Latest news with #L1
&w=3840&q=100)
Business Standard
5 days ago
- Business
- Business Standard
Taxing time for migrants: US' remittance tax furthers Trump's agenda
The rationale for imposing the tax is ostensibly to protect dollar outflows. The US remains the world's top remittance sender. In 2023, some $85.7 billion was remitted by migrants living in the US Business Standard Editorial Comment New Delhi Listen to This Article Embedded in the 'big, beautiful' tax-and-spend Bill that the United States (US) House of Representatives passed by a razor-thin margin of one vote (215 for, 214 against) is a small, unattractive provision that is likely to hit a range of non-citizens in the US. This is the 3.5 per cent 'remittance tax' that is to be imposed on all green card and non-immigrant visa holders in the categories of H1B, L1 (which allow multinationals to temporarily transfer employees from foreign branches to the US) and F1 (students). The tax cannot be offset against other federal or state taxes paid in
Yahoo
21-05-2025
- Sport
- Yahoo
Our 15 favourite moments from the Ligue 1 season 😍 (3/5)
This article was translated into English by Artificial Intelligence. You can read the original version in 🇫🇷 here. It's time to talk about our favorites! Ligue 1 has come to an end this Saturday, May 17 (at least the championship part!). The 2024-2025 season has once again delighted us and made us want to highlight 15 players who have made us dream, for whatever reasons. Advertisement A little emotion and subjectivity, sometimes, doesn't hurt! Here are our three favorites (part 3). Maghnes Akliouche (Monaco) His fourth season in Ligue 1 is a new milestone. At 23 years old, the Monégasque midfielder is now a seasoned player whose technical finesse and elegance are appreciated. His regular performances and boldness on the ball make him a spectacular player that we can't wait to follow in the championship on weekends, and even on weekdays in European cups. Let's hope it lasts! Dilane Bakwa (Strasbourg) A revelation in the middle of a team that made a sensation. Dilane Bakwa surprised everyone this season. The Strasbourg left winger had a contrasting start to the season, frequently changing positions from the wing to midfield. Once integrated into Liam Rosenior's system, the former Bordeaux player became irresistible, particularly in big games. He will remain one of the key figures of this beautiful Strasbourg team that ignited the year 2025. Malick Fofana (OL) Another thrilling player from our beloved league of talents. At 20 years old, the Belgian gem was a bright spot in Lyon's sometimes cloudy sky. His technique, vision of the game, and dribbling stunned all observers of the championship. He finishes the season with a record of 5 goals and 4 decisive passes, and above all, an army of European admirers. Will we see him again on French pitches at the start of the season? We're keeping our fingers crossed! Also read: - Our 15 favorite players of the L1 season (part 1) Advertisement - Our 15 favorite players of the L1 season (part 2) - Chelsea unveils its new jersey 📸 FREDERIC DIDES - AFP or licensors
Mint
18-05-2025
- Business
- Mint
New US remittance tax proposal: What it means for NRIs sending money to India
A significant tax development is on the horizon for non-resident Indians in the US. The US government's House Ways and Means Committee has advanced a sweeping bill titled the 'One Big Beautiful" Tax Act, aimed at extending several provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and introducing new tax measures. Among these proposals is the introduction of a 5% tax on remittances sent abroad, a measure that could directly impact thousands of NRIs who regularly transfer funds to their families in India. While the bill is subject to a Senate review and further debate, a majority of US Republican Party leaders aim to finalize it by 4 July. If passed in its current form, the remittance transfer tax will take effect on transfers made after 31 December 2025. Let's break down what this proposed tax means, especially for NRIs on H1B, L1, or F1 visas and Green Card holders. What is remittance transfer tax? Under the proposed Chapter 36C, Section 4475 of the US's Internal Revenue Code, a 5% tax will be levied on remittance transfers—that is, money sent by individuals from the US to recipients in other countries, including India. This tax is not based on income but on the amount being transferred abroad. For example, if you send $10,000 to India, you could be required to pay an additional $500 in tax. When will this tax apply? If enacted, the remittance transfer tax would apply to all qualifying transfers made on or after 1 January 2026. The accompanying refund and reporting provisions will apply to tax years ending after that date. Also read | How the India-UK Double Contribution Convention benefits employers and employees Who will be affected? This tax primarily affects non-citizen residents in the US, including NRIs on H1B, L1, or F1 visas, Green Card holders, and any individual who is not a verified US citizen or national. If you fall into any of these categories and send money to India, you could soon be required to pay this new tax. The proposed legislation provides a narrow exemption for verified US citizens and nationals and transfers made through 'qualified remittance providers" who have agreements with the US's Internal Revenue Service department to verify a sender's citizenship status. If a US citizen ends up paying the tax, they can claim a refundable tax credit, but only if they provide a valid social security number and supporting documentation. How will the tax be collected? The tax is collected at the point of transfer by the remittance provider, such as as bank or a money transfer service. The service provider will collect the 5% tax from the sender and deposit the tax with the US treasury department on a quarterly basis. If a provider fails to collect the tax at the time of transfer, they will become liable for the payment instead. Also read | ITR filing: Why you shouldn't rush to file taxes as soon as the portal opens Anti-abuse provisions To prevent circumvention of the remittance transfer tax, the proposal includes anti-conduit and anti-abuse rules. This means any indirect or creative structure used to avoid paying the remittance tax—such as funnelling money through third parties or shell accounts—could trigger enforcement actions and penalties. Let's say you are an H1B visa holder in the US and you send $20,000 to your parents in India in February 2026. Under the proposed law: This is over and above any other fees or charges that may already apply to international remittances. Also read | BluSmart lessons: Investors must look beyond high-growth stories What should NRIs start preparing for? Here are a few practical steps NRIs can consider: Final thoughts While this tax is not yet law, it represents a significant shift in US tax policy on foreign remittances. If passed, it will increase the cost of sending money abroad for a large segment of the NRI community, particularly those who are not US citizens. NRIs in the US should closely monitor legislative developments and consider speaking with a cross-border tax specialist to understand the full implications. What begins as a small percentage today can lead to a meaningful cumulative impact over time, especially for those with ongoing financial obligations in India. Ajay R. Vaswani is the founder of ARAS and Company, Chartered Accountants. This article is intended for general informational purposes only and does not constitute legal or tax advice. Please consult a licenced professional.
The Australian
05-05-2025
- Business
- The Australian
Platinum L1 merger: Kerr Neilson says ‘Platinum is nearly the last man standing'
Platinum Asset Management lost its way when stockpicker rewards were untethered from investment performance, according to its co-founder and billionaire Kerr Neilson. The global equities house which last week announced it was in merger talks with Melbourne hedge fund manager L1 Capital, has suffered years of underperformance in part due to an unrelenting bet on China at the expense of US growth stocks. 'If you've been waddling around for several years without any performance culture, you need outsiders to come in and enforce it. What I had been saying is the sooner we make the change, the better. And it's dragged on a bit, so that's the cost,' he said. Mr Neilson, who has been publicly critical of Platinum's management since he stepped down as CEO seven years ago, supports the merger and sold close to half of his 21 per cent shareholding to L1, pocketing $30m in the process. The merger isn't cheap for Platinum, he admitted, but he says it's the price the firm has to pay for errors of strategy. As Mr Neilson sees it, Platinum's problem has been weak direction that left its analysts rudderless. 'We had very weak leadership. We were generating ideas, but no one was clear about how much emphasis to place on different ideas. There's some really talented people there … They just need to work together better.' L1 manages money privately and in ASX-listed invested companies such as the $2bn L1 Long Short Fund. Mr Neilson holds Google and Amazon in his portfolio, but not chip-maker Nvidia, the architect of Wall Street's 2024 gains. He struggles to see past its valuation and is waiting for a decent market sell-off before he considers buying in. Never mind that the stock is 25 per cent off its January high. As ever for Mr Neilson, one of Australia's best-known money managers, the China factor is front of mind. 'Nvidia's not a flash in the pan. It's certainly highly valued at 20 times historical sales, which seems ridiculous, but it's difficult to appraise because the Chinese will substitute its chips over the next several years. And if you're buying something on 20 times sales, you are actually talking about several years forward,' Mr Neilson said in an interview. The big question is to what extent the market leader is protected from shifts in the fast-moving AI world, he said. 'It's not beyond me buying in but it's a challenge for me to justify it. Our arrogance is so deep that we forget we're talking about an urban population that is greater than North America and Europe combined. China is turning out 450,000 mechanical engineers a year, in America it's fewer than 100.' Chipmakers aside, Mr Neilson is excited by the April market turmoil and the opportunities it has turned up. 'There's been a big de-rating of companies that would compound at 6 to 10 per cent a year, there's been a huge devaluation of their multiples. That's interesting. We've actually had a phantom bear market among some of these great companies,' he said. 'Companies like Atlas Copco and the like, that are very used to growing very steadily, their price/earnings ratios used to be in the 20s but now they're below that. 'Then there's the service companies that are outside of this realm of tariffs, they're having a good time because the discount rates in valuing stocks hasn't shifted much yet. Companies like Flutter, Uber, companies that offer a service which doesn't get interrupted.' Stockpickers are a dying breed but for Mr Neilson, who co-founded Platinum in the active management heyday of the 1990s, it's an exciting time for those left. 'Platinum is nearly the last man standing. And the fewer there are, the more interesting it's going to be,' he said. The discussions with L1 are still at a preliminary stage, and there is no guarantee that any transaction will eventuate. Both parties are now conducting due diligence, and an outcome expected in the coming weeks. If it goes ahead, L1 shareholders will own 75 per cent of the new Platinum, leaving Platinum's shareholders, including Mr Neilson, the remaining 25 per cent. Platinum shareholders will also receive performance fees of the first 5 per cent of absolute returns from the L1 Long Short Fund, with returns above this level going to the original L1 shareholders. Platinum shares climbed close to 5 per cent on Friday, adding to the 11 per cent pop delivered in Thursday's trade on the merger news. The stock is still down 37 per cent since Phil King's Regal Partners walked away from a potential takeover in December.
Reuters
01-05-2025
- Business
- Reuters
Australia's Platinum in talks to be swallowed up by L1 Capital
SYDNEY, May 1 (Reuters) - Australian fund manager Platinum Asset Management ( opens new tab said on Thursday it was in talks with investment manager L1 Capital on a deal to create an A$18 billion ($12 billion) funds management group. While the financial terms were not announced, Platinum said it would buy L1 and would issue its own stock to L1's owners. L1 said if the transaction proceeded it would hold about 75% of the combined entity. Platinum investors would own the remainder. The talks with L1 follow Platinum's rejection last year of a buyout bid from local hedge fund Regal Partners ( opens new tab, which valued Platinum at about A$616.5 million. Platinum shares rose as much as 15.8% on Thursday, to a two-month high, outpacing the S&P/ASX200 (.ASXJO), opens new tab which was up 0.2%. The stock has slumped 57% over the past two years amid an exodus of investors from Platinum's underperforming funds. Its market capitalisation now stands at A$330.7 million. Its funds under management have dropped from A$18.6 billion as of March 31, 2023, to A$10.3 billion at the end of March this year. L1 is owned by the firm's senior staff, including founders Raphael Lamm and Mark Landau, but has a number of funds listed on the ASX. "If the potential merger proceeds, the combined shareholders are expected to benefit from greater scale and diversity of investment strategies and distribution channels," said Platinum in its statement, adding that the merger would bode well for its shareholders in the near term. The deal is contingent on due diligence from both companies being carried out and final board approvals, the firms said. Platinum, headquartered in Sydney, said L1 has already secured a 9.6% stake in the company from its founder, billionaire investor Kerr Neilson. He has also granted a call option that would take L1's stake to 19.9%, exercisable if a competing proposal for Platinum emerges, the company added. ($1 = 1.5608 Australian dollars)
