As in all jurisdictions the more complex the proposed transaction, the more voluminous the paperwork. The regulations governing leasing are scattered throughout the Civil Code, Bank of Italy rules, in the act on the regulation of the law of general terms and conditions, in the consumer credit law, in the insolvency regulations, in the commercial code, in the tax code, in the local business tax act and in the income tax act and the law on corporation taxation. There are also regional and state decrees such as subsidized financing for movable equipment and real estate which relate to finance leasing transactions also. Furthermore, judicial decisions have also played a role in structuring the areas of civil law and tax law in leasing.

But that is not all. There is another important player with great influence on the regulations for leasing transactions: the European Union. In Italy there is to date no binding legal definition of leasing. The term leasing is relatively well defined through judicial decisions. The notion generally prevails that finance leasing is a special form of rental with certain specific terms in order to grant the ownership of the object to the Lessee. This “ transfer of ownership concept” is what in essence differentiates in legal practice between finance lease and operating leasing. Operating Lease and Asset Management are quite new markets in Italy: the expertise of the parent company and senior management of Deutsche Leasing Italia is an indubitable competitive advantage for our partners and customers.