that the lessee sells assets in the financing sale and leaseback business. It is not subject to VAT and business tax collection, and no VAT and business tax are levied.

After the announcement of the 13th announcement, many policies restricting industries, such as medical equipment, agricultural special machinery, etc., that require the approval of the competent authorities of the industry or financial subsidies that cannot be implemented and cannot directly rent, can choose the sale and leaseback model. In this way, the lessee will sell the equipment back to lease, reduce the assets and liabilities, revitalize the stock assets, and obtain sufficient funds to facilitate the development of the real economy.

Perhaps, starting in 2012, "battalion change" should change all of this. However, the reality is that since the “battalion reform and increase” pilot in 2012, the pilot regional financial leasing companies have started to use the principal part of the receipt of the tangible movable property sales and leaseback business, and the interest part of the invoicing operation method has been obtained locally. The tax department acquiesced.

However, with the comprehensive roll-out of the pilot program on August 1st, the State Administration of Taxation explicitly requested that “regardless of the old and new contracts, the principal and interest of the sale and leaseback business must be fully levied on value-added tax”.

In Wang Qingbo’s view, “full levy” indicates that the rent-return business favored by the “lessor” will lose money every time it is made, and the “new and old contract” means that it has not been invoiced because the principal has not been invoiced. The tax paid. This indicates that the profit swallowed by the previous sale and leaseback performance has to be spit out, which has led to a chaotic voice in the financial leasing industry.

Shaquan, CEO of Hyundai Leasing Network, believes that more than 75% or even 80% of companies must consider whether to go or change, but this view has also been questioned.

Many practitioners are reflecting the conflict between the new policy and the announcement of the State Administration of Taxation on the 13th of 2010. They should stop implementing the No. 13 announcement in 2010 and reshape the sale and leaseback tax chain.

The reporter was informed that on August 13, the Financial Leasing Industry Association held an internal seminar and prepared to go through the CBRC to find a communication policy with the Ministry of Finance. On August 21, Li Siming, president of the leasing industry committee of the China Association of Enterprises with Foreign Investment, publicly stated that the two types of associations have completed the work reflected to the relevant authorities and continue to follow up the inter-ministerial coordination. I hope the industry will give the association and related departments some peace. The time of discussion. It is reported that the major executives in the financial leasing industry and the competent ministries are communicating frequently to find suitable solutions.

Where is the finance leasing industry going?

Change, or continue? "Business is in transition, contraction, whether it is transformed into a pawnshop, or continue to stay, are doing financial intermediary services, depending on the requirements of shareholders behind." Qian Yajun said.

But for financial leasing companies, the real choice is not to change or stay, but how to continue to follow the customer's financing needs.

"The bank leasing company's sale and leaseback business can't be stopped." A leasing person who registered in Tianjin said that the first is the real estate leasing business, which currently issues business tax invoices, which is not affected by the increase in the business. Change impact. Second, there is a flexible approach. The operation method is to sell the lease contract after sale, but it will not execute, not perform, or invoice. The method lies in relying on the parent bank, and the bank does not implement the reform of the camp, loan contract, lease contract, factoring contract, signing at the same time, delivery on the same stage, and the ownership of the asset is still in the leasing company.

In addition, Liu Bin also told reporters: "Because of the various modes of supervision and the needs of the tenants, in fact, many of the direct rent projects we have made for rentback. The current transformation method is very simple, each is in place. Just do a direct rent."

“After the increase in the camp, the lessor can obtain the VAT special invoice issued by the equipment supplier for deduction, so the impact is not significant. However, due to the longer lease term, the lessor will issue the VAT invoice to the lessee in installments. As a result, compared with the purchase of equipment by the lessee, the lessee cannot obtain the full amount of VAT invoice in the current purchase period, and the deductible amount in the current period is greatly reduced, resulting in the direct attraction business becoming less attractive to the lessee.” Liu Bin said. At present, Shanghai financial leasing companies basically adopt a one-time special invoice for value-added tax on the full amount of equipment to the lessee. But this requires strict control of the risk, after all, once the tenant is bad, it will have an impact on the lessor's finances.

“The strong market demand and the general trend of the reform of the camp are guiding the leasing industry from the after-sales leaseback business to the traditional leasing business that emphasizes the properties of the melt.” Liu Bin said optimistically that the financial leasing people started this time. Prepare for this clear and steep development curve of the future.

"Business disputes in the industry can not hinder the expansion and sustainable development of the financing industry." Qian Yajun said that from June 19 to August 12, the State Council issued financial support for the development of small and micro enterprises, the regulatory layer has repeatedly stated clearly It will explore the establishment of private-funded private banks and financial leasing companies initiated by private capital.

The Assistant Chairman of the China Banking Regulatory Commission, Yang Jiacai, who has been in charge of the non-banking department, has publicly and clearly expressed his support for the financial leasing industry. "The next step will be to push the leasing industry to a more brilliant level in accordance with the established financial leasing industry."