FBT on ESOPs should have been repealed

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Keywords: ESOPs, FBT

I applaud the Finance Minister's focus on education in the 2008-09 Budget. Also, the reduction in tax burden on aam aadmi gives more money to ordinary people where it will be spent quickly, helping the economy.

FBT on ESOPs is unnecessary and I am disappointed this has not been repealed. I am also disappointed by the lack of relief in corporate tax and an extension of STPI tax relief to small IT companies.

I am disappointed at the 16 pc growth in the Central Plan to almost 180,000 crores; the laudable focus on education and health will not be achieved as the money will only feed an inefficient and corrupt government system that has been tried, tested, and failed.

Overall, this is a disappointing Budget that focuses on re-election. It does little to strengthen the engine that is pulling millions out of poverty every year: the private sector. I hope the Government does not starve the hen that lays the golden egg.