Luke Kosky’s Post

Union Budget 2024: Fintech sector hopes for forward-looking policies, job creation, fiscal incentives: Union Budget 2024 expectations: Most of the players in the fintech space are hoping for policies that would accelerate digital transformation, ...

💷 When I started Robin AI, I didn’t think about tax even once. There are a thousand things that could kill a small business and thinking about the tax I would pay on an exit just isn’t where my head was. Especially in transformational technology businesses where the outcomes are so binary (you either fail, or you build a very big business), I was comfortable that I’d be OK either way, and the taxes will take care of themselves. What motivates an entrepreneur to start a business is a passion to solve a particular problem, and confidence that they can make a living doing it. So there’s definitely some point at which taxes are so high that it will dissuade people from taking a risk - but I think that threshold is quite high. Other policies such as enhanced R&D tax credits and raising EMI eligibility thresholds could also have an outsized impact on startups and scale-ups which are key to revitalising the economy. The Government could also offer payroll tax exemptions and maintain favourable VC carried interest taxation. These measures would really help increase the value of startups and their contribution to the UK economy, and boost London's claim to be a global AI capital. #Budget2024 #LinkedInInsiderUK #UKbudget

🚨Heads Up, UK Fintech Community! 🇬🇧 As the new UK government warns us about tough decisions ahead, there's some serious chatter about a proposed hike in capital gains tax (CGT) to 45%. The UK Chancellor Rachel Reeves is anticipated to unveil tax increases in the budget on October 30, which may include a hike in capital gains tax, aimed at addressing a significant £22 billion shortfall in public finances. 💼 In response to that, UK fintech leaders are raising alarms over potential tax increases that could harm not only the sector's growth, but its global competitiveness as well: the proposed rise might undermine the UK's status as a leading fintech hub. Top voices of the sector, such as Janine Hirt of Innovate Finance and Paul Taylor of Thought Machine, warn: such an increase would make employee stock options — critical for attracting talent to startups — much, much less attractive.  📉 Consequences? A talent drain with skilled workers opting for better opportunities at larger companies or even moving abroad. The UK’s fintech sector has been booming and driving economic growth, however the changes could potentially push UK fintech from one of the most favourable to one of the least attractive tax regimes in Europe. 💬Industry leaders are urging for some exemptions to protect “earned capital gains” and keep those crucial incentives intact. Nothing else left but to hope the government listens and takes action to support the sector. 🤔 What’s your point of view? Will this tax change stifle innovation or is it a necessary move? Share your thoughts below! #Fintech #TaxPolicy #UKEconomy #Startups #BanderaInsights

𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝'𝐬 𝐧𝐞𝐰 𝐏𝐫𝐢𝐦𝐞 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫, 𝐏𝐚𝐞𝐭𝐨𝐧𝐠𝐭𝐚𝐫𝐧 𝐒𝐡𝐢𝐧𝐚𝐰𝐚𝐭𝐫𝐚, 𝐥𝐚𝐲𝐬 𝐨𝐮𝐭 𝐡𝐞𝐫 𝐚𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧'𝐬 𝐩𝐥𝐚𝐧𝐬. Key Policy Points 1. Debt Restructuring and Relief: Paetongtarn's government aims to tackle both personal and informal debt through collaborations with government and commercial banks. This initiative will focus on restructuring housing and car loans and addressing informal debt through asset management companies. 2. Continuation of Digital Wallet Program: The new administration will carry forward Srettha’s flagship digital wallet scheme designed to boost economic activity. The program intends to distribute 10,000 baht (around $300) to 50 million Thais via a smartphone application, though details on its implementation and budget remain vague. 3. Support for Small and Medium Enterprises (SMEs): The government plans to shield Thai SMEs from international competition by regulating e-commerce platforms to ensure fair play. 4. Energy and Utility Cost Reduction: Efforts will be made to cut energy and utility costs through strategic initiatives, including developing a strategic petroleum reserve, exploring joint natural gas projects with Cambodia, and implementing a unified fare system for Bangkok's public transport. 5. Legalization of Underground Economic Activities: To boost state revenue, there will be moves to legalize certain underground economic activities. This could also streamline and regulate sectors previously operating in the grey economy. 6. Tax Reforms: Paetongtarn’s administration plans to broaden Thailand's tax base and introduce a negative income tax for low-income earners, aiming to ease financial pressure on the economically vulnerable. 7. Boosting Agriculture and Tourism: The government intends to invest in the agriculture sector and develop large-scale entertainment complexes, including those with gambling facilities, to attract tourists and stimulate economic growth. 8. Medical Cannabis Promotion: There will be a push to enhance the economic value of medical cannabis, which could provide both health benefits and new revenue streams. 9. Transport Infrastructure Projects: A major focus will be on transport mega-projects such as the $30 billion Landbridge project, designed to link the Indian Ocean with the South China Sea through a network of transportation routes. Paetongtarn’s appointment as Prime Minister last month followed a period of significant political upheaval. The new administration faces a tough road ahead with a struggling economy and a Pheu Thai party that has seen a decline in popularity, partly due to delays in the digital wallet program. Notably, many of Paetongtarn’s policy ideas echo those previously suggested by her father, the controversial former Prime Minister Thaksin Shinawatra. As Thailand navigates this transition, the success of these policies will likely play a crucial role in shaping the country’s economic and political future

Fintech Iwoca's 2025 SME Outlook: Tax Concerns And Political Uncertainty Persist Despite ...: The UK's small and medium-sized businesses are bracing for cost increases this year, according to new research from iwoca.

As an expat who has now made the UK my home, I have been closely watching the developments of this week to consider what it means for the future of this country's digitisation and tech advancement. TLDR: Some really exciting developments - but we have a lot of work ahead of us! Rewind to Monday, GDF launched The voice of global digital finance at Parliament: 10 Recommendations for Digital Britain from the global financial services and fintech sector. The report was built upon evidence sessions in Westminster as part of the former Digital Finance APPG. 🇬🇧 Recommendation #1: The UK should work to become a leader in global standards for the tokenised securities markets, starting with a digital gilt issue. Last night we were then delighted to see The Chancellor, the Rt Hon Rachel Reeves announce in her mansion house speech that, the government is launching a pilot to deliver a Digital Gilt Instrument (DIGIT), using distributed ledger technology (DLT), demonstrating the government’s commitment to innovation in the financial services sector. This announcement is a pivotal step, and not only aligns to the recommendations in the report but is also the fruit of the efforts of other pivotal industry leaders such as Robert Wigley OStJ, BSc, Hon DBA, FCA and the UK Finance team who worked with us throughout the evidence sessions of the APPG. Their contributions to the report note: "...the mass adoption required for an impactful sterling-denominated digital bond issuance - that truly ‘moves the dial’ and galvanises industry - will only come from a digital gilt issuance. A digital gilt is backed by the UK government. A sterling-denominated digital gilt would attract broader investor participation, and market reach, than a corporate bond equivalent, which in turn would drive liquidity. The combination of automated processes, a reduced need to pre-position collateral, and enhanced settlement, could help investors manage gilt collateral more efficiently to meet margin calls in times of stress. A digital gilt programme will moreover contribute to fostering greater transparency, efficiency, and accessibility in the market, while also enhancing liquidity and promoting broader market participation." While this is welcome, as was the publication of the National Payments Vision, more is still needed & there are concerns that a 2 year implementation is too long for Digital Britain. As we move to reconstitute the Digital Finance APPG, we remain committed to supporting the UK remaining competitive by truly embracing digitisation and benefits it can deliver to the financial services industry and beyond. 📄 Full report here: https://lnkd.in/ewXkbtEt 📄 Mansion House speech: https://lnkd.in/eNAUxHi3 📄 National Payments Vision: https://lnkd.in/e_JUN5sv

New UK tech companies hits five year high. UK increases its share of European FDI. UK manufacturing slips back into contraction. And more business news that we thought would interest our members. https://lnkd.in/gm_tF9UQ #businessNews #creditmanagement #finance #smallbusiness #latepayment #insolvencies #economy

New UK tech companies hits five year high. UK increases its share of European FDI. UK manufacturing slips back into contraction. And more business news that we thought would interest our members. https://lnkd.in/gM-HRTUr #businessNews #creditmanagement #finance #smallbusiness #latepayment #insolvencies #economy

The UK is on a path of economic recovery, but the recently elected Labour government faces the heavy task of providing the right parameters for small and medium-sized enterprises (SMEs) to revive their growth. How will this be accomplished? Charlotte Crosswell OBE, Chair of the Centre of Finance, Innovation & Technology - FIT Centre, believes that smart data may hold the key for SMEs to unearth newfound lending and funding opportunities, but stresses the need for government and industry collaboration. https://lnkd.in/ehuHdyN8

Tech industry warns #budget's capital gains proposals could cause 'irreparable harm'. From what I can see, the budget will inhibit #entrepeneurs in #Canada, because successful #smallbusiness owners will be hit with a capital gains tax rate of 66% upon reaching a relatively low limit, when they exit from businesses that they have built up. https://lnkd.in/gzCjTtRg via @Yahoo