India scraps 'angel tax' in boost for startups
India's federal government has removed the so-called "angel tax" for all classes of investors, delivering a major victory to the country's startup India has axed the so-called "angel tax" in a major victory to the country's startup ecosystem.
India’s federal government has removed the so-called “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.