The fintech industry claims that it has great potential to promote financial inclusion and create significant employment opportunities, and Finance Minister Nirmala will further liberalize the tax system of financial sector start-ups with the next budget. I urged Sitaraman. The Minister of Finance will present Union Budget 2022-23 in Parliament on February 1st. In response to the expectations of the fintech industry from the budget, all startups, including fintech companies, retain their talent.
However, employees of such fintech companies exercising the ESOP (Employee Ownership Plan Plan) option will not only arrange funds to purchase the same, but the allotted shares will be considered part of the package. Therefore, you also have to pay about 35% tax. He said.
“By collecting taxes on the sale of such shares rather than collecting the employee’s expected income, it will help solve the employee’s cash flow problem and help FinTech continue to attract and retain talent. , Which will help the industry grow as a whole, “Jalan suggested. ..
FinTech companies demand further liberalization of tax system in 2022 budget
Source link FinTech companies demand further liberalization of tax system in 2022 budget