EFL's new scheme to deduct VAT on leased cars

The European Leasing Fund (EFL), the largest leasing company on the market, has introduced a new product called renewable leasing, which claims it can twice take advantage of a VAT deduction. The new leasing plan allows customers to lease a new car after the initial contract has finished instead of buying the old car. Normally, when the leasing contract is in operation, the customer may deduct VAT from each installment up to a total of zł.5,000. With renewable leasing, the deduction would be possible once again when a new leasing contract has been signed. The new product will be available from June for companies. EFL is also considering a merger with Lucas Bank and to delist its shares from Warsaw Stock Exchange. (Puls Biznesu, p. 6) K.J.