Osłona podatkowa a opłacalność leasingu
Streszczenie
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.
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