Fiscally yours

In keeping with general principles, under operational leasing all leasing instalments constitute a revenue-generating cost for the lessee, while tax depreciation is accounted for by the lessor. The leasing of used real estate (for example for a period of at least 60 months) brings with it particular advantages, which to a large measure explains the growth in the popularity of sale-and-leaseback transactions and the leasing of lessor-financed facilities (sometimes referred to as investment leasing). Appropriate qualification For a transaction to be classified as operational leasing from the fiscal perspective, it has to meet certain criteria. For example, the lease absolutely has to be drawn up for a fixed period of time, and certainly no shorter than 10 years in the case of property subject to depreciation. For comparison, with intangible assets subject to depreciation, this has to be a period equal to 40% of the normative depreciation schedul