Congress to free new ventures from regulations, abolish Angel Tax

PTI New Delhi | Updated on March 28, 2019

Rahul Gandhi said new ventures will not require any regulatory permissions for three years and will get easy access to bank credit if the Congress is voted to power.

He also promised to remove the existing “Angel Tax” imposed on start-ups.Currently, Angel Tax is charged at a maximum rate of 30 per cent.

The Congress President said promoting domestic industry will be a key priority for the Congress and it will ensure that all new businesses are freed from the clutches of red tape to give a boost to the economy.

“For the first three years of setting up a new business, we are going to free you up from red tape. You will not need to ask for permission for anything,” Gandhi said. These proposals, Gandhi said, will be included in the Congress’ manifesto for the Lok Sabha elections which will be released early next month.

“Don’t bother about anything, there is no permission you need. Start your business, get to work,” he said. “We’ve said that we will remove the draconian and ill-conceived Angel Tax. I’ve made that commitment and it’s going to be done,” Gandhi said.

Published on March 28, 2019

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