Osłona podatkowa a opłacalność leasingu

Abstract

Leasing is a practical and profitable form of financing the investments; this is why it is ever more widely used in the economic practice. Leasing creates conditions to acquire the elements of fixed assets without the necessity of involving reasonable amounts of cash. In the same time it enables to profit from the effects of tax shield. The subject of this study is the analysis of the influence that the tax shield has on the profitability of leasing. The author has indicated the principal factors that shape the level of the tax shield and its influence on the outcomes connected with the servicing of the operational and capital leasing. While analyzing the process of shaping these outcomes the author has distinguished the payments of the leasing rates both in advance and afterwards. The financial leverage effect, that is connected with leasing, has been emphasized as well. All the conducted analysis and reasoning take into consideration Polish conditions and legal regulations. The results that have been obtained fully confirm the tax shield’s positive influence on the profitability of leasing as a form of financing the companies’ investments.