India scraps 'angel tax' in boost to startups
Is this something of benefit to Findi? Cheers AntonIndia's federal government has removed the controversial "angel tax" for all classes of investors, delivering a major victory to the country's startup ecosystem that had lobbied for years against the measure.
“To bolster the India startup ecosystem, to boost entrepreneurial spirit and support innovation, I propose abolishing angel tax for all classes of investors," Finance Minister Nirmala Sitharaman said in her budget speech.
The tax, introduced in 2012 as a measure to control money laundering, has long been a pain point for early-stage companies and their backers. It taxed investments in startups when valuations exceeded what tax officials deemed fair market value — a calculation that often clashed with investors' more optimistic projections.
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https://techcrunch.com/2024/07/23/india-scraps-angel-tax-in-boost-to-startups/
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