Accordingly, the Authority has undertaken to develop this sector and lay down the right foundations for building and creating an appropriate environment for its work. while encouraging investment, the Authority cooperates and coordinates with relevant stakeholders, such as the Ministry of Transportation, the Department of Land, and Taxation Departments at the Ministry of Finance, to find appropriate work mechanisms for this sector.
The Financial Leasing sector has undergone fundamental advancements on the legal and regulatory level which were culminated in the endorsement of the Financial Leasing Law by decree number (6) for the year 2014 by His Excellency President Mahmoud Abbas in January 2014. The law was then published in the issue (107) of the official gazette on 28/05/2014 and was enforced 30 days following to the publishing date.
In 2015, PCMA continued its efforts to issue draft instructions for licensing financial leasing companies and supervision of lessors. Throughout the year, several meetings were held together with IFC experts, as a result, a final draft was reached in order to be endorsed by the Board of Directors in the first quarter of 2016.
During 2015, the PCMA continued its cooperation with the Ministry of Finance, as a part of which the Ministry of Finance ratified the Value Added Tax (VAT) instructions for leasing contracts according to the draft agreed with the PCMA Board of Directors.