Jun 15, 2012

Updated Joint Leaseurope/ KPMG’s Asset Finance Tax Network Publication Now Available

Leaseurope, the trade association representing the European leasing and automotive rental industry, and KPMG’s Asset Finance Tax Network, made up of experienced tax professionals in over 50 countries around the world, are pleased to announce that the second edition of “European Leasing: 2012 New Edition”, is now available.

Leaseurope and KPMG’s Asset Finance Tax Network originally came together in 2007 to produce a synopsis covering European leasing market data as well as the regulatory aspects of individual European leasing markets in response to industry demand for a comprehensive, easy-to-use reference guide on European leasing. As a result of the original publication’s success within the industry, Leaseurope and KPMG’s Asset Finance Tax Network have collaborated once again to issue an updated and expanded edition. Leaseurope and KPMG’s Asset Finance Tax Network believe that it is particularly timely to reflect on the post-crisis developments in European leasing markets and regulatory frameworks.

The new publication is the result of extensive collaboration between Leaseurope, its Member Associations and KPMG’s Asset Finance Tax Network. The updated publication offers a review of 32 European leasing markets; this time including Bulgaria, Cyprus, Ireland, Malta, Serbia, Slovenia and Turkey.

After setting out a general picture of the overall European leasing market, the publication takes an in-depth look at the individual countries. Each national leasing market chapter

includes an introduction reviewing the size and growth of the market, along with details on the types of assets on lease in the country and a qualitative description of the trends and developments in their respective leasing markets for 2011 and 2012. This data is provided by Leaseurope and its Member Associations. The second part of each country chapter contains a full description of the legal, fiscal and accounting environment in the individual market based on the local expertise of the KPMG member firms.

Seamus Hand, Chairman of KPMG’s Asset Finance Tax Network, commented, “This publication provides readers easy access to the taxation and accounting principles applicable to lease transactions. It enables comparisons of relevant treatments throughout the different European countries and in cross-border transactions. This updated version is especially valuable given the on-going IFRS lease accounting project and the challenging economic environment.”

Jacqueline Mills, Leaseurope’s Director of Asset Finance and Research, also stated, “We are very pleased to cooperate once again with KPMG’s Asset Finance Tax Network on this publication. Although our industry is still going through uncertain times, many European leasing markets are well set on the path to recovery and an update of our 2007 joint publication is therefore particularly timely to reflect these developments.

Additionally, thanks to the extensive cooperation between the local KPMG offices and our Member Associations, the new edition now covers an even broader scope of European markets. We look forward to continuing to work with KPMG’s Asset Finance Tax Network to maintain this current overview of European leasing markets and their regulatory environments.”

“European Leasing: 2012 New Edition” is the only publication of its kind to focus exclusively and extensively on European markets in a comparable and user-friendly electronic format. It is the industry reference in this domain.