New Finance lease act give more priority to ‘lessor – security.’ It is often an another way of finance to a secured lending business.
The basic concept of new finance lease act is relatively simple. The property owner gets immediate payment from the financier. The financier then transfer the property to the buyer (lessee) in return for rental payments for a mutually agreed time period identical to the useful life of the property. The rental payments cover the cost of acquisition plus interest or profit. The seller and the lessee may be the same person – a sale and leaseback arrangement.
New Finance lease act came into effect on 1 January 2019. The Law does not cover the disagreement or argument of law issues that may arise in the context of managing with rights of ownership, use and possession of assets contained in a typical finance lease contract. New Finance lease act also deals with the legal, accounting treatment and tax.
Read More : https://www.spectrumaccounts.com/uae-financial-leasing-law-update/
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