Leasing companies say new regulations could complicate tax reporting

On Monday the new regulations on leasing transactions came into effect, but leasing companies are already critical, as they claim that the new law could complicate their relations with tax offices. This is the first time leasing operations are defined in the Polish Civil Code, but leasing firms say this definition is discordant with accounting regulations. This would force companies to keep two sets of books, says Piotr Kaczmarek, vice president of Europejski Fundusz Leasingowy (EFL). Kaczmarek adds that the new law makes it more complicated, and therefore more costly, to prepare tax documentation. However, industry experts have also praised the new law, the most significant benefit of which is the increased security of transactions for leasers. (Puls Biznesu, p.9)