visimoney
TLDR:
- The fintech sector has outlined its wish list for the upcoming budget.
- Key priorities include bringing all banks onto the account aggregator framework and treating unlisted equity the same as listed equity for tax purposes.
The fintech sector has released its wish list for Budget 2024, outlining key priorities for the upcoming budget. One of the main requests is the inclusion of all banks onto the account aggregator framework, which would allow consumers to easily access and manage their financial data across different banks and financial institutions. This would enhance the efficiency and convenience of financial services.
Another important request from the sector is the need for parity between digital and non-digital lenders. Currently, digital lenders face higher compliance costs compared to traditional lenders, which puts them at a disadvantage. The sector is calling for a level playing field to encourage and support the growth of digital lending.
The fintech sector is also seeking tax reforms, specifically in relation to long-term capital gains taxation. The sector wants unlisted equity to be treated the same as listed equity for long-term capital gains taxation. This would encourage investment in startups and other unlisted companies, supporting innovation and entrepreneurship.
Additionally, the sector is advocating for measures to promote financial inclusion and literacy. This includes initiatives to increase access to affordable and inclusive financial products and services, as well as educational programs to improve financial literacy among the general population.
Overall, the fintech sector hopes that the upcoming budget will address these key priorities to support the growth and development of the sector. By implementing these reforms and initiatives, the government can foster innovation, improve financial access and literacy, and create a more inclusive and robust financial ecosystem in the country.
