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CONTOH MAKALAH BAHASA INGGRIS TENTANG EKONOMI TERBARU

                                   Papers Leases Leasing Understanding Accounting ArticlesUnderstanding the lease - leasing activities ( leasing ) was introduced for the first time in Indonesia in 1974 with the issuance of the Decree of the Minister of Finance , Minister of Industry and Trade No.Kep-122/MK/2/1974 and No.30/KPB / I/74 dated February 7, 1974 on " Licensing Leasing " . According to the Joint Decree states :

Papers Leases Leasing Understanding Accounting Articles" Leasing activity is any provision of corporate finance in the form of capital goods to be used by a company for a certain period based on periodic payments along with the right to vote ( option ) for the company for the purchase of capital goods in question or extend term of the lease based on the residual value has been agreed "
That definition seems to only accommodate one type of lease are commonly called capital lease or finance lease . However, the Minister of Finance Decree No.1251/KMK.013/1988 dated December 20, 1988 , the type of leasing activity has expanded , as implied in ( article 1 letter d ) the decision that holds the following definitions : " Company lease ( Leasing Company ) is a business entity financing activities in the form of either capital goods capital lease and operating lease for use by the lessee for a certain period based on periodic payments "
According Marpaung ( 1985:1 ) , the leasing company is a company that provides services in the form of leasing capital goods or the means of production in the medium term or long term where the tenant ( lessee ) must pay an amount of money at regular intervals consisting of values an object lease depreciation plus interest , other expenses and profit expected by the lessor .
Leasing of understanding that has been stated above , it can be concluded that the characteristics that distinguish it from the leasing lease transactions usual , namely :
a. object LeasingThe goods become the object of a lease agreement covering all kinds of capital goods such as machinery or computers , while the ordinary lease transactions should not be the object of capital goods .
b . The existence of periodic payment within a certain timeIn the usual way of lease payment is made once for a given period , while lease payments made ​​at regular intervals and can be done every month , every quarter , every half year or so .
c . Residual value or residual valueIn the lease agreement specified a value while the rest of the usual tenancy agreement does not recognize it .
d . An option for the lesseeAt the end of the lease term , the lessee has the right to decide whether he wants to buy the item at a price of residual value or returns to the lessor . In the usual tenancy agreement if the lease period has expired then the tenant is obliged to return the goods to the lessor .
Types of Lease ( Leasing )Generally this type of lease can be divided into two main groups ( Eddy P.Soekadi , 1990:20 ) , namely :
1 . Capital lease or a Capital Lease ( Lease with option rights )In this type of lease transactions that require Lessee define their own item types and specifications of items required . The lessee also negotiate directly with suppliers on price , terms of maintenance and other such things associated with the operation of the goods. Then Lessor will issue the funds to pay for the goods to the supplier and after that the goods are handed over to the lessee . As a reward for services the lessee's use of the goods will be paid periodically to the lessor a sum of money for a certain period of time mutually agreed . At the end of the lease, the lessee has the right to choose to buy the item for the value of the remainder , return them to the lessor or also entered into a lease agreement again for the second phase over the same stuff . Capital lease itself can actually be categorized into two kinds :

    
Direct capital lease
    
This transaction occurs when the lessee has not previously been made ​​the object of the lease item . Basically the same type of leasing transaction with capital lease transactions that have been described above .

    
Sale and leaseback
    
As the name implies , is the lessee in the transaction to sell the goods that already has to the lessor . Over the same item is then carried out a lease contract between the lessor and the lessee .
2 . Operating Lease ( lease without an option )In this type of lease transaction , the lessor buy goods and then leases it to the lessee for a certain period of time . In practice the lessee to pay the amount of money at regular intervals as a whole does not include the price of goods as well as costs incurred by the lessor . Here is clearly not determined the presence of residual value as well as an option for the lessee . After the lease period expires , the lessor negotiate the possibility of a new lease contract with the same lessee or lessor is also looking for potential new lessee . In an operating lease the lessor is usually responsible for the care of the goods. The goods are often used in operating lease is usually the items that have a high value such as heavy equipment , tractors , machinery , and so on .
In addition to the lease forms as mentioned above , there are other forms of leasing , namely :
3 . leverage leaseLeveraged lease is a capital lease . However, in the execution of this lease leverage is much more complex and involve a third party . Other than the lessee and the lessor , there is also a third party known as a credit provider .
The lessor does not pay for the item by as much as 100 % of the item price , but only between 20 % to 40 % . Then the rest of the item price will be financed by a third party . Usually this is done to leverage leases goods that have a high value .
4 . Cross border leaseTransactions on this type of transaction is a lease that is done by passing the boundaries of a country . Thus between the lessor and the lessee is located in two different countries . Cross border lease is currently done in many developed countries such as in Europe or in the United States . The goods or equipment in the cross border lease transaction also includes the value of millions of dollars such as jet aircraft . The Indonesian government has so far not allow any cross border lease transactions this .

Lease classification criteria
According to the Financial Accounting Standards Board ( 2004:30.6 ) , a lease transaction will be classified as a capital lease if it met all of the following criteria :

    
The lessee ( lessee ) has the option to purchase the leased asset at the end of the lease period at a price agreed upon at the inception of the lease agreement .
    
Total periodic payments made ​​by the lessee plus residual value includes the acquisition cost of leased capital plus interest thereon , as the profit of the lease ( full payout lease ) .
    
The minimum lease period of 2 (two ) years .

Meanwhile, according to the Minister of Finance Decree No. 1169/KMK.01/1991 dated 27 November 1991 , leasing activity is classified as a lease with option rights if it meets all of the following criteria :

    
Total lease payments during the lease term first plus residual value of capital goods , should be able to close the acquisition cost of capital and profits of the lessor .
    
Lease period is set at least 2 ( two ) years for capital goods Group I , three (3 ) years for capital goods of class II and III and 7 ( seven ) years for group building .
    
Lease agreements contain provisions related to the option for the lessee .

From both these provisions can be concluded that a transaction can essentially be regarded as a lease transaction with the option ( capital leases ) are eligible if :

    
The existence of an option for the lessee to purchase the leased goods .
    
Lease period equal or exceed its business 75 % of the estimated economic life of the leased asset .
    
Lease payments efforts during the first lease term plus the residual value of capital goods , should be able to close the acquisition cost of capital and profits of the lessor .

The accounting treatment by the lessee ( Lessee )
1 . Based on the principles of commercial accountingAccording to the Financial Accounting Standards Board ( 2004:30.7 ) by the lessee accounting treatment for transactions under capital lease are as follows :

    
Lease transactions are treated and recorded as fixed assets and liabilities at the inception of the lease at the present value of the lease payments plus residual value (option price ) to be paid by the lessee at the end of the lease term . During the lease period of each lease payment is allocated and recorded as a principal repayment of the lease liability and the interest expense is calculated based on the interest rate of the rest of the obligations of the lessee .
    
The discount rate used to determine the present value of lease payments is the interest rate charged by the leasing company or the prevailing interest rate at the beginning of the lease term .
    
The leased asset should be amortized over a reasonable amount based on the estimated useful life .
    
If the leased assets purchased prior to the expiration of the lease period , the difference between the payments made by the rest of the obligation are charged or credited in the current year .
    
Lease obligations should be presented as current liabilities and long-term in accordance with common practice for the type of business the lessee .
    
In case of sale and leaseback transactions ( sales and lease back ) then the transaction should be treated as two separate transactions ie transactions of sales and lease transactions . The difference between the sale price and the book value of assets sold should be recognized and recorded as a gain or loss is deferred . Amortization of deferred gain or loss must be made in proportion to the amortization of the cost of the leased asset if a capital lease or leaseback in proportion to the cost of the lease if the leaseback is an operating lease .

2 . Under the tax provisionsa. Income tax
According to the Decree of the Minister of Finance on activities No.1169/KMK.01/1991 lease ( leasing ) , with the option , in Article 16 :

    
Income tax treatment for the lessee are as follows :
        
During the lease period , the lessee should not be taking depreciation on capital goods leased , until the lessee exercises its option to buy .
        
After the lessee exercises its option to purchase the capital goods , the lessee taking depreciation and depreciation base is a residual value ( residual value) of capital goods in question .
        
Lease payments paid or payable by the lessee unless the load on the ground , an expense that can be deducted from the gross income of the lessee during the lease transaction meets the provisions of Article 3 of this decision .

    
The lessee does not cut the top income tax Article 23 of the lease payments paid or payable by the lease agreement with option rights .

b . Value Added TaxValue Added Tax is a tax levied on the increase in the value of goods and services produced or delivered by Taxable both entrepreneurs that produce taxable goods , importing taxable goods , doing trading business , or employers who do business in the taxable services .
In a lease transaction with the option ( financial lease ) , there are two types of delivery ie delivery of taxable goods and taxable services delivery . In the Decree of the Minister of Finance stated that article 15 No.1169/KMK.01/1991 on delivery of taxable services on financial lease transactions , exempt from Value Added Tax . While in Article 1 point 1 letter b of Law Value Added Tax , noted that the delivery of taxable goods for delivery of the leasing agreement is subject to VAT . The problem is between the lessee and the lessor who is entitled to input tax credit of VAT . In other words , the name and TIN who is listed in the tax invoice . Therefore the capital goods used by the lessee in production , then he is entitled to the input tax credit . Thus , capital goods tax invoice is in the name and TIN of the lessee .
Here is a schematic treatment of VAT on the transfer of the lease with the option :
Treatment scheme VAT on Financial Lease
PerlakuanPPN scheme over Financial Lease



Sources : Sukardji Fortunately , Value Added Tax , 2005:488Description :

     
Lease agreement with option rights signed by the lessor and the lessee .
     
The lessor handing lease services with the option rights under article 4A lesse the VAT Act 1984 in conjunction with Article 9 of Regulation No.50/1994 is not subject to VAT , so the lessor non PFM .
    
Capital goods purchase agreement as the object of the lease agreement with option rights signed by the supplier and the lessor .
    
Delivery of physical capital goods to the lessee in accordance with the request of the lessor .
    
The delivery of juridical capital goods to the lessor as the holder of property rights on capital goods which is the object of the agreement.
    
Supplier prepare and submit tax invoices on behalf of the " Lessor qq Lessee " .
    
The lessor pays VAT to the supplier , but it is a VAT input tax can not be credited by the lessor because the lessor is not PKP .
    
For purchase of capital goods , the lessor takes the credit of the bank .
    
Tax invoice on behalf of the " Lessor q.q. Lessee " , submitted by the lessor to the lessee that input tax can be credited by the lessee .
    
Because the lessee receives a tax receipt in the name of " lessor qq Lessee " so that input tax can be credited , then the lessee refund VAT payments to the lessor .

Recording Transactions Lease with Option by Lessee
Sophar ( 1996:510 ) says that based on capital lease transaction should be recorded by the lessee as fixed assets and liabilities by the same amount . Thus , the lessee taking depreciation on the assets at lease try . Wisdom sewagunausahakan depreciation that should be applied in a manner consistent with the depreciation of other assets discretion . If there is no certainty that the assets are not held at the end of the lease period , the value of these assets must be depreciated entirely in a shorter period of the lease term or economic life .

Here is an example of the accounting for transactions with leasing capital lease, the lessee book ( Keiso et al . , 2002:242 ) :
1 . By the time the lessee acquire assetsLease Assets - Capital lease xxxLease Payable - Capital lease xxx
2 . Noting VAT when acquiring assetsLease Assets - Capital lease xxxVAT xxxLease Payable xxx
3 . At the time the installment paymentLease Payable - Capital lease xxxcash xxx
4 . To record payment of interest accrued at the end of the first yearInterest expense xxxInterest payable xxx
5 . Recorded depreciationDepreciation Expense - Capital lease xxxAccumulated Depreciation - Capital lease xxx
6 . Option to buy at end of lease periodFixed assets xxxAccumulated Depreciation - Capital lease xxxLease Assets - Capital lease xxxAccumulated depreciation of fixed assets xxxcash xxx

Bibliography Papers Understanding Accounting for Leases Leasing Articles
Indonesian Institute of Accountants . , 2004. Financial Accounting Standards . Jakarta : Four Salemba Publisher
Soekadi , Eddy P. , 1990. Mechanism Leasing . Jakarta : Indonesian Ghalia
Republic of Indonesia. , 2000. Law No. 16 Year 2000 on the Third Amendment Act No. 6 of 1983 on General Provisions Taxation . Complete Edition . Jakarta : Four Salemba Publisher
Republic of Indonesia. , 2000. Law No. 17 Year 2000 on the Third Amendment Act No. 7 of 1983 on Income Tax . Complete Edition . Jakarta : Four Salemba Publisher
Republic of Indonesia. , 2000. Law No. 18 Year 2000 on the Third Amendment Act No. 8 of 1983 on Value Added Tax and Sales Tax on Luxury Goods . Complete Edition . Jakarta : Four Salemba Publisher

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