White Clarke Group Poland Asset and Auto Finance Country Survey 002

ASSET FINANCE INTERNATIONAL IN ASSOCIATION WITH WHITE CLARKE GROUP
White Clarke Group Poland Asset and Auto Finance Country Survey
POLAND ASSET AND AUTO FINANCE SURVEY
White Clarke Group

White Clarke Group is the market leader in software solutions and business consultancy to the automotive and asset nance sector for retail, eet and wholesale. WCG solutions enable end-to-end credit processing and administration to streamline business practice, cut operational cost and deliver outstanding customer service. WCG has a twenty year track record of leadership and innovation in nance technology, consultancy and new market entry. Clients value WCG industry knowledge, market intelligence and innovation. The company employs some 500 nance and technology professionals, with offices in the UK, USA, Canada, Australia, Austria and Germany. White Clarke Group publish the Global Leasing Report, which is part of The World Leasing Yearbook. To download a copy please go to: http://www.whiteclarkegroup.com/downloads/view/global_leasing_report_2012
Acknowledgements
Brendan Gleeson, executive vice president, White Clarke Group; Andrzej Sugajski, director general, Polish Leasing Association; Arkadiusz Etryk, president, Raffeisen Leasing Polska; Wojciech Rybak, chief executive officer, Millenium Leasing; Tomasz Kukulski, CEO, Siemens Finance Poland; Jacques Fenwick, vice president, Europejski Fundusz Leasingowy; Radoslaw Wozniak, vice president, Europejski Fundusz Leasingowy; Robert Bienkowski, board advisor, BRE Leasing; Marius Kurzac, general manager, NG Lease (Polska); Robert Wisniewski, head of property (capex) leasing, BNP Paribas Leasing Solutions; Mikolaj Grzegorczyk, head of development and marketing at BNP Paribas Leasing Solutions; Peter Kainradl, managing director, Germany and Austria, White Clarke Group; Tomasz Sudaj, market strategy director at BZ WBK Leasing; Janusz Kowalik, managing director, Arval Service Lease Poland; Slawomir Wontrucki, managing director, Leaseplan Fleet Management (Polska); Artur Sulewskii, commercial director, Leaseplan.
http://www.whiteclarkegroup.com/ http://www.assetnanceinternational.com Publisher: Edward Peck Editor: Brian Rogerson Author: Nigel Carn Asset Finance International Ltd., 39 Manor Way, London SE3 9XG UNITED KINGDOM Telephone:+44 (0) 207 617 7830
Asset Finance International, 2013, All rights reserved No part of this publication may be reproduced or used in any form or by any means graphic; electronic; or mechanical, including photocopying, recording, taping or information storage and retrieval systems without the written permission from the publishers.
CHINA ASSET AND AUTO FINANCE SURVEY
Contents
Introduction The leasing market in Poland Types of provider Regulatory issues 2012 industry highlights Commentary from Polish Leasing Association New business volumes - Vehicle - Plant and machinery - IT - Air, rail and shipping Economic overview GDP Growth Ination Inward investment Economic outlook Projected GDP and price growth Global competitiveness index Stage of development Industry view of the leasing market Current economic situation Future growth Auto sector Growth prospects Leasing in Poland - potential tax traps and benets Slawomir Dawidowicz, DLA Piper 4 06 06 07 07 08 10 11 11 12 12 6 12 15 16 17 17 19 22 23 23 24 29 30 32
Accounting for leases KPMG Poland
35
Introduction
In recent years Poland has experienced the fastest economic growth in the EU, and is increasingly acknowledged as a major player in it. The country has a large population of over 38 million, with solid institutions and a diversied economy. Importantly, Poland's nancial system survived the global nancial crisis without suffering serious damage, although the knock-on effects of the recession and continuing problems in the eurozone have been unavoidable. This aspect of the economic downturn in particular has had an adverse effect on businesses, particularly in the small and medium-sized enterprise (SME) sector. The vast majority of the country's businesses are SMEs, which form the backbone of the economy and are the rms most likely to consider access to funding through leasing rather than traditional bank loans. Such loans form the bulk of asset nance in Poland, but their availability is being gradually reduced, especially for SMEs. Probably the element within the SME segment that is most susceptible to lending restrictions and tighter conditions is microenterprises. This business sector generates 30% of Polish GDP but is being effectively excluded from access to nancing other than leasing. Fortunately for these many businesses, they have access in Poland to an established, relatively mature and competitive leasing market, which in 2012 was estimated to be the 14th largest worldwide by new business volume (NBV). The opportunity to play an increasingly necessary role in supporting investment in equipment, albeit in a more restricted economic environment, is not lost on lessors the majority of which, it must be noted, are bank-owned anyway. 4
Asset Finance International, All rights reserved.
POLAND ASSET AND AUTO FINANCE SURVEY It is acknowledged that the industry needs to promote leasing's greater availability and exibility compared to loans, as well as its potential to diversify in the future into more consumer-oriented sectors such as individual passenger car nance. That sort of change is for the longer term and will take place gradually, but there are signs of the beginnings of a shift in attitudes generally, with a more westward-looking stance being encouraged by closer ties with the EU which may eventually lead to Poland joining the eurozone, and although nobody seriously sees that happening before about 2019, the fact that it is viewed as more likely than not indicates the direction Poland is taking. Positive trends The EU has in fact been a major contributor to Poland's nancial balance, with inows over the last funding period that ends in 2013 adding considerably to the agriculture sector, and which has boosted the leasing industry accordingly. Government economists and lessors alike are looking to a continuation of this support in the next funding period. The consensus is that the leasing market will be rather at in 2013, but there are several bright spots. Agriculture is expected to witness continuing strong growth, as to a lesser extent is the passenger car sector. The construction industry, having fallen back following a surge provided by preparations for the Euro 2012 football tournament, should move back into positive territory, particularly if government initiatives for housing are approved. In the commercial vehicles sector, truck and trailer leasing are often seen as bellwethers of the economy, and here industry opinion overall favors an end to the recent sharp decline and a return to growth, if slight and in what remains a challenging situation. With regard to regulation, the prospects also look brighter, with positive changes to taxation legislation on VAT taking effect and developments in progress regarding consumer leasing. About this survey This Country Survey aims to provide a balanced view of the equipment nance and auto leasing market in Poland. The survey covers the following areas: A summary of leasing activity in Poland; The current economic climate and the incentives for and constraints on doing business in Poland; Comment from key industry gures on the market, its outlook and the challenges and opportunities that face it; The latest developments in taxation and how these reforms affect leasing; and The basic requirements regarding accounting for leases.
The Leasing Industry in Poland

Background Leasing as a method of asset nance is well established in Poland and has grown as the post-Communist economy has prospered. The Polish Leasing Association (PLA, or ZPL Zwizek Polskiego Leasingu) was founded in 1994 and now has 32 leasing company members, plus the Polish Vehicle Renting and Leasing Association (PVRLA, or PZWLP Polski Zwizek Wynajmu i Leasingu Pojazdw), which has the status of a collective member. Leasing in Poland in the 2000s grew at a rate signicantly faster than the already impressive rate of economic growth, at least until 2008 when the global slowdown began to inuence new business volumes (NBV). The market declined severely in 2009 and only started to revive towards the second half of 2010, mainly due to the effects of investment from the EU, from which the agriculture sector and state infrastructure projects have beneted in particular. In 2012, the provision of funding remained rmly in favor of bank-owned lessors, which held 83% of the market, with captive companies taking a steady 15% and leaving independents with not much more than 2% a situation that has not changed in recent years. If there is a gradual move towards consumer leasing, as is anticipated for passenger cars at least, there should be greater opportunities for captives and independents.
Funding by type of provider (PLN millions)

Company type Bank-owned lessor Captive Independent Total 2008 26,504 4,511 717 31,733 2009 17,901 3,240 869 22,010 2010 20,780 3,539 624 25,054 2011 24,134 4,407 637 29,179 2012 23,824 4,296 585 28,706
Bank-owned lessor 83.5% 81.3% 83.4% 82.7% 83.0% Captive 14.2% 14.7% 14.1% 15.1% 15.0% Independent 2.3% 3.9% 2.5% 2.2% 2.0% Source: Figures compiled by Asset Finance International from data supplied by the Polish Leasing Association.
POLAND ASSET AND AUTO FINANCE SURVEY Regulatory issues Changes to consumer credit legislation regarding problems with lease contracts and the transfer of asset ownership are expected. This is an area in which the PLA has been active and would facilitate the development of consumer leasing, when it happens. The PLA has also been involved in attempts to amend Polish taxation legislation, resulting in a long-lasting dispute being nally resolved in January 2013, when the European Court of Justice pronounced judgment regarding the VAT taxation of insurance of the leased asset being a separate service from the nancing. This has a major impact on the leasing industry in Poland, as many leasing companies have been involved in legal disputes with local tax authorities regarding the matter. The main outcome is that the provision of insurance of a leased asset is to be treated as a separate service, which allows VAT exemption for it. Before this, the Polish tax authorities claimed it was a part of a complex service and should be taxed at the basic VAT rate (currently 23%). This is a major breakthrough for the industry and one of its biggest successes in recent years. For more on this topic, please refer to the later section in this survey, 'Leasing in Poland potential tax traps and benets for entrepreneurs'. 2012 industry highlights The total volume of 'movables' assets (i.e. not including real estate) nanced by leasing companies in 2012 was PLN29.8bn rising just 0.8% year-on-year compared with growth of 14.9% in 2011, and marking the end of the period of signicant growth which began in March 2010. In Q1 2012 there was actually YOY growth of 11.3%, but in Q2 this dropped to 1.4%. The market then started to shrink in the second half: 3.8% for Q3 and -3.1% for Q4 2012.
POLAND ASSET AND AUTO FINANCE SURVEY Commentary The director general of the PLA, Andrzej Sugajski, commented on the gures to Asset Finance International: "2012 was a year of relative slowing down. In the rst quarter at least, the market dynamics stayed at a similar level to the latter part of 2011, with growth of 11%. However, the subsequent quarter noted only a single-digit rise, leading to overall growth in the rst half of 6%, and the market fell back in the third quarter, leading to growth in Q1-3 of just 1%). "The effect of the slowing down was especially visible in the sector of commercial and heavy vehicles (including trailers). "However, certain sectors of industrial machines and equipment performed a lot better. The new market leader was the agricultural equipment segment, which saw a rise of 45%. Even better news came from the catering and food production equipment sectors (up 66% and 62%, respectively). Rising turnover was noted also in the sectors for metal and plastics processing equipment (35%) and fork-lift trucks (9%). "These positive results should be partially credited to the recent ow of EU funding, especially visible in investments in the agricultural sector. The high level of production capacity in Polish companies, which was 79.8% at Q3 2012, demonstrated well the development of investments in these market segments. "During 2012 the total volume of new business transactions for movables and real estate nanced by leasing companies amounted to PLN31.2bn, which is 0.3% more than in the previous year. "The Polish Leasing Association estimates that 2013 will be a year of stabilization of market development and will close with similar volumes to 2012."
POLAND ASSET AND AUTO FINANCE SURVEY Auto sector The car eet management (CFM) market in Poland can be broken down as follows:
The car eet management (CFM) market in Poland

Total number of vehicles in long-term rental (contract duration: over 24 months); and lease (contract duration: 6-23 months) as of 31 December 2012 Leased and rented vehicles, end-2012 Vehicles in full service leasing (FSL) Vehicles in leasing and service (LS) Vehicles in eet management (FM) Vehicles in lease (no long-term rental category) Total Source: KerallaResearch CFM Report 2012 (www.keralla.pl); PVRLA statistics and data analysis
151,507 115,466 17,255 14,243 4,543 151,507
The year-on-year growth rate in the CFM market between Dec 2011 and Dec 2012 was 4.5% (by comparison, the PVRLA growth rate was 9%). The CFM market has grown consistently, more than doubling since 2006.
Growth in CFM market

Total vehicles 2006 68,482 2007 93,217 2008 123,916 2009 130,535 2010 132,822 2011 144,932 2012 151,507
Source: KerallaResearch CFM Report 2012 (www.keralla.pl); PVRLA statistics and data analysis
The number of clients in the CFM market as of 31 December 2012 was 17,340. This was a y-o-y growth rate of 3.9% over 2011.
Client Growth in CFM market

Clients 2006 4,912 2007 8,244 2008 12,458 2009 13,907 2010 13,885 2011 16,693 2012 17,340
Source: KerallaResearch CFM Report 2012 (www.keralla.pl); PVRLA statistics and data analysis
POLAND ASSET AND AUTO FINANCE SURVEY Sector analysis The market is quite evenly split between leasing companies, with many involved across the sectors and business segments, whilst some specialize in particular areas such as printing equipment, medical equipment or IT; however, several lessors have tended to dominate the market overall, as can be seen in the second table below.
Polish leasing new business volume, 2008-12 (PLN millions)

Asset Vehicles Plant and machinery IT Air, Rail and Shipping Moveables TOTAL Source: Polish Leasing Association 2008 18,624.7 9,717.0 538.0 520.0 29,653.0 32,927.2 2009 12,120.4 7,649.1 468.6 544.0 20,923.3 22,996.6 2010 15,897.6 8,536.5 463.8 649.7 25,696.3 27,291 2011 16,874.4 10,796.5 604.8 925.3 29,513.4 31,142.1 2012 16,856.8 11,132.2 553.9 919.6 29,757.7 31,225.5 2013 Q1 4,139.8 2,335.9 127.6 112.5 6,762.4 7,061.8
Data comprises gures for PLA member companies plus an uplift based on an estimate of the percentage representation of the total national leasing market.
New business volumes - total (PLN millions)
35,000 30,000 25,000 20,000 15,000 10 000 5,000 0 2008 2009 2010 2011 2012
10
New business volumes - VEHICLES total (PLN millions)
20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2008 2009 2010 2011 2012
New business volumes - PLANT AND MACHINERY total (PLN millions)
12,000 10,000 8,000 6,000 4,000 2,000 0 2008 2009 2010 2011 2012
11
New business volumes - IT total (PLN millions)
700 600 500 400 300 200 100 0 2008 2009 2010 2011 2012
New business volumes - AIR RAIL AND SHIPPING total (PLN millions)
1,000 900 800 700 600 500 400 300 200 100 0 2008 2009 2010 2011 2012
12
Economic overview
Poland's economy is currently classied in the 'Emerging Europe' group. However, it has been emerging at a pace and, although not in the top 20 in the global league by nominal GDP, is denitely heading in that direction. Some forecast that it will enter that club in the next few years, although one of the most authoritative projections, from the Centre for Economics and Business Research (CEBR) in its World Economic League Table 2013, has Poland just outside but knocking on the door in 2022. The CEBR predicts that by then Poland will have risen from 26th place in 2012 to 21st, and overtaken Switzerland, Sweden, Norway and Belgium in the process to become the seventh largest economy in Europe. In the 10-year period, the CEBR estimates an increase in Polish GDP of 75%, from $470bn to $826bn a rate of increase that is considerably higher than any European nation in the top 30.
GDP growth in Poland compared to Europe and Central Asia developing markets Projections 20 2014
10 Europe and C. Asia Poland % change 5 0 -5 -10 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013f Source: World Bank 2014f
A player in the EU, but not the eurozone Such a level of growth should not be surprising, as Poland has in recent years been the fastest growing economy in the EU, and increasingly acknowledged as a major player in it. The country has a large population of over 38m; it has solid institutions and a diversied economy and now, more than two decades after the adoption of a market economy following the fall of Communism, strongly integrated into the EU.
Meanwhile, Poland is not part of the eurozone, which may have helped it avoid the worst of the global nancial crisis and the Great Recession. The strongest areas of Poland's business environment relative to its regional peers in Central and Eastern Europe (CEE) are the size of its internal market and the performance of its nancial system, which survived the nancial crisis without serious fall-out.
13
GDP growth in Poland by quarter
6 % change
0 2007 Q2 2007 Q4 2008 Q2 2008 Q4 2009 Q2 2009 Q4 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q2 2012 Q4
Source: Central Statistics Office There is a strong feeling among many politicians that joining the euro is desirable, as Poland would then be able to exercise greater inuence and demonstrate commitment to its key trading partners. The majority of business leaders in Poland (64%) would also like their country to join the single currency (source: Grant Thornton, IBR 2012), although it is highly unlikely that this will happen for some years. However, whether in or out of the eurozone, the situation of being closely linked to the other eurozone member states has inevitably had an effect that is being felt right now. The Polish central bank, Narodowy Bank Polski (NBP), stated in its March 2013 ination report that the economy would expand by only 1.3% in 2013, the worst performance since 2001, although it raised its forecast for GDP in 2014 to 2.6%, from 2.3% predicted in the previous report in November 2012. The Bank also stated the economic slowdown in the second half of 2012 was accompanied by a workforce that is stagnating in size.
14
GDP Growth Breakdown
6 Consumption 5 Change in inventories GDP Gross xed capital formation Net exports 0 -1 2012 Q1 2012 Q3 2013 Q1 2013 Q3 2014 Q1 2014 Q3 2015 Q1 2015 Q4 -2 Source: NBP 4 3 2 1
The NBP lowered the base rate by half a percentage point to 3.25% in early March 2013, the fth decrease since November 2012, when the rate was 4.75%. Ination rates have certainly fallen, although this has been in tandem with the general economic slowdown. February ination gures (net of food and energy prices) were 1.1%, against 1.4% in both January and December, and the consumer price index (CPI) dropped to 1.3% in February.
Polish ination rate

5 4 % change 3 2 1 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13
Source: NBP 15
POLAND ASSET AND AUTO FINANCE SURVEY SME lending The NBP said that a deceleration seen in corporate lending in Q4 2012 was driven by a decrease in investment loans and a further decline in short-term loans. In its report it noted: "The tightening of lending policy affected mostly the small and medium-sized enterprise (SME) sector. Also the decline in demand for long-term credit was more pronounced among SMEs. As a result, growth in lending to the SME sector in October-November 2012 was slightly lower than that to large enterprises. In Q1 2013, both banks and enterprises expect a further decrease in demand for credit among large companies, whereas their forecasts of credit demand among SMEs diverge." Inward investment Poland attracted 5.2bn ($4.1bn) in foreign direct investment (FDI) in 2012, compared with 13.6bn ($18.9bn) in 2011. The drop in 2012 has been attributed by some to the possibility that the status of Poland's special economic zones (SEZs, which attract a great deal of FDI) is not going maintained beyond the current end-date of 2020, but the official line is that the Government will look to extend the life of the SEZs. This will mean incentives to attract companies interested in committing to such long-term investment.
FDI inow to Poland 2001-2012

20 % change 15 10 5 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: NBP 2012
Up to now, Poland has beneted from the economic downturn experienced by advanced economies by attracting industrial investment from manufacturers that have been forced to seek savings in costs. However, the slowdown in the EU is inevitably having an effect in Poland, particularly where multinational corporations have been affected. One example can be seen in the auto sector, which received a blow dealt by Fiat when it cut jobs and production targets at its southern Poland factory in late 2012. This came in spite of Poland having invested widely in infrastructure such as highway development, although this should aid regional development in the longer term.
Poland has also beneted in recent years from considerable input from EU structural and cohesion funds, receiving a total of 67.3bn in the current nancing period (2007-13), equivalent to nearly 3% of GDP per year. The inuence of this funding can be seen in the gures for funding for leasing in certain sectors such as agricultural machinery shown in the previous section of this survey. The next nancing period covers 2014-20, and Poland will be looking to continue receiving a similar level of EU support. The Polish Agency for Enterprise Development is the body responsible for the management of funds assigned from the State Budget and the EU, with priorities to support entrepreneurship and innovation, particularly among SMEs, technology innovation and regional development.
16
Outlook
Economic outlook The consensus is that the slowdown in economic growth in Poland seen from the second half of 2012 will continue through the rst half of 2013 as a result of weaker domestic and external demand. However, the Organization for Economic Cooperation and Development (OECD) predicted in its last economic forecast (November 2012) that "activity should pick up again in the second half of 2013 and strengthen further in 2014. Yet slack in both product and labour markets will increase, pushing ination below 2% in 2014. The current account decit should stabilize above 3% of GDP in 2014." In its April 2013 World Economic Outlook, the International Monetary Fund (IMF) forecast real GDP growth in Poland to decline to 1.3% in 2013, a further reduction from the 2% predicted in October 2012. However, the IMF now forecasts a rise to 2.2% in 2014. Comments made in January by David Lipton, rst deputy managing director and acting chairman of the Executive Board of the IMF, still apply to the underlying economic situation: "Poland has very strong economic fundamentals and policy frameworks. A credible ination targeting regime has helped contain ination, while the exible exchange rate has played a key stabilizing role, and the sound nancial supervisory framework has contributed to a well-capitalized, liquid and protable banking system." He also noted: "The authorities' skilful macroeconomic management underpinned Poland's solid recovery in 2010-11, allowing a gradual restoration of policy buffers despite the challenging external environment. These efforts included substantial scal consolidation, steady reserve accumulation, measures to mitigate risks related to foreign currency lending, and reforms to boost long-term growth potential."
GDP and price growth - Projected change (%)

Real GDP Consumer prices Source: IMF World Economic Outlook (April 2013) 2013 1.3 1.9 2014 2.2 2.0
The Economist Intelligence Unit (EIU) takes a similar line: "We forecast a further deceleration of real GDP growth in 2013, to 1.4%, because of the recession in the eurozone, weak domestic demand and sluggish investment expenditure."
In its longer-term assessment, the EIU sees the potential for growth in productivity but stagnating real GDP, commenting: "Poland still has considerable scope to catch up with its more developed partners, and, with an improving policy background and the gradual adoption of modern technology, productivity growth will continue to be strong. Labour productivity growth is forecast to be 3.3% per year over the next two decades. However, the poor demographic outlook means that this relatively strong productivity performance will be insufficient to prevent a slowdown in the growth of real GDP per head in 2012-30 compared with the early years of the 2000s." 17
Growth and productivity (% change; annual av)

Growth of real GDP per head Growth of real GDP Labour productivity growth Source: EIU 2012-20 3.5 3.3 3.2 2021-30 3.4 2.9 3.3 2012-30 3.4 3.1 3.3
It should be noted that Poland's present GDP per capita is only 63% of the EU average ($21,000 estimated for 2012, source: CIA World Factbook). In terms of risk ratings, the major credit rating agencies put Poland in the upper medium grade, with 'stable' to 'positive' outlooks for the longer term. The view is that, with economic activity expected to moderate, Polish authorities will continue to implement economic and nancial policies that aim to promote economic growth and maintain the resilience of the banking system, particularly against risks from contagion from any worsening of the situation in the eurozone. Improving competitiveness is a priority, and the government has introduced reforms to develop innovation in commerce and public administration, as well as raising the retirement age.
18
Competitiveness
Slowdown Whatever government has been doing, it has denitely been making the right moves, as Poland heads the World Bank's list of 'Improvers' the list of top 10 improving economies in Doing Business 2013. Poland is ranked at 55 out of 185 countries, a rise of 19 places over its equivalent position in 2012 (adjusted for additional countries in the total). The higher the ranking, the more conducive the regulatory environment is to operating a business, and although Poland is behind its peer CEE countries of Slovakia and Hungary, such a jump up the ranking is very impressive.
How Poland ranks on Doing Business topics

Denmark Germany Regional Average Slovak Republic Hungary Poland Czech Republic Bulgaria Source: Doing Business database 0 20 40 60
Improvements over 2012 have been in the areas of starting a business, registering property and paying taxes, but the biggest gains were in enforcing contracts and resolving insolvency issues. One reason for these improvements has been through greater computerization of processes.
How Poland and comparator economies rank on the ease of doing business Starting a business (124) Resolving insolvency Dealing with construction permits (161) Getting electricity (137)
Enforcing contracts (56)
Trading across borders (50)
Registering property (62)
Paying taxes (114)
Getting credit (4) Protecting investors (49)

19
POLAND ASSET AND AUTO FINANCE SURVEY Poland's strongest areas include ease of getting credit, resolving insolvency issues, investor protection, and cross-border trade. On the WB criteria, Poland is in fact superior to its powerful economic neighbor and major trading partner Germany in the areas of ease of getting credit and investor protection. Poland's weakest areas include organizing construction permits and starting a business (i.e. the bureaucratic basics). How Poland and comparator economies rank on the ease of getting credit
Poland Slovak Republic Germany Denmark Bulgaria Regional Average Hungary Czech Republic 0 15 30 45 60
Ease of getting credit (1 is best)
Competitiveness Looking at the macro- and microeconomic productivity factors that form the basis of the World Economic Forum's Global Competitiveness Report for 201213, Poland is placed in the group of relatively advanced economies in transition from being 'efficiency driven' to 'innovation driven' and is ranked 41st overall a position that has remained fairly stable over the last three years. The report notes that Poland "displays a fairly even performance across all 12 pillars of competitiveness. Notable strengths include its large market size (19th) and high educational standards, in particular its high enrolment rates (it is ranked 20th on the quantity of education sub-pillar). The nancial sector is well developed (37th), and condence in the banking sector has been increasing for a number of years to rank 14th this year. Indeed, banks are assessed as more sound than they were only three years ago, although additional strengthening will be necessary given the country's still mediocre 57th rank on this indicator." Although, as previously mentioned, investment has been made in roads, the report says that transport infrastructure overall is in need of signicant upgrading in order to improve connections between different regions in the country.
20
Poland's position in the Global Competitiveness Index, 20122013

GCI 2012-2013 GCI 2011-2012 (out of 142) GCI 2010-2011 (OUT OF 139) Basic requirements (28.7%) Institutions Infrastructure Macroeconomic environment Health and primary education Efficiency enhancers (50.0%) Higher education and training Goods market efficiency Labour market efficiency Financial market development Technological readiness Market size Innovation and sophistication factors (21.3%) Business sophistication Innovation Rank/144 41 39 61 55 73 72 43 28 36 51 57 37 42 19 61 60 63 Score/7 4.5 4.5 4.7 4.1 3.9 4.6 6.0 4.7 4.9 4.4 4.5 4.6 4.7 6.1 3.7 4.1 3.3
Source: Global Competitiveness Report 2012-2013, World Economic Forum, Switzerland
21
Innovation
Infrastructure Macroeconomic environment
Business sophistication
Market size
Health and primary education
Technological readiness Financial market development
Higher education
Goods and market efficiency Labour market efficiency
Poland
Economies in transition from 2-4
Source: Global Competitiveness Report 2012-2013, World Economic Forum, Switzerland The most commonly cited constraints to conducting business, as perceived by Global Competitiveness Report respondents, relate to government and scal regulations and restrictions. It is interesting to see that, although the World Bank research above shows that getting credit is one of the most positive aspects of doing business in Poland, access to nancing is given as one of the more problematic factors. The tightening of lending conditions introduced by banks in the nal quarter of 2012 might have contributed to the slowdown in corporate lending. It may be that the most commonly approached nancial institutions are not always the most cooperative. The most problematic factors for doing business Tax regulations Restrictive labour regulations Inefficient government bureaucracy Tax rates Access to nancing Inadequate supply of infrastructure Insufficient capacity to innovate Inadequately educated workforce Poor work ethic in national labour force Ination Corruption Policy instability Poor public health Government instability Crime and theft Foreign currency regulations 20.4 13.6 13.4 11.5 10.3 8.2 5.9 3.2 2.8 2.7 2.6 2.1 1.3 1.1 0.5 0.4
Source: Global Competitiveness Report 2012-2013, World Economic Forum, Switzerland 22
Leaders' insights
Asset Financial International spoke with senior executives at major equipment and auto lessors in Poland to gain an assessment of the current state of the market, the opportunities and challenges it faces in the near and medium term, and opinions on the market's growth prospects. The effect of the current economic situation on the market The general view is that, although Poland has managed to steer clear of much of the nancial trauma of recent years, it is inevitably feeling the knock-on effects of the economic slowdown, particularly from its closest trading partners in the EU. Currently, its nancial institutions are in relatively good shape and there are plenty of opportunities for businesses of all sizes. However, the economy has slowed from the second half of 2012, and from a leasing point of view the position was summed up by Arkadiusz Etryk, president of Raiffeisen Leasing Polska and chairman of the Executive Committee of the Polish Leasing Association (PLA), who said: "
Leasing in Poland has always been inseparable from investments. Their drop in the second part of 2012 has contributed largely to the visible slowing down in the leasing market." Arkadiusz Etryk, President of Raiffeisen Leasing Polska, chairman of the Executive Committee of the PLA. The link with investment was also made by Wojciech Rybak, chief executive officer of Millennium Leasing, who pointed out that leasing is closely connected to new business investment, as leasing to individuals in Poland is only of marginal importance. He commented: "The leasing market is rather at due to low and decreasing willingness to invest," adding that, according to Polish National Bank data, "34% of companies plan to start new important investments in 2013 compared to 38% some 12 months ago; 25% of companies aim to increase investments versus 35% forecasting a decrease (respectively, 33% and 28% 12 months ago)."
23
POLAND ASSET AND AUTO FINANCE SURVEY This was taken up by Tomasz Kukulski, CEO of Siemens Finance Poland:
"Poland's GDP increased by circa 2.0% year-on-year in FY2012, according to the rst official estimates published in January 2013. The data shows an economic slowdown in growth compared with 2011, where GDP grew by 4.3%. Accordingly levels of capital expenditure also slowed in 2012 to under 1%, reducing the demand for leasing in Poland to circa 1% growth in 2012 (following a buoyant demand for leasing in 2011 of circa 15%)." He continued: "Growth in GDP is predicted to be slightly below 2% for 2013, and capex growth at 1.75%; therefore the growth in demand for leasing is likely to be somewhat subdued, particularly within the negatively impacted construction industry." Tomasz Kukulski, CEO of Siemens Finance Poland. Worsening conditions for businesses It is worth noting here the one-off effect of Poland being co-host of the Euro 2012 football competition, which involved much construction and related work prior to kick-off in June. As Jacques Fenwick, vice president of Europejski Fundusz Leasingowy (EFL) stated in relation to the market contraction in the second half of the year,
Jacques Fenwick, vice president of Europejski Fundusz Leasingowy (EFL).
24
"The situation in the leasing sector was inuenced by the end of the work associated with preparations for Euro 2012. The reason for the growth of lease contracts was caused by the need to supplement and develop machinery parks, as a result of increasing capacity utilization."
POLAND ASSET AND AUTO FINANCE SURVEY His fellow vice president at EFL, Radosaw Woniak, pointed out that
"the weakening of the Polish economy and the signicant slowdown in the European economy is also reected in this sector." Radosaw Woniak, vice president of EFL. Difficulties in sectors such as construction that are closely linked to broader economic conditions were also noted by Robert Biekowski, Board Advisor at BRE Leasing, who said:
" Poland's economy is still one of the most attractive in Europe, but recently has slowed faster than predicted. In the current year the increase in leasing will be curtailed by reductions in companies' investments, declining exports due to the eurozone recession and growth in unemployment. Additionally, the worsening nancial condition of some entities may affect positive results in the leasing industry with the probability of bankruptcy (e.g. in the construction sector)." Robert Biekowski, Board Advisor at BRE Leasing.
25
POLAND ASSET AND AUTO FINANCE SURVEY Mariusz Kurzac, general manager of ING Lease (Polska) continued the theme:
"The rst two quarters of 2013 are not expected to be easy. We do not see a lot of large leasing transactions and we see a slowdown in the auto industry," but added, "However, medium-sized companies still continue their investments and there are some sectors like IT, rail and the food industry with a lot of potential in 2013." Mariusz Kurzac, general manager of ING Lease (Polska). A similar view was provided by Robert Winiewski, team head of Property (Capex) Leasing at BNP Paribas Leasing Solutions, who said that all the indicators from Q4 2012 and forecasts for Q1 2013
"suggest a further decrease in business investment companies plan to spend less on xed assets in 2013 than a year earlier. This is due to the fact that in most cases investments planned for the current year will involve replacing existing assets, which usually requires a smaller amount than when the company is expanding, or perhaps involve the use of better and more advanced technology." Robert Winiewski, team head of Property (Capex) Leasing at BNP Paribas Leasing Solutions.
26
POLAND ASSET AND AUTO FINANCE SURVEY His colleague Mikoaj Grzegorczyk, head of Development & Marketing, continued:
"Businesses still have problems with payment backlogs. Interest on credit, as well as the number of borrowers, remains low, and the newly acquired funds are needed primarily to nance current operations. The availability of bank credit has not changed in the last three months and has remained low relative to the same period of the previous year." Mikoaj Grzegorczyk, head of Development & Marketing at BNP Paribas Leasing Solutions. Meanwhile for Tomasz Sudaj, market strategy director at BZ WBK Leasing,
"If the adverse macroeconomic trend is not reversed, it will be difficult to expect a recovery in the leasing market in 2013." However, he noted, "The rst quarter of 2013 ended with a positive result (3.3% in total, movables +0.8%), despite the negative forecasts taking into account market dynamics," which was "a better-than-expected start of the year," as market forecasts had predicted the rst quarter would be the worst time for the market, and only following this would there be gradual improvement. Despite such a relatively positive start to the year, Sudaj stressed continuing concerns that "the market situation is still rather unstable, and the negative growth in the area of Machinery & Equipment clearly indicates the decrease in entrepreneurs' interest in key investments that would increase production capacity." Tomasz Sudaj, market strategy director at BZ WBK Leasing.
27
POLAND ASSET AND AUTO FINANCE SURVEY Strong fundamental factors However, there are still reasons to stay bullish. Kukulski stressed: "There remains an opportunity for leasing companies in Poland to continue to play an important role in supporting necessary investment in equipment albeit in a slower growth environment." And Rybak emphasized that
"Economic growth factors are positive in Poland. As the portfolios of leasing companies are of good quality, all major companies are protable and I would not expect changes." Wojciech Rybak, chief executive officer of Millennium Leasing. A further positive factor was pointed out by Peter Kainradl, managing director, Germany and Austria at White Clarke Group, who said:
"It should be noted that Polish enterprises tend to react quickly to changing macroeconomic conditions. In this situation of a noticeable slowdown in economic growth and potential macroeconomic instability, there are many Polish businesses that are still able to invest." Peter Kainradl, managing director, Germany and Austria at White Clarke Group.
28
POLAND ASSET AND AUTO FINANCE SURVEY Effects on the auto sector The vehicle market in Poland, like any other, has been affected by the economic slowdown in Europe, but the leasing sector has fared much better. An overview was provided by Janusz Kowalik, managing director of Arval Service Lease Poland and Member of the Board of the Polish Vehicle Rental and Leasing Association (PVRLA), who noted that
"the current crisis feeling in the country is certainly justied. The near-term outlook for the domestic economy remains very soft, given rising unemployment, tighter scal policy and much weaker credit growth." Janusz Kowalik, managing director of Arval Service Lease Poland and Member of the Board of the Polish Vehicle Rental and Leasing Association (PVRLA). But he pointed out that, despite the drop in the overall auto business caused by the slowdown, vehicle lessors such as Arval have managed to maintain eet volumes. This was taken up by fellow PVRLA Board Member Sawomir Wontrucki, managing director of LeasePlan Fleet Management (Polska), who said:
"Most of the key players at least in my opinion are doing well. Our business due to its nature comprised mainly of contracts of 36-42 months is not that badly affected by the economic situation." Sawomir Wontrucki, managing director of LeasePlan Fleet Management (Polska) and PVRLA Board Member.
29
POLAND ASSET AND AUTO FINANCE SURVEY His LeasePlan colleague, commercial director Artur Sulewski, added:
"Although car sales are down, the number of lease companies' customers continues to increase. Taking into account the results of the long-term lease sector in 2012 (an increase of 9%), we can say that the direction taken by the car eet management (CFM) sector is correct. In difficult times it is crucial for customers to minimize risks associated with eet management and to have the ability to transfer them to the supplier. From the entrepreneurs' point of view it is also important that they do not have to freeze their funds." Artur Sulewski, commercial director at LeasePlan. Regarding the overall status of the market, Wontrucki commented: "The majority of our business is still corporate (including international/global) and local companies. The market potential, although statistics are not reliable, may extend to 500,000 cars excluding light commercial vehicles. The current penetration is around 150,000 cars." This certainly indicates room for growth, and in addition, as Wontrucki points out, "The public sector remains an opportunity for the future." Growth prospects The consensus view on overall prospects for growth in the market in the coming year was that it will be at, as summed up by Mariusz Kurzac, who said: "In 2013 we do not expect fast growth of the leasing market in Poland. If we repeat the gure for 2012 the industry will recognize it as a success." Wojciech Rybak stated that he sees the market staying in positive territory for 2013, and does not see it taking off again rapidly in the medium term: "In a three-year perspective I expect market to stay in 0-5% growth." With regard to the auto market, Sawomir Wontrucki also anticipates a slow rate of growth for both near and medium term, "up to 5% this year and for following years at more or less the same pace, unless the State imposes austerity measures and actions." Sawomir Wontrucki, managing director of LeasePlan Fleet Management (Polska) and PVRLA Board Member. Artur Sulewski sees a stable situation with solid prospects: "Although the national economy is inhibited, the CFM industry is not threatened by stagnation. Depending on economic growth CFM may hover around 10%," which has been the rate of expansion of the LeasePlan parc. In terms of the market's ultimate size, Sulewski suggested "the saturation level is large and estimated at 500,0001m rental vehicles, but achieving full saturation will take more than 10 years."
30
POLAND ASSET AND AUTO FINANCE SURVEY A more moderate view was taken by Arval's Janusz Kowalik, who said: "Despite signicant drops in many business sectors across various markets in Poland, full service leasing remains positive and will slowly rebound; however, it's far too optimistic to expect a return to 10% growth like in previous years. Recent economic considerations will denitely shape a 'price market', but hopefully also a quality-related environment." Comments were made about the Polish market in relation to its regional emerging market neighbors in Central and Eastern Europe (CEE), where growth has been similarly impressive up to 2011 but has since witnessed a slowing down. Arkadiusz Etryk made the point that, "In 2011 the Polish leasing market saw growth of 14%, with a 15% growth rate across the CEE region. It appears that 2012 and the whole economic downturn period will show a similar relation. However, it is important to stress that the Polish market seems to be much more stable in comparison to the rest of the countries in the region." Arkadiusz Etryk, President of Raiffeisen Leasing Polska, chairman of the Executive Committee of the PLA. The Polish market is the largest in the CEE region, and market leader with Russia in the wider emerging markets region that includes Russia and the Baltic States of Estonia, Latvia and Lithuania. Looking at medium-term prospects, Robert Biekowski estimates that "Within the next two to three years, Russia should form almost 50% in the region's leasing market, Poland about 20%." In terms of growth rates, for Poland, "we expect a single-digit increase and the volume market growth will not exceed 7% CAGR." This opinion was echoed by Mikoaj Grzegorczyk, who emphasized that "Poland is doing very well compared to other CEE countries. Poland is one of the countries that was well prepared for the crisis. In our opinion, the economic slowdown will not have a bad impact on the leasing market, and Poland will record one of the biggest growth rates among CEE countries, except maybe Russia, where the potential for development is even greater." Mikoaj Grzegorczyk, head of Development & Marketing at BNP Paribas Leasing Solutions.
31
Leasing in Poland potential tax traps and benets for entrepreneurs

For many years leasing has been gaining popularity among Polish entrepreneurs as a exible and effective way of nancing business activity. Currently, the offering from Polish lessors is wide and the awareness of businesses is high. In this article, Sawomir Dawidowicz addresses a few of the most important technical aspects of tax settlements of leasing agreements which may be useful for rms planning to enter into such an agreement.
Although leasing as a method of nancing has been present for many years in the Polish economic environment, it may still cause difficulties from the tax perspective. Both on the Corporate Income Tax (CIT) and Value Added Tax (VAT) level, there are strict regulations which have to be followed in order to avoid exposure to a tax risk. From the tax perspective, leasing agreements, just as for accounting purposes, are divided into nancial and operational leasing. However, the qualication of leasing agreements for tax purposes varies from what is made for accounting purposes. Therefore, the same agreement may be classied as nancial leasing for accounting purposes and operational leasing for tax purposes. Due to this difference, the tax result will most likely be different from the accounting result and certain changes have to be made in the annual CIT reconciliation, as well as monthly or quarterly advance tax payment obligations. CIT requirements Another element which an entrepreneur should pay attention to before entering into a leasing agreement is a conrmation that such an agreement in fact fulls the requirements of the CIT Act to be classied as a leasing agreement. It is important for lessors of passenger cars, e.g. eet operators. The Polish CIT Law allows treatment of costs related to the use of personal cars only in full as tax deductible if such a car is owned by a taxpayer or a taxpayer is using it based on a leasing agreement (considered as such based on the Polish CIT Law). In any other case, e.g. if the car is used by a taxpayer based on a rent agreement, the amount of expenses which may be considered as tax deductible is limited. Consequently, even if the agreement is named as a leasing and is classied as such, e.g. for accounting purposes, not meeting requirements set in the Polish CIT Law will result in limitation of tax deductibility of costs related to the use of such a car (i.e. rent fee, fuel, insurance, etc). Moreover, the limit of costs in such a case results from the mileage register which a taxpayer is obliged to set up. Such a register requires entering detailed information, such as a description of routes made (the beginning and the end of a route), travel dates, vehicle mileage. The sum of kilometers presented in such a register is then multiplied by a value set in special provisions (currently approx. 0.2 per kilometer). If no mileage register is set up, no costs related to the use of such a car may be considered as a taxdeductible cost.
32
POLAND ASSET AND AUTO FINANCE SURVEY As a consequence, if an agreement is questioned by the tax authorities as a leasing agreement and the taxpayer does not have a mileage register, the full value of expenses incurred for the use of such a car will probably be questioned by the tax authorities. This might be a material amount for eet operators. As the tax risk in the above respect is on the lessees only, many lessors in particular smaller ones do not pay attention to the wording of the agreements and expose their customers to tax risks. Therefore, before entering into a leasing agreement of a passenger car, it is important to verify if such an agreement is in line with the Polish CIT Law. Entering into leasing agreements, apart from being the preferred form of nancing for the lessee, has an additional advantage for those planning to use passenger cars with an initial value exceeding 20,000. The Polish CIT Law limits tax deductibility of passenger cars to an initial value of the above amount. More expensive cars would not be eligible for deduction of revenues on the full amount paid. Using such a car based on a leasing agreement may be more favorable as the Polish CIT Law does not have any limitations in this respect. Consequently, businesses that plan to purchase a passenger car for more than 20,000 should consider leasing it. VAT implications Apart from CIT implications which should be taken into account when entering into a leasing agreement, there are also certain VAT implications that should be carefully veried. The classication of the leasing agreement for VAT purposes follows the classication which is made under the Polish CIT Law. The agreement which is classied as nancial leasing under the CIT Law (i.e. the agreement according to which depreciation write-offs are made by a lessee) is considered for VAT purposes as a delivery of goods. Operational leasing, for instance, is classied as provision of services. The main and most important difference in that classication is the moment when VAT has to be paid and its amount. In the case of nancial leasing, the full VAT amount resulting from the agreement has to be paid at the beginning of the leasing period (when the object of leasing is given to the lessee to use). In the case of operational leasing, the VAT payment is distributed for the whole leasing period as payments for the use of the object of leasing are made. The above classication should be taken into consideration from the perspective of a lessee's cash-ow constraints. Recently, an important uncertainty was resolved by the European Court of Justice (ECJ) in the area of VAT treatment of leasing agreements. In its verdict of 17 January 2013 (case C-224/11), the ECJ conrmed that the insurance fee (VAT exempt), which is supplied by a lessor together with a leasing fee (not VAT exempt), should not be considered as a part the latter fee. Consequently, both fees should be considered for VAT purposes separately according to its individual VAT treatment. The case was taken to the ECJ as the standpoint of the Polish tax authorities and administrative courts was viewed as unfavorable to taxpayers, by which an insurance fee should be treated as supplementary to a leasing fee and, consequently, the standard VAT rate should apply to the insurance fee. The ECJ verdict means there is the possibility of claiming VAT overpayment for past periods for those taxpayers who were charging standard VAT rate on the insurance fees. 33
POLAND ASSET AND AUTO FINANCE SURVEY Thin-cap changes in Poland The most recent draft amendments to the Polish Corporate Income Tax Law presented by the Polish Ministry of Finance (published on 12 February 2013) include signicant changes to the thin capitalization rules, which are currently applied by Polish taxpayers. Due to the strong and inseparable correlation of the leasing sector with external nancing, the suggested amendments may have an impact on that sector. The draft amendments are still at the beginning of the legislative process; however, as some of them had already been planned to be introduced as from 1 January 2013, there is a will to nalize the whole process so that they come into force as from 2014. The rst change relates to the objects (entities) which are taken into consideration for the thin-cap rules. Currently, thin-cap restrictions apply if a loan is granted by a direct shareholder or shareholders (holding at least a 25% share) or a sister company (where the parent company holds at least a 25% share) only. According to the draft amendments, the thin-cap rules will be extended to include entities which are not only directly, but also indirectly related to the borrower. Consequently, tax deductibility limitations may affect those loans which are currently granted by entities further down the shareholding structure of a given group. According to the draft amendments, the assessment of an indirect relation will be made based on transfer pricing regulations. The second suggested amendment relates to the method of calculating which part of interest cannot be tax deductible. According to the draft amendment, taxpayers will have the option to choose a method based on which limitation of tax deductibility of interest will be calculated. Therefore, the taxpayer will be allowed to choose either from the current 3:1 ratio method, or from the new one. Based on the new method presented in the draft amendment, tax deductibility of interest will depend on the value of the taxpayer's assets. Following the suggested solution, interest may be tax deductible only on loans which do not exceed 5% of the tax value of the assets calculated based on the accounting regulations. Additionally, the amount of interest which can be considered as tax deductible in a given year cannot be higher than 50% of the operating prot. The new rules will not apply to loans granted and transferred to the borrower before 1 January 2014. For new agreements, it is strongly advisable to verify if the lender falls under the new thin-cap rules and what would be the impact of the new regulations on one's activity now, as the potential restructuring to maintain the status quo may require some time to implement.
Sawomir Dawidowicz is an associate in the tax department of DLA Piper in Poland.

DLA Piper Wiater sp.k. Emilii Plater 53 00-113 Warsaw, Poland www.dlapiper.com
34
Accounting for leases in Poland

Accounting in Poland is governed by the Accounting Act dated 28 September 1994 (the 'Act', the 'Accounting Act'). The Polish Accounting Act provides an accounting denition for leasing that is similar to International Accounting Standards (IAS). IAS 17 sets out the principles for the classication, valuation and presentation of leasing transactions in the accounting records of a lessor and lessee. Additionally, the accounting treatment for sale and leaseback transactions is addressed.
Classication of leases for accounting purposes The Accounting Act precisely denes the criteria for classication of leases. According to article 3, paragraph 4 of the Act, a lease agreement should be classied as a nance lease provided that the agreement meets at least one of the following conditions: The agreement transfers ownership of the asset to the lessee at the end of the lease term; The lessee has the option to purchase the asset at the end of the lease term, at a price lower than the market value of the asset at the date the option becomes exercisable; The lease term is for the major part of the economic life of the asset. The lease term should not be shorter than 75% of its economic life. The ownership right of the leased asset may be conveyed to the lessee after the agreement expires; At the inception of the lease, the present value of all lease payments during the life of the lease exceeds 90% of the market value of the leased asset at the inception date; the total payments include the residual value of the leased asset, which the lessee agrees to pay for the transfer of its ownership. The total payments do not include additional fees being the reimbursement for additional services, taxes and insurance if the lessee incurs them apart from the lease instalments; The lessor promises to conclude another agreement with the lessee or extend the existing one on terms signicantly more advantageous than those under the previous agreement; The lease agreement may be cancelled and the lessor's losses associated with the cancellation are borne by the lessee; The leased assets are of a specialized nature such that only the lessee can use them without major modications being made.
Lease agreements that do not meet any of the above conditions are classied as operating leases. In the case of fullment of at least one of the conditions specied above, since it would lead to the lease being classied as a nance lease, the xed assets or intangible assets and legal values let to be used by the beneciary shall be included as liabilities in the xed assets of the lessor.
35
POLAND ASSET AND AUTO FINANCE SURVEY Accounting standards The Accounting Act does not provide any guidance on how leasing should be accounted for. Article 10, paragraph 3 of the Act species that in situations where guidance is not provided in the Accounting Act, while adopting the accounting policies, an entity may apply national accounting standards issued by the Accounting Standards Committee. In cases where there is no national standard, IAS may be applied. At the time of publication, no national standards have been issued in this respect; therefore IAS should be applied in relation to accounting for leases. In connection with the above, it is necessary that revenues and costs as well as the recognition of assets and liabilities in the balance sheets of lessees and lessors should be recorded in both types of lease contracts based on IAS 17. Operating and nance leases differ in their consequences with regard to the right to include the leased asset as the asset of either the lessor or lessee for amortization purposes. The distinction between operating (off-balance sheet) and nance leasing (on-balance sheet) for accounting purpose is based on the Accounting Act. Exchange controls Generally, there are no specic restrictions regarding payments resulting from leasing contracts. However, it is advisable to analyze each individual case as to the requirements of the provisions of the Exchange Law Act to make sure that the particular activity or transfer does not require a permit from the National Bank of Poland. The content of this section was provided by KPMG Poland. KPMG Tax M.Michna sp.k. 51 Chodna St, 00-867 Warsaw T: 00 48 (22) 528 1100 www.kpmg.pl
36
The intuitive, end-to-end technology platform, that delivers wherever you need to drive your business
Automotive Finance Asset Finance Wholesale Finance Leasing Fleet Management Loans
Used by over 100 leading automotive and asset nance providers in 30 mature and fast-growing markets worldwide
Intuitive interfaces that help speed customers and partners self-service across all channels
Comprehensive back-, middle- and front- office straight-through processing for efficient risk management, reporting and reduction in cost-to-serve Full multi-national functionality including multi-language, multi-currency and multi-GAAP Agile solutions for rapid response to new opportunities and changing market conditions For more information call us now on +44 (0) 1908 576 710 or email info@whiteclarkegroup.com
Follow us on:
whiteclarkegroup.com
ATLANTA | BEIJING | LONDON | MUNICH | SYDNEY | TORONTO | VIENNA

White Clarke Group Poland Asset and Auto Finance Country Survey 002

Transféré par

Informations du document

Description originale:

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

White Clarke Group Poland Asset and Auto Finance Country Survey 002

Transféré par

Droits d'auteur :

Formats disponibles

ASSET FINANCE INTERNATIONAL IN ASSOCIATION WITH WHITE CLARKE GROUP

POLAND ASSET AND AUTO FINANCE SURVEY