Leasing operations volume in Uzbekistan increased more than 35% last year

Business Materials 14 February 2014 17:27

Tashkent, Uzbekistan, Feb.14
By Demir Azizov - Trend:

The total volume of leasing operations in Uzbekistan in 2013 increased by 36 percent compared with 2012 - up to 805.2 billion soums, the volume of the leasing services market - by 16.5 percent (up to 1.511 trillion soums), Uzbekistan Lessors Association told Trend on Feb.13.

In accordance with the results of 2013, the share of leasing in the country's GDP made up 0.7 percent against 0.6 percent last year, relative share of leasing portfolio in GDP remained at the level of the previous year- 1.3 percent, relative share of leasing operations in investments in fixed capital increased 0.1 percent - to 2.8 percent.

Uzbek lessors concluded only 6,700 transactions last year versus 7000 transactions a year earlier.

In 2013, the bulk of the share of leased property transactions, 37.5 percent was farm equipment, compared to 33.1 percent in 2012.

The volume of transactions on vehicle lease amounted to 24.8 percent in the overall structure of leased property, manufacturing equipment - 21.4 percent, real estate and property complex - 16.3 percent.

In the structure of transactions on types of technological equipment in Uzbekstan in 2013, bulk of share made up construction machinery and equipment for construction materials manufacturing - 35.4 percent, reclamation equipment - 22.9 percent, equipment for light industry - 12.8 percent.

Some 99 lessors, including 24 commercial banks and 75 leasing companies worked on the country's leasing market in 2013.

Uzagroleasing ( 271.5 billion soums ), Uzavtopromlizing (65.9 billion soums ), Uzmeliomashlizing ( 38.5 billion soums ) , Uzbek Leasing International ( 36.2 billion soums) and Artum Leasing Group ( 20.9 billion soums ) are the biggest participants of the market among the leasing companies as of 2013.

Asaka State Joint-Stock Commercial Bank ( 65 billion soums ), Joint-Stock Commercial Mortgage Bank ( 32.3 billion soums ), Rural Construction Bank ( 20.3 billion soums ), Microcredit Open Joint -Stock Commercial Bank ( 16.2 billion soums ) , Uzpromstroybank (15.9 billion soums) are among the most active commercial banks in the area of leasing services.

The customs duties on import of modern technological equipment on lease terms were abolished in Uzbekistan. The leasing payments were exempt from VAT and lessees - from taxes on leased property. The legal entities rendering leasing services were exempt from paying an income tax and a single tax payment in the area of leasing.

The official exchange rate is 2.215.99 soums/$1 on Feb. 14.