SoftBank’s next 30 year Vision

“If we were to sum up what we want to achieve, it would be this: Information Revolution — Happiness for everyone.”— Masayoshi Son, Chairman & CEO, SoftBank Group Corp., SoftBank’s Next 30-Year Vision (June 2010)

Our corporate philosophy, “Information Revolution — Happiness for everyone,” reflects our mission to build a more connected, empowered, and joyful world through the Information Revolution. This philosophy forms one of the foundational pillars of our “SoftBank Next 30-Year Vision,” announced in 2010.

When developing the Next 30-Year Vision, we asked every employee in the group about their aspirations for the company. The overwhelming response centered on a desire to “contribute to the hashtag#happiness of people.”

However, to make people happy, we first needed to understand: What makes people sad?

We extended this question to the public, and one answer stood out— loneliness . It was identified as one of life’s saddest experiences. Conversely, the happiest experiences were described as connecting with something or someone.
Humans feel connection in many ways: through seeing, learning, playing, meeting, loving, and being loved by family and others they cherish. Our hope is to bring the joy of connection to as many people as possible.

Put simply, the SoftBank Group wants to deliver to the world more experiences that are rooted in connection.

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New regime may take effect only from FY26; cut-off date for removal of indexation benefit may be advanced.

The government is considering measures to address concerns regarding the Budget proposal to revise the taxation of long-term capital gains (LTCG) from real estate transactions. Sources familiar with the deliberations indicate that the new LTCG regime could be effective from April 1 next year, instead of the proposed July 23, 2024. Additionally, the government may retain the option of indexation benefit in the new regime or change the cut-off date for the removal of indexation from April 1, 2001, to a later date.

These potential changes could be implemented through an amendment to the Finance Bill 2024 when it is taken up by the Lok Sabha this week. However, the government plans to stick to the new LTCG tax rate of 12.5%.

Indexation is designed to adjust gains from property sales by accounting for inflation during the ownership period, using the cost price index for calculations. In the Budget 2024-25, Finance Minister Nirmala Sitharaman proposed reducing the LTCG tax rate to 12.5% from 20% for property and other unlisted assets. The proposed regime would scrap the indexation benefit for properties purchased on or after April 1, 2001.

This proposal has led to concerns that post-tax gains from property sales could decrease, potentially reducing demand for real estate units and transactions. However, government officials and independent experts argue that the new regime may not increase tax outgo for property sellers in all cases. For properties appreciating at high rates, especially in metro cities, the new regime could be more beneficial to taxpayers.

In a post on ‘X’ on July 24, the Income Tax Department stated that nominal real estate returns are generally in the range of 12-16% per annum, significantly higher than inflation. Indexation for inflation is around 4-5%, depending on the holding period, leading to substantial tax savings for many taxpayers.

“Now, there is an appreciation of the fact that nominal real estate returns are not in the range of 12-16% in general and in all places. Factoring in this, some relief may be given,” an official said.

“While considering some relief, a fine balance has to be worked out so that the government does not lose substantially and taxpayers also benefit. It is being examined if indexation can be offered as an option and if so, how it could be structured,” the official added.

Analysts have also suggested ways to fine-tune the new regime. Shalini Mathur, Director, Tax and Economic Policy Group, EY India, proposed, “Where long-term capital gain is limited vis-à-vis inflation, taxpayers may be given the option to choose between the old regime of 20% LTCG tax rate with indexation benefit or the new regime of 12.5% LTCG rate without indexation.”