Category: Taxation

MIL-OSI Security: Former Principals of Aerospace Start-Up Charged with Fraud and Tax Crimes

Source: United States Attorneys General

An indictment was unsealed today charging five former principals of Theia Group Inc., a Washington, D.C.-based aerospace start-up company, with conspiracy and fraud.

According to the indictment, Erlend Olson, John Gallagher, Stephen Buscher, Joseph Fargnoli, and Jamil Swati held various executive positions at the company, including chief executive officer, executive vice president, chief financial officer, chief technology officer, and head of strategic investment, respectively. They allegedly perpetrated a multi-year scheme to defraud investors and lenders out of $250 million, and Olson evaded more than $3.9 million in personal federal income taxes.

According to the indictment, Theia planned to launch 112 satellites starting in 2022 at a cost of $10 billion to $15 billion. Theia’s principals allegedly originally planned to raise the requisite funds from various nation-states by promising perpetual data and analytics for an upfront payment of $2 billion. However, from Theia’s founding in 2015 through its placement into receivership in 2021, Theia was allegedly unsuccessful in obtaining any funding except for approximately $250 million in loans and investments received from institutional and individual investors and lenders. To secure the funding, Olson, Gallagher, Buscher, Fargnoli, and Swati’s fraud scheme allegedly included making materially false statements about revenue from non-existent government contracts, providing multiple false financial statements, including a fake $6 billion escrow account statement, and making false representations about Theia’s technical capabilities.

The indictment further alleges that the IRS assessed over a million dollars in taxes, penalties, and interest against Olson for tax years 2009 through 2011, which Olson acknowledged in 2018. Instead of paying the outstanding debt to the IRS, which he acknowledged he owed, Olson allegedly directed his compensation from Theia to a nominee entity. Olson then allegedly used the nominee entity to pay personal expenses such as a private jet membership, $64,500 annual rent payments for his home, a new Land Rover, personal debts, and a pair of condominiums in Las Vegas. Olson now allegedly owes $1.6 million to the IRS related to those years. In addition, Olson allegedly also used the nominee entity to conceal his income from the IRS for 2018 through 2020.

Olson, Gallagher, Buscher, Fargnoli, and Swati are each charged with one count of conspiracy to commit wire and mail fraud for the overall scheme, and additionally charged with multiple wire or mail fraud counts arising from their various misrepresentations to investors. Olson is also charged with four counts of attempted tax evasion.

If convicted, they each face a maximum penalty of 20 years in prison for conspiracy and for each wire fraud or mail fraud count. Olson would face a maximum penalty of five years in prison for each tax evasion count. Each would also face a period of supervised release, restitution, monetary penalties, and forfeiture. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Interim U.S. Attorney Edward R. Martin Jr. for the District of Columbia made the announcement.

IRS Criminal Investigation and the FDIC Office of Inspector General are investigating the case.

Senior Litigation Counsel Nanette Davis and Trial Attorney Alexis Hughes of the Tax Division, and Assistant U.S. Attorneys Rebecca Ross and Joshua Gold for the District of Columbia are prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

March 19, 2025
MIL-OSI USA: Senator Reverend Warnock Rebukes Deputy Treasury Secretary Nominee’s Perception of Georgians on Medicaid, Opposes Nomination

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senator Reverend Warnock Rebukes Deputy Treasury Secretary Nominee’s Perception of Georgians on Medicaid, Opposes Nomination

Following Dr. Michael Faulkender’s previous statements that Georgians on Medicaid need to be “self-sufficient,” Senator Reverend Warnock highlighted the range of Georgians who rely on Medicaid, including children, working people, seniors in nursing homes, and one in 10 veterans

Faulkender is nominated by the Trump Administration to be the Deputy Treasury Secretary

Senator Reverend Warnock highlighted how Medicaid recipients receive more scrutiny than Elon Musk, who has received $38 billion in government grants, loans, and subsidies

Earlier this year, Senator Reverend Warnock also opposed Scott Bessent’s nomination to become Treasury Secretary, due to Bessent’s steadfast commitment to protecting tax cuts for the nation’s wealthiest

Senator Reverend Warnock during the hearing: “Who does he [Dr. Michael Faulkender] think should be self-sufficient? Should children and seniors in nursing homes, veterans? One in 10 veterans are enrolled in Medicaid. People with mental illness or substance [use] Who is he talking about?”

Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) pushed back against the misperception of Medicaid recipients during a Senate Finance Executive Session before opposing Dr. Michael Faulkender’s nomination to become the Deputy Treasury Secretary in the Trump Administration. Senator Warnock cited several issues with Faulkender’s nomination, most notably Faulkender’s perception of Americans that are on Medicaid. Last week, Faulkender suggested Georgia Medicaid recipients, including children, veterans, seniors in nursing homes, people struggling with addiction, and people working full time simply needed to become “self-sufficient.”

“I am disappointed that Dr. Faulkender does not seem understand or care about the concerns of hard-working Georgia families, the people I know,” said Senator Reverend Warnock. “When we talked about Washington Republicans plans to cut Medicaid, and I asked the nominee his thoughts, he suggested that people just need to “Be self-sufficient” and just get better jobs with better benefits.”

After defending the many Georgians and millions of hardworking Americans on Medicaid, Senator Warnock highlighted that Elon Musk, the leader in slashing government spending, accepted over $38 billion in government contracts, loans, subsidies and tax credits.

“These folks have jobs and responsibilities, they are construction workers, restaurant workers, home caregivers, farmhands, and they are doing exactly want the nominee wants them to do, but he and Washington Republicans want to kick them off of Medicaid anyway,” continued Senator Warnock. “Who else does this nominee think should be self-sufficient? I wonder if he thinks Elon Musk should be self-sufficient? He has received $38 billion in government contracts, government loans, government subsidies and tax credits.”

Earlier this year, Senator Warnock also opposed now Treasury Secretary Scott Bessent’s nomination. During the hearing Senator Warnock grilled Bessent on his glaring commitment to tax cuts for exclusively the nation’s wealthiest. Bessent indicated there wasn’t any high level of income which he wouldn’t continue to provide tax cuts for, including Americans making upwards to $1 billion.

Senator Warnock has always been a champion for tax cuts, credits, and programs that support working families and fought to make sure the nation’s wealthiest pay their fair share. Senator Warnock fought to secure the Expanded Child Tax Credit as part of the American Rescue Plan and has advocated to make the Expanded CTC permanent in the effort to slash child poverty in Georgia and across America.

Watch the Senator’s full remarks HERE.

See below a transcript of Senator Warnock’s remarks on his vote opposing Michael Faulkender’s nomination:

Senator Reverend Warnock (SRW): “A week like this in Washington a reminds me of why I return every week to my pulpit. Spending time with people in my church and all across my community. They are the folks who keep me grounded. These are the folk who are seeing their paychecks buy less and less, while the rich get richer and the poor get poorer. These are ordinary people who I am thinking about when I consider whether Congress should spend trillions of dollars on a huge tax cut that overwhelmingly benefits millionaires and billionaires while the entire half of working families pick up the tab through cuts to their health care. In addition to that, blow a $4.5 trillion hole in the debt.”

“I am disappointed that Dr. Faulkender does not seem understand or care about the concerns of hard-working Georgia families, the people I know. When we talked about Washington Republicans plans to cut Medicaid, and I asked the nominee his thoughts, he suggested that people just need to “Be self-sufficient” and just get better jobs with better benefits.”

“I was raised by a dad who poured into me a serious work ethic, so I believe in self-sufficiency. Almost all of the adults on Medicaid are either working, or in school, or they are caregivers. If they can work, they do work. These folks have jobs and responsibilities, they are construction workers, restaurant servers, home caregivers, farmhands, and they are doing exactly want this nominee wants them to do, but he and Washington Republicans want to kick them off of Medicaid anyway. Who else does this nominee think should be self-sufficient? I wonder if he thinks Elon Musk should be self-sufficient?”

“He has received $38 billion in government contracts, government loans, government subsidies and tax credits. Who does he think should be self-sufficient? Should children? And seniors in nursing homes, veterans? One in 10 veterans are enrolled in Medicaid. People with mental illness or substance [use]? Who is he talking about?”

“Let’s be clear. If folks want to have a serious, bipartisan conversation about reducing our debt, I am all in on the conversation. I am deeply worried about the debt that we will leave our children and our grandchildren, as the father of two young children myself. If you want to have a conversation about that, I am ready. If you want to have a conversation about lowering health care costs, I am ready to do it in a bipartisan way. But, I am unwilling to give a hand out to the wealthiest people in our country while blowing a huge hole in the debt.”

MIL OSI USA News –

March 19, 2025
MIL-OSI USA: CASSIDY, COLLEAGUES INTRODUCE BILL TO CRACK DOWN ON PBM PRICING SCHEMES IN MEDICAID

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Peter Welch (D-VT), Roger Marshall (R-KS), and Mark Warner (D-VA) introduced the Protecting Pharmacies in Medicaid Act to put an end to harmful pricing schemes used by pharmacy benefit managers (PBMs). The bill targets ‘spread pricing,’ a practice where PBMs overcharge Medicaid while underpaying pharmacies, ultimately driving up costs and putting independent pharmacies at risk of closing. This legislation is expected to save Medicaid $2 billion over the next decade.
“My goal as a doctor in the exam room was to provide the best care at the most affordable price for the patient. The same principle should apply to Medicaid,” said Dr. Cassidy. “Taxpayers should not be cheated by those looking to take advantage of Medicaid.”
“Pharmacies are essential to the care and wellbeing of our rural communities. But spread pricing by pharmacy benefit managers is making it harder than ever for community pharmacies to stay in business and lining the pockets of middlemen,” said Senator Welch. “This bill takes an important step to limit PBMs’ abusive pricing practices, protect our pharmacies, and support our rural communities. I’m grateful to have Senators Marshall, Warner, and Cassidy’s partnership on this bipartisan legislation to protect the health of Vermonters and Americans across the country.”“Pharmaceutical industry middlemen use a variety of tricks to line their own pockets at the expense of small, independent pharmacies and senior citizens,” said Senator Marshall.“Prohibiting PBM spread pricing will cut costs for prescription drugs relied upon by Medicaid enrollees while simultaneously preserving access to local pharmacies that have financially struggled in recent years due to PBMs cutting them out of their share of payments. I’m grateful to partner with Senator Welch on this important legislation that is pro-consumer, pro-small business, and pro-taxpayer.”
“Independent pharmacies deliver critical health care, including providing life-saving prescriptions, to patients all across the Commonwealth. Unfortunately, for too long, PBMs have engaged in shady tactics to line their own pockets at the expense of these small businesses and sick seniors. That’s why I’m proud to introduce the Protecting Pharmacies in Medicaid Act, legislation that will put an end to the abusive practice of spread pricing and bring down costs for patients and our local pharmacies,” said Senator Warner.
The spread pricing model has contributed to the decline of independent pharmacies, which serve as a vital resource for rural communities. From 2018 to 2021, more pharmacies shuttered than opened nationwide, leaving millions with fewer options for accessing their medications. In Louisiana, where more than a quarter of residents live in rural areas, these closures hit especially hard.
Under the Protecting Pharmacies in Medicaid Act, PBMs would be required to pass Medicaid payments directly to pharmacies instead of skimming off the top. It also requires pharmacies participating in state Medicaid programs to report National Average Drug Acquisition Costs (NADAC) to improve transparency in drug pricing and ensure fair reimbursement.
The bill is endorsed by the Food Industry Association (FMI), National Community Pharmacists Association, and the National Association of Chain Drug Stores.
“These are among the PBM reforms needed right away by Americans and their pharmacies,”said Steven C. Anderson, President and CEO of the National Association of Chain Drug Stores. “These also are among the reforms backed overwhelmingly in the Congress on a bipartisan basis. Every day that PBM reform is delayed is another day that Americans pay inflated drug prices, that care gets more remote for people and for communities, and that pharmacies are forced out of business. NACDS thanks Senators Peter Welch, Roger Marshall, Mark Warner, and Bill Cassidy and the cosponsors for their continued leadership, and urges swift action by the Congress to right these wrongs of the middlemen’s pharmaceutical benefit manipulation,”

MIL OSI USA News –

March 19, 2025
MIL-OSI Security: Former Principals of Aerospace Start-Up Company Charged with Fraud, Fraud Conspiracy, and Tax Evasion

Source: Office of United States Attorneys

WASHINGTON – An indictment was unsealed today charging five former principals of aerospace start-up company Theia Group, Inc.—Erlend Olson, John Gallagher, Stephen Buscher, Joseph Fargnoli, and Jamil Swati—with a multi-year scheme to defraud investors and lenders out of $250 million, and further charging Olson with evading more than $3.9 million in personal federal income taxes. Theia Group, Inc. (Theia) had its headquarters in Washington D.C.

Law enforcement made arrests yesterday in Albuquerque, New Mexico (Olson), Memphis, Tennessee (Buscher), and today in Broomall, Pennsylvania (Gallagher), Rochester, New York (Fargnoli), and Bridgeport, Connecticut (Swati).

The indictment was announced by U.S. Attorney Edward R. Martin, Jr. Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, Special Agent in Charge Jeffrey D. Pittano of the Federal Deposit Insurance Corporation (FDIC) Office of Inspector General, and Executive Special Agent in Charge Kareem Carter of the Internal Revenue Service Criminal Investigation (IRS-CI) Washington D.C. Office.

According to the indictment, Theia planned to launch 112 satellites starting in 2022 at a cost of $10 billion to $15 billion. Theia’s principals originally planned to raise the requisite funds from various nation-states by promising perpetual data and analytics for an upfront cost of $2 billion. However, from Theia’s founding in 2015 through its placement into receivership in 2021, Theia was unsuccessful in obtaining any funding except for approximately $250 million in loans and investments that Theia’s principals induced by fraud. Olson, Gallagher, Buscher, Fargnoli, and Swati’s fraud scheme allegedly included materially false statements about revenue from non-existent government contracts, provision of multiple false financial statements, including a fake $6 billion escrow account statement, and false representations about Theia’s technical capabilities.

The indictment further alleges that, between 2018 and 2020, Theia’s founder, Erlend Olson, concealed from the IRS millions of dollars in compensation he received from Theia. In addition to not filing tax returns or paying any taxes for 2018 through 2020, Olson allegedly directed his compensation from Theia to a nominee entity called Meridian Vector Corporation (MVC). Olson then used MVC funds to pay personal expenses such as personal debts, a private jet membership, $64,500 annual rent payments for his home, a new Land Rover, and a pair of condominiums in Las Vegas. Olson also allegedly evaded payment of taxes that he owed the IRS for tax years 2009 through 2011 by directing that his pay and bonuses not be reported to the IRS.

Olson, Gallagher, Buscher, Fargnoli, and Swati are each charged with one count of conspiracy to commit wire and mail fraud. Olson also is charged with five counts of wire fraud, one count of mail fraud, and four counts of tax evasion. Gallagher is also charged with five counts of wire fraud and one count of mail fraud. Buscher also is charged with three counts of wire fraud. Fargnoli is also charged with two counts of wire fraud. Swati is also charged with one count of wire fraud.

If convicted, Olson, Gallagher, Buscher, Fargnoli, and Swati face up to 20 years in prison for the conspiracy count, as well as up to 20 years in prison for each wire fraud or mail fraud count. Each also face a period of supervised release, restitution, monetary penalties, and forfeiture. Olson faces up to five years in prison for each tax evasion count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

FDIC Office of Inspector General and IRS Criminal Investigation is investigating the case.

Assistant U.S. Attorney Rebecca G. Ross, and Assistant U.S. Attorney Joshua Gold of the District of Columbia, Senior Litigation Counsel Nanette Davis, and Trial Attorney Alexis Hughes of the Tax Division are prosecuting the case.

An indictment is merely an allegation, and the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

March 19, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation, Third Review under the Resilience and Sustainability Facility with Morocco

Source: IMF – News in Russian

March 18, 2025

The IMF Executive Board concluded the 2025 Article IV Consultation and approved the Third Review under the Resilience and Sustainability Facility (RSF) arrangement with Morocco, allowing for the immediate disbursement of SDR 375 million (about US$ 496 million).
The Moroccan economy continued to show resilience despite another year of drought, with real GDP growth projected to slow modestly to 3.2 percent in 2024 amid strong domestic demand. Growth is expected to accelerate over the medium term, driven by stronger investment and the continued structural reforms.
Saving part of the revenue windfall from tax reforms would help strengthen fiscal buffers and protect against future shocks; while a new strategy to sustainably boost jobs and improve market competition would help address the increased unemployment linked to job displacement in the agricultural sector.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded on March 17 the 2025 Article IV consultation^[1] with Morocco and completed the Third Review under the Resilience and Sustainability Facility (RSF) arrangement, which was approved in September 2023 (see PR 23/327). The completion of the Third Review allows the authorities to draw SDR 375 million (about US$ 496 million), bringing total disbursement under the RSF arrangement to SDR 937.5 million (about US$ 1.24 billion).

In 2024, the Moroccan economy was resilient to yet another year of drought. Robust domestic demand helped offset weak agricultural output and economic activity is expected to have slowed only modestly to 3.2 percent in 2024. The current account deficit widened somewhat, whereas unemployment remained elevated at about 13 percent, mainly reflecting the impact of job losses in the agricultural sector. GDP growth is expected to accelerate to about 3.7 percent over the next few years, supported by a new series of infrastructure projects and the continued implementation of the structural reform agenda.

Inflation decelerated further in 2024, mainly as the impact of supply shocks faded. This prompted Bank Al-Maghrib (BAM) to lower the policy rate twice in June and December. The dirham continued to move within the fluctuation band of ±5 percent.

The central government fiscal deficit improved more than envisaged in the 2024 Budget. The 2024 overall deficit closed at 4.1 percent of GDP, about 0.2 percent of GDP less than projected in the 2024 Budget. This reflects better-than-expected tax revenues that more than offset higher spending. The reform of the Organic Budget Law envisages the introduction of a new fiscal rule based on a medium-term debt anchor.

The implementation of the announced structural reform agenda has continued. Further steps were taken to restructure SOEs, operationalize the Mohammed VI Investment Fund, and implement the new Charter of Investment.

Morocco continued to make progress in bolstering its resilience to climate change under the RSF arrangement. Measures implemented under the third and final review of the RSF arrangement aim to better protect underground water resources, prepare the ground for a change in tariffication of water, improve the regulatory setting of the electricity market to encourage private sector’s production of renewable energy, and reinforce fiscal and financial systems’ resilience to climate change-related risks.

Following the Executive Board’s discussion on Morocco, Mr. Kenji Okamura, Deputy Managing Director and Acting Chair, issued the following statement:

“The Moroccan economy continued to show resilience to negative shocks, a testament to the country’s very strong economic policies and frameworks. Despite renewed drought conditions, economic activity slowed only modestly to an estimated 3.2 percent in 2024, down from 3.4 percent in 2023, thanks to robust domestic demand. GDP growth is expected to accelerate to about 3.7 percent over the next few years, driven by a new cycle of infrastructure projects and the continued implementation of the structural reform agenda. These reforms are essential to making growth stronger, more resilient, job-rich, and more inclusive.

“The RSF arrangement concluded with the implementation of six of the seven measures scheduled for the third and final review. These measures will help improve the management of scarce water resources, further liberalize the electricity sector, and address the climate risks on the stability of the fiscal position and the financial system. The gradual introduction of the carbon tax was not implemented as the authorities needed to undertake further analysis of its impact and deeper consultations with public and private stakeholders.”

Morocco: Selected Economic Indicators, 2020–30

Population: 36.8 million; 2024			Per capita GDP: $3,817; 2023
Quota: SDR 894.4 million			Poverty rate: 4.8 percent; 2013
Main exports: automobiles, phosphate and derivatives; 2023
Key export markets: France and Spain (42% of total trade); 2023
	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
					Proj.
Output (annual percent change)
Real GDP growth	-7.2	8.2	1.5	3.4	3.2	3.9	3.7	3.6	3.6	3.6	3.6
Real nonagricultural GDP growth	-7.2	7.0	3.2	3.6	4.1	3.7	3.7	3.7	3.7	3.7	3.7

Employment (percent)
Unemployment	11.9	12.3	11.8	13.0	13.3	13.2	12.9	12.4	12.1	11.9	11.8

Prices
Inflation (end of period)	-0.3	3.2	8.3	3.4	0.7	2.1	2.2	2.2	2.1	2.0	2.0
Inflation (period average)	0.7	1.4	6.6	6.1	0.9	2.2	2.3	2.2	2.1	2.0	2.0

Central government finances (percent of GDP) 1/
Revenue	27.0	25.1	28.4	27.9	30.1	30.4	29.4	28.1	28.1	28.1	28.1
Expenditure	34.1	31.0	33.8	32.3	34.2	34.3	32.8	31.4	31.3	31.2	31.2
Fiscal balance	-7.1	-5.9	-5.4	-4.5	-4.1	-3.9	-3.4	-3.3	-3.2	-3.1	-3.1
Public debt	72.2	69.4	71.5	69.5	70.0	68.9	67.7	66.8	66.2	65.6	65.1

Money and credit (annual percent change)
Broad money	8.4	5.1	8.0	4.0	7.9	4.6	4.6	4.6	4.6	4.6	4.6
Claims to the economy 2/	4.9	3.8	7.1	5.3	6.9	4.5	4.1	4.2	4.2	4.2	4.2
Balance of payments
Current account (percent of GDP)	-1.2	-2.3	-3.5	-0.6	-1.5	-2.0	-2.2	-2.6	-2.9	-3.1	-3.3
Exports of goods (in U.S. dollars, annual percent change)	-4.4	34.4	15.1	-0.5	8.6	6.6	7.3	6.9	6.8	6.7	6.7
Imports of goods (in U.S. dollars, annual percent change)	-12.0	32.1	21.9	-2.6	8.0	8.1	7.5	7.4	7.3	6.4	6.2
Merchandise trade balance (percent of GDP)	-12.8	-14.0	-20.2	-17.3	-17.3	-17.8	-18.0	-18.3	-18.6	-18.6	-18.5
FDI (percent of GDP)	0.8	1.1	1.2	0.2	0.7	1.4	1.5	1.6	1.6	1.7	1.7
Gross reserves (months of imports)	7.2	5.8	5.3	5.4	5.2	5.2	5.2	5.2	5.1	5.1	5.2
External Debt (percent of GDP)	54.2	45.5	46.9	50.2	47.8	49.2	50.0	50.9	50.2	54.0	57.3
Exchange rate
REER (annual average, percent change)	1.4	1.6	-3.2	0.9	…	…	…	…	…	…	…
Memorandum Items:
Nominal GDP (in billions of U.S. dollars)	121	142	131	144	155	166	177	188	199	212	225
Net imports of energy products (in billions of U.S. dollars)	-5.3	-8.4	-15.1	-12.0	-11.5	-12.1	-12.3	-12.8	-13.2	-13.7	-14.1
Local currency per U.S. dollar (period average)	9.5	9.0	10.2	10.1	9.9	…	…	…	…	…	…

Sources: Moroccan authorities; and Fund staff estimates.

–––––––––––

1/ Include grants.

2/ Includes credit to public enterprises.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Wafa Amr

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/03/18/pr-2568-morocco-imf-concludes-2025-art-iv-consult-3rd-review-under-rsf

MIL OSI

MIL OSI Russia News –

March 19, 2025

MIL-OSI: Last Year’s Average Tax Refund Was Over $3,000: Here’s Why You Should File Your Return Now

Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., March 18, 2025 (GLOBE NEWSWIRE) — With the tax return deadline just weeks away on April 15, experts say it’s essential to file as soon as possible. People may be delaying their filing due to confusion around IRS layoffs and uncertainty around if and when new tax proposals will pass. There is no reason to wait to file since these proposals will not impact the 2024 taxes you are filing now. The IRS will maintain essential operations throughout tax season − so why wait to get your refund?

A Media Snippet accompanying this announcement is available by clicking on this link.

Last tax season, the average tax refund was over $3,000. In fact, IRS latest filing statistics for week ending March 7, 2025 reports that refunds are up 5.7% over last year with an average refund amount of $3,324. With rising costs and current economic concerns, there’s no reason to delay. File your taxes now to get closer to your refund.

Whether you would like to file your taxes yourself or have a tax expert do your taxes for you, Intuit TurboTax provides a fast and stress-free tax filing solution for you. Thousands of TurboTax Live experts are available now to do your taxes from start to finish virtually or in person and take them off your plate.

Plus, if you used TurboTax Full Service last season, you can work with the same expert again this year.

The tax deadline is rapidly approaching, so no matter how you file, don’t wait and get your taxes done now!

Learn more at: turbotax.com

MEDIA CONTACT:
Lisa Greene-Lewis, lisa_greene-lewis@intuit.com

The MIL Network –

March 19, 2025
MIL-OSI: HP Turbocharges Partner Growth to Drive the Future of Work
Source: GlobeNewswire (MIL-OSI)

News Highlights
- HP unlocks growth with new compensation structure for commercial, retail and distribution partners
- Accelerates AI adoption with expansion of HP Amplify AI program
- Exceeds ambitious Amplify Impact targets and doubles sustainable RFP wins
NASHVILLE, Tenn., March 18, 2025 (GLOBE NEWSWIRE) — Today at the Amplify Conference, HP Inc. (NYSE: HPQ) announced new benefits through its Amplify™ partner program to help partners navigate the evolving demands of the future of work with smarter, more connected experiences. Enhancements include the launch of the Amplify SuperPower Booster, an upgraded compensation structure that rewards portfolio-wide HP sales and supports flexible technology solutions. HP is also expanding the Amplify AI program with new resources and use cases to help partners accelerate adoption. Additionally, the HP Amplify Impact sustainability program surpassed its 2025 enrollment targets, with participating partners seeing an increase in request for proposal (RFP) win rates.

“In today’s fast-changing technology landscape, HP’s commitment to empowering our partners for success in the future of work is more important than ever,” said Kobi Elbaz, Senior Vice President and General Manager of Global Revenue Operations at HP. “AI-powered solutions are transforming productivity, enabling more fulfilling work experiences, helping customers solve challenges with greater efficiency, creativity, and impact.”

HP Partner Program Evolves for Long-Term Growth
HP is dedicated to shaping the future of work by enhancing partner experiences and fostering positive customer outcomes, powered by the strength of HP’s AI-enabled portfolio of products and solutions. To create new opportunities for HP Amplify partners to grow and stay ahead of evolving market needs, HP has introduced the Amplify SuperPower Booster, an enhancement to the compensation structure of the HP Amplify partner program. This initiative rewards both commercial, distribution and retail partners for selling across the HP portfolio.

In 2023, HP introduced the More for More benefit, a rate multiplier that boosts sales and compensation for qualified partners. Building on More for More, HP is expanding the initiative to include the entire portfolio of HP products and solutions under the new structure. This new initiative will launch on May 1 for commercial partners, with a rollout for retail and distribution partners later this year.

For partners with specialized businesses, HP will continue to reward the unique value and capabilities their expertise brings to the market.

Expansion of HP Amplify AI Program Drives AI Adoption and Upskilling
Today HP announced the expansion of its HP Amplify AI program including new customer use cases, instant access to AI experts and personalized AI pathways and training modules including the HP NVIDIA Technical Sales Strategy AI Workstation MasterClass for advanced AI knowledge.

In addition, HP introduced a new tailored and condensed training path for partner executives, covering various AI-focused topics and featuring short video use cases that highlight the tangible business benefits of AI. These concise and practical resources enable executives to make informed decisions and facilitate discussions with customers that drive positive outcomes.

Through collaboration with Alliance Partners and the comprehensive education opportunities offered, HP reaffirms its commitment to lead in AI innovation and partner enablement, delivering effective solutions to customers worldwide. As the demand for AI continues to rise, HP remains at the forefront, empowering businesses to unlock the full potential of AI technologies.

Enhancing Productivity and Partner Experience
HP is continuously expanding its suite of AI-powered tools, including chatbots, to create positive experiences for partners. To further improve efficiency and streamline business processes, HP has outlined a two-year roadmap aimed at transforming the HP Partner Portal into a more comprehensive digital platform that leverages AI technologies. As part of this initiative, HP plans to launch a Partner AI Assistant to facilitate faster digital interactions, simplify onboarding, personalize user experiences, and provide real-time support, among other benefits.

HP Amplify Impact Surpasses Participation Goals and Doubles Sustainable Sales
Since 1939, HP has been committed to driving meaningful Sustainable Impact. In 2021, the company launched HP Amplify Impact, the IT industry’s first sustainability program for channel partners, which has now exceeded its goal of enrolling 50 percent of Amplify partners by 2025.

As sustainability becomes a key factor in evolving customer requirements, HP is equipping partners to meet legislative and customer demands. The HP Amplify Impact program offers best-in-class assessments, resources, and training to support partners on their sustainability journey. Participating partners have seen a 70 percent increase win rate, leading to a twofold increase in sustainable sales year over year.

With partner capabilities expanding, HP has shifted the program’s focus from helping partners develop sustainability plans to addressing customer needs and enhancing business growth with a positive environmental impact. This strategic shift aims to further empower partners to thrive in a competitive market while maintaining a commitment to sustainability.

More from Amplify Partner Conference
Follow all the latest news and announcements from the 2025 Amplify Conference, visit the HP Newsroom or follow us on social:
- Follow @HP on LinkedIn, X and Instagram
- Follow @Enrique Lores on LinkedIn
- Follow #HPAmplify across social platforms for the latest updates
About HP Amplify
HP Amplify is an industry leading global ¹ partner program optimized for dynamic partner growth and to deliver consistent end customer experiences and positive outcomes. It delivers a simplified and easy-to-navigate global structure, which rewards partners based on three pillars: performance, collaboration, and capabilities. Since the launch of HP Amplify, HP has expanded the program with Amplify Data Insights, Amplify Retail, Amplify Online, Amplify Impact and HP Amplify AI.

About HP
HP Inc. is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit http://www.hp.com.

Resources:

¹ All geographic markets apart from Greater China

The MIL Network –
March 19, 2025
MIL-OSI Security: Security News: Wealthy Miami Man Pleads Guilty to Decades-Long Scheme to Defraud the IRS

Source: United States Department of Justice 2

A Miami man pleaded guilty yesterday to conspiring with others to defraud the United States by concealing millions of dollars in assets and income in undisclosed Swiss bank accounts.

According to court documents and statements made in court, between 1985 and 2020, Dan Rotta hid more than $20 million in assets in dozens of secret Swiss accounts at five different Swiss banks, including UBS, Credit Suisse, Bank Bonhôte, and Bank Julius Baer. The accounts were held in his own name, in the names of sham structures, and, in one instance, a pseudonym. Over the years, Rotta earned tens of millions of dollars of income from these assets that he did not report on his tax returns and that he used to fund his lavish lifestyle. He caused a substantial tax loss to the IRS.

Rotta employed increasingly elaborate schemes to keep his accounts hidden. Over the years, he kept his accounts open, in part, by falsely representing that he was not a U.S. citizen, leveraging his Brazilian citizenship to claim he was a Brazilian citizen residing in Brazil.

Starting in 2008, after it was reported publicly that UBS and its bankers were under criminal investigation for helping U.S. taxpayers evade their taxes, Rotta closed his UBS account and moved his funds to Credit Suisse and Bank Bonhôte.

In 2011, after the IRS obtained records related to one of Rotta’s Swiss accounts, Rotta nominally changed the documentation of his accounts at Credit Suisse and Bank Bonhôte to make it appear that his co-conspirator, a Brazilian national and resident, owned the assets in the accounts. Despite the change, Rotta continued to control the assets and transferred millions of dollars out of those accounts for his use.

Shortly after Rotta changed the account documentation, the IRS began auditing Rotta. During the audit, Rotta falsely denied that he owned the assets in the foreign financial accounts and, instead, claimed that the millions of dollars he withdrew from the accounts were non-taxable loans from foreign nationals. Rotta provided the IRS with fake promissory notes and false affidavits from the foreign nationals to corroborate his claims. During the audit, Rotta continued to use the funds in his foreign accounts to fund his lifestyle in the United States, but to conceal his use of the funds from the IRS, he often routed transfers from his foreign accounts through nominee accounts and attorney trust fund accounts in the United States.

The IRS did not believe Rotta’s story and assessed millions of dollars of additional taxes as well as penalties and interest against him. Rotta sought to reverse the assessments by filing a false petition in U.S. Tax Court. In that petition, Rotta, through his attorney, falsely denied having any foreign accounts and attached fictitious loan documents. Furthermore, the nominee account owners traveled to the United States to retell the false loan story to IRS attorneys.

In 2017, after Rotta presented evidence that the purported loans had been repaid, the IRS reversed the deficiencies and agreed that Rotta owed no additional tax. Unbeknownst to the IRS, however, the “loan repayments” were fake: the funds that Rotta purportedly repaid went back into accounts that Rotta controlled shortly after the IRS dismissed the suit. Also as part of the conspiracy, Rotta had his U.S.-based attorneys create sham trust structures that he used to transfer his assets to the United States without alerting the IRS. On paper, it appeared that Rotta’s co-conspirator funded the trusts for Rotta’s benefit. In reality, Rotta funded the trusts with transfers from Swiss accounts.

In 2019, Rotta became aware that the IRS would receive additional account records from Switzerland that contradicted the false claims that he had previously made. To avoid criminal liability, Rotta applied to participate in the IRS’s voluntary disclosure practice. Under that practice, taxpayers who failed to comply with their tax and reporting obligations can make timely, accurate, and complete disclosures of their conduct, which may offer a path to resolve their non-compliance and limit their criminal exposure. Rotta made false statements in his submission, including falsely claiming that the assets in the Swiss accounts mostly belonged to others, and that any funds provided to Rotta were non-taxable gifts. Rotta also claimed that the nominee account owner gifted Rotta money because the nominee had no children to benefit from the funds. In fact, the nominee had two children.

Rotta is scheduled to be sentenced on June 4. He faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Hayden O’Byrne for the Southern District of Florida, and Executive Special Agent in Charge Kareem Carter of IRS Criminal Investigation (IRS-CI)’s Washington, D.C., Field Office made the announcement.

Special Agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., and dedicated to uncovering international tax crimes, is investigating the case.

Senior Litigation Counsels Sean Beaty and Mark Daly and Trial Attorneys Patrick Elwell and William Montague of the Tax Division, as well as Senior Litigation Counsel Christopher J. Clark for the Southern District of Florida, are prosecuting the case.

MIL Security OSI –

March 19, 2025
MIL-OSI Security: Wealthy Miami Man Pleads Guilty to Decades-Long Scheme to Defraud the IRS

Source: United States Attorneys General 13

A Miami man pleaded guilty yesterday to conspiring with others to defraud the United States by concealing millions of dollars in assets and income in undisclosed Swiss bank accounts.

According to court documents and statements made in court, between 1985 and 2020, Dan Rotta hid more than $20 million in assets in dozens of secret Swiss accounts at five different Swiss banks, including UBS, Credit Suisse, Bank Bonhôte, and Bank Julius Baer. The accounts were held in his own name, in the names of sham structures, and, in one instance, a pseudonym. Over the years, Rotta earned tens of millions of dollars of income from these assets that he did not report on his tax returns and that he used to fund his lavish lifestyle. He caused a substantial tax loss to the IRS.

Rotta employed increasingly elaborate schemes to keep his accounts hidden. Over the years, he kept his accounts open, in part, by falsely representing that he was not a U.S. citizen, leveraging his Brazilian citizenship to claim he was a Brazilian citizen residing in Brazil.

Starting in 2008, after it was reported publicly that UBS and its bankers were under criminal investigation for helping U.S. taxpayers evade their taxes, Rotta closed his UBS account and moved his funds to Credit Suisse and Bank Bonhôte.

In 2011, after the IRS obtained records related to one of Rotta’s Swiss accounts, Rotta nominally changed the documentation of his accounts at Credit Suisse and Bank Bonhôte to make it appear that his co-conspirator, a Brazilian national and resident, owned the assets in the accounts. Despite the change, Rotta continued to control the assets and transferred millions of dollars out of those accounts for his use.

Shortly after Rotta changed the account documentation, the IRS began auditing Rotta. During the audit, Rotta falsely denied that he owned the assets in the foreign financial accounts and, instead, claimed that the millions of dollars he withdrew from the accounts were non-taxable loans from foreign nationals. Rotta provided the IRS with fake promissory notes and false affidavits from the foreign nationals to corroborate his claims. During the audit, Rotta continued to use the funds in his foreign accounts to fund his lifestyle in the United States, but to conceal his use of the funds from the IRS, he often routed transfers from his foreign accounts through nominee accounts and attorney trust fund accounts in the United States.

The IRS did not believe Rotta’s story and assessed millions of dollars of additional taxes as well as penalties and interest against him. Rotta sought to reverse the assessments by filing a false petition in U.S. Tax Court. In that petition, Rotta, through his attorney, falsely denied having any foreign accounts and attached fictitious loan documents. Furthermore, the nominee account owners traveled to the United States to retell the false loan story to IRS attorneys.

In 2017, after Rotta presented evidence that the purported loans had been repaid, the IRS reversed the deficiencies and agreed that Rotta owed no additional tax. Unbeknownst to the IRS, however, the “loan repayments” were fake: the funds that Rotta purportedly repaid went back into accounts that Rotta controlled shortly after the IRS dismissed the suit. Also as part of the conspiracy, Rotta had his U.S.-based attorneys create sham trust structures that he used to transfer his assets to the United States without alerting the IRS. On paper, it appeared that Rotta’s co-conspirator funded the trusts for Rotta’s benefit. In reality, Rotta funded the trusts with transfers from Swiss accounts.

In 2019, Rotta became aware that the IRS would receive additional account records from Switzerland that contradicted the false claims that he had previously made. To avoid criminal liability, Rotta applied to participate in the IRS’s voluntary disclosure practice. Under that practice, taxpayers who failed to comply with their tax and reporting obligations can make timely, accurate, and complete disclosures of their conduct, which may offer a path to resolve their non-compliance and limit their criminal exposure. Rotta made false statements in his submission, including falsely claiming that the assets in the Swiss accounts mostly belonged to others, and that any funds provided to Rotta were non-taxable gifts. Rotta also claimed that the nominee account owner gifted Rotta money because the nominee had no children to benefit from the funds. In fact, the nominee had two children.

Rotta is scheduled to be sentenced on June 4. He faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Hayden O’Byrne for the Southern District of Florida, and Executive Special Agent in Charge Kareem Carter of IRS Criminal Investigation (IRS-CI)’s Washington, D.C., Field Office made the announcement.

Special Agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., and dedicated to uncovering international tax crimes, is investigating the case.

Senior Litigation Counsels Sean Beaty and Mark Daly and Trial Attorneys Patrick Elwell and William Montague of the Tax Division, as well as Senior Litigation Counsel Christopher J. Clark for the Southern District of Florida, are prosecuting the case.

MIL Security OSI –

March 19, 2025
MIL-OSI USA: Wealthy Miami Man Pleads Guilty to Decades-Long Scheme to Defraud the IRS

Source: US State of North Dakota

A Miami man pleaded guilty yesterday to conspiring with others to defraud the United States by concealing millions of dollars in assets and income in undisclosed Swiss bank accounts.

According to court documents and statements made in court, between 1985 and 2020, Dan Rotta hid more than $20 million in assets in dozens of secret Swiss accounts at five different Swiss banks, including UBS, Credit Suisse, Bank Bonhôte, and Bank Julius Baer. The accounts were held in his own name, in the names of sham structures, and, in one instance, a pseudonym. Over the years, Rotta earned tens of millions of dollars of income from these assets that he did not report on his tax returns and that he used to fund his lavish lifestyle. He caused a substantial tax loss to the IRS.

Rotta employed increasingly elaborate schemes to keep his accounts hidden. Over the years, he kept his accounts open, in part, by falsely representing that he was not a U.S. citizen, leveraging his Brazilian citizenship to claim he was a Brazilian citizen residing in Brazil.

Starting in 2008, after it was reported publicly that UBS and its bankers were under criminal investigation for helping U.S. taxpayers evade their taxes, Rotta closed his UBS account and moved his funds to Credit Suisse and Bank Bonhôte.

In 2011, after the IRS obtained records related to one of Rotta’s Swiss accounts, Rotta nominally changed the documentation of his accounts at Credit Suisse and Bank Bonhôte to make it appear that his co-conspirator, a Brazilian national and resident, owned the assets in the accounts. Despite the change, Rotta continued to control the assets and transferred millions of dollars out of those accounts for his use.

Shortly after Rotta changed the account documentation, the IRS began auditing Rotta. During the audit, Rotta falsely denied that he owned the assets in the foreign financial accounts and, instead, claimed that the millions of dollars he withdrew from the accounts were non-taxable loans from foreign nationals. Rotta provided the IRS with fake promissory notes and false affidavits from the foreign nationals to corroborate his claims. During the audit, Rotta continued to use the funds in his foreign accounts to fund his lifestyle in the United States, but to conceal his use of the funds from the IRS, he often routed transfers from his foreign accounts through nominee accounts and attorney trust fund accounts in the United States.

The IRS did not believe Rotta’s story and assessed millions of dollars of additional taxes as well as penalties and interest against him. Rotta sought to reverse the assessments by filing a false petition in U.S. Tax Court. In that petition, Rotta, through his attorney, falsely denied having any foreign accounts and attached fictitious loan documents. Furthermore, the nominee account owners traveled to the United States to retell the false loan story to IRS attorneys.

In 2017, after Rotta presented evidence that the purported loans had been repaid, the IRS reversed the deficiencies and agreed that Rotta owed no additional tax. Unbeknownst to the IRS, however, the “loan repayments” were fake: the funds that Rotta purportedly repaid went back into accounts that Rotta controlled shortly after the IRS dismissed the suit. Also as part of the conspiracy, Rotta had his U.S.-based attorneys create sham trust structures that he used to transfer his assets to the United States without alerting the IRS. On paper, it appeared that Rotta’s co-conspirator funded the trusts for Rotta’s benefit. In reality, Rotta funded the trusts with transfers from Swiss accounts.

In 2019, Rotta became aware that the IRS would receive additional account records from Switzerland that contradicted the false claims that he had previously made. To avoid criminal liability, Rotta applied to participate in the IRS’s voluntary disclosure practice. Under that practice, taxpayers who failed to comply with their tax and reporting obligations can make timely, accurate, and complete disclosures of their conduct, which may offer a path to resolve their non-compliance and limit their criminal exposure. Rotta made false statements in his submission, including falsely claiming that the assets in the Swiss accounts mostly belonged to others, and that any funds provided to Rotta were non-taxable gifts. Rotta also claimed that the nominee account owner gifted Rotta money because the nominee had no children to benefit from the funds. In fact, the nominee had two children.

Rotta is scheduled to be sentenced on June 4. He faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Hayden O’Byrne for the Southern District of Florida, and Executive Special Agent in Charge Kareem Carter of IRS Criminal Investigation (IRS-CI)’s Washington, D.C., Field Office made the announcement.

Special Agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., and dedicated to uncovering international tax crimes, is investigating the case.

Senior Litigation Counsels Sean Beaty and Mark Daly and Trial Attorneys Patrick Elwell and William Montague of the Tax Division, as well as Senior Litigation Counsel Christopher J. Clark for the Southern District of Florida, are prosecuting the case.

MIL OSI USA News –

March 19, 2025
MIL-OSI USA: Grassley Announces Promotion of IRS Whistleblowers Gary Shapley and Joseph Ziegler

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

BUTLER COUNTY, IOWA – At the urging of U.S. Sen. Chuck Grassley (R-Iowa), the U.S. Department of Treasury has agreed to promote Internal Revenue Service (IRS) whistleblowers Gary Shapley and Joseph Ziegler to leadership positions at Treasury Headquarters in Washington, D.C.

Under the Biden administration, Shapley and Ziegler were issued an illegal gag order and persistently retaliated against for exposing the Biden IRS and Department of Justice (DOJ)’s obstruction of the federal criminal investigation into Hunter Biden’s tax offenses. Grassley wrote President Donald Trump last month urging the President to support Shapley and Ziegler and hold their retaliators accountable. On February 25, Grassley sent a private letter to U.S. Treasury Secretary Scott Bessent commending Shapley and Ziegler’s “bravery, courage, expertise and integrity” and requesting Bessent take action to place Shapley and Ziegler in leadership positions. Today’s announcement is a result of Grassley’s direct request.

“As I noted in my letter to Secretary Bessent last month, if we reinstate whistleblowers who have been retaliated against, it will send a clear signal that pointing out wrongdoing is an honorable thing to do. It will help change the culture of our bureaucracy. I’m very grateful to Secretary Bessent for supporting Gary and Joe, and I have no doubt they will be a boon to the Treasury Department in their new roles,” Grassley said. “Gary Shapley and Joe Ziegler put their entire careers on the line to stand up for the truth, and instead of being thanked, the Biden administration treated them like skunks at a picnic. Far too many whistleblowers share a similar experience of retaliation. I hope today is the first of many redemption stories for whistleblowers who’ve been mistreated. By taking a stand for whistleblowers, President Trump and his cabinet are ushering in a new era of transparency and accountability.”

“I am pleased to welcome Gary Shapley and Joseph Ziegler to the Treasury Department, where they will help us drive much-needed cultural reform within the IRS,” Bessent said. “These veteran civil servants join us to help further the agency’s focus on collections, modernization, and customer service, so we can deliver a more effective and efficient IRS experience for hardworking American taxpayers. I appreciate Senator Grassley’s efforts in Congress to support whistleblower protections in order to improve transparency, accountability and root out the culture of retaliation.”

“We are enormously grateful to Secretary Bessent, Senator Grassley, and all of the members of Congress for their leadership and trust,” Shapley and Ziegler said. “We have been motivated by one singular mantra: do what’s right, and do it the right way. It has not been easy, but having a clear conscience is worth the effort. We appreciate the opportunity Secretary Bessent is giving us to put our experience and firsthand knowledge to good use for the American people to eliminate waste and reform the IRS.”

Background:

Grassley first began investigating the Biden family in 2019, issuing two reports on his findings. While questioning then-Attorney General Merrick Garland in the Senate Judiciary Committee in March 2023, Grassley exposed, for the first time ever, that Special Counsel David Weiss’ investigation into Hunter Biden was not fully insulated from political interference. That exchange opened the door for new whistleblower disclosures to Congress about political decision-making in the Weiss investigation.

In June 2023, Grassley wrote to the DOJ Office of the Inspector General, the Treasury Inspector General for Tax Administration and the IRS requesting an investigation into allegations of retaliation against Shapley and Ziegler and IRS attempts to silence the whistleblowers through the use of an unlawful nondisclosure agreement (gag order). In July 2023, Grassley also requested the Office of Special Counsel (OSC) take appropriate disciplinary actions against all employees who engaged in unlawful retaliation and attempts to silence Shapley and Ziegler. In response, OSC confirmed it had opened an investigation into the whistleblower retaliation allegations. Further, the IRS updated its nondisclosure agreement to clarify whistleblowers’ right to make legally protected disclosures to Congress.

Grassley once again wrote the IRS in April 2024 to push for corrective action against employees who continued to retaliate against Shapley and Ziegler for making legally protected disclosures to Congress. He also highlighted Shapley and Ziegler’s courageous work in a letter to President Trump requesting the President hold a Rose Garden Ceremony to honor and thank whistleblowers.

Grassley is the current chairman of the Senate Judiciary Committee, and a senior member and former chairman of the Senate Finance Committee. He is also the creator of the modern-day IRS Whistleblower Program, which has since brought back over $6 billion to the U.S. Treasury.

-30-

MIL OSI USA News –

March 19, 2025
MIL-OSI: Shaping the Future of Work: HP Amplify 2025
Source: GlobeNewswire (MIL-OSI)

News Highlights
- Brings world’s largest portfolio of AI PCs to the mainstream¹ with new HP EliteBooks, HP EliteDesks, and HP OmniBooks – delivering smarter workflows and incredible productivity.
- Launches the world’s first printers that protect against quantum computer attacks² with the HP LaserJet Enterprise 8000 Series Printers for enhanced hardware security.
- Enhances AI-powered insights in Workforce Experience Platform (WXP) to improve IT and employee experiences.
- Optimizes gameplay with OMEN AI on the new OMEN 16 Slim Gaming Laptop, and HyperX Cloud III S Wireless Gaming Headset delivers unmatched immersive audio experiences.
NASHVILLE, Tenn., March 18, 2025 (GLOBE NEWSWIRE) — At its annual Amplify Conference, HP Inc. (NYSE: HPQ) today announced new products and services designed to shape the future of work, empowering people and businesses to create and manage their own way of working. The company unveiled more than 80 PCs, AI-powered print tools for SMBs, and Workforce Experience Platform enhancements all built to drive company growth and professional fulfillment.

“HP is translating AI into meaningful experiences that drive growth and fulfillment,” said Enrique Lores, President and CEO at HP Inc. “We are shaping the future of work with game-changing AI innovations that seamlessly adapt to how people want to work.”

Leading the Future of Work

HP’s 2024 Work Relationship Index reports that only 28 percent of workers have a healthy relationship with work. Companies and people are seeking better work experiences and new advancements in technology – from seamless device connectivity to AI applications – that can help people work faster, think more creatively, and connect on a deeper level.

With customers looking to refresh their devices to Windows 11,³ HP is supercharging its PCs to take advantage of the latest technologies available with select models qualifying as Copilot+ PCs, ⁴ so work doesn’t feel like work:
- The HP EliteBook 8 Series is masterfully redesigned with mainstream enterprise workers in mind, delivering AI-powered productivity and seamless collaboration in a repairable and upgradeable package. With NPU options up to 50 TOPS, experience up to 224% better power efficiency and up to 43 times faster AI image generation for incredible performance gains versus previous non-NPU models.⁵
- The HP EliteDesk 8 Series brings AI powerfully and securely to the company’s desktop portfolio. These devices are ideal for corporate project managers and workers who need a reliable PC that can manage even the most demanding projects for smarter workflows and productivity. This is the world’s first business desktop PC portfolio to protect against quantum computer hacks,⁶ combining high performance with lower power consumption to reduce costs.
- The HP EliteStudio 8 AiO G1i is the perfect tool for an on-the-go employee constantly moving around the office. As the world’s first commercial PC with integrated KVM ability through HP Device Switch,⁷ an employee can use the all-in-one for work or quickly plug their laptop into the AIO with a single cable to power the notebook and access all the available peripherals.
- The OmniBook X Series is designed for creators who need a PC that adapts to their workflow, whether it be a svelte 14-inch flip device to ideate and draw, or a powerhouse clamshell 17.3-inch PC to power through their larger-than-life creations. The OmniBook 7 Series is built for power users on their PC for all-day productivity for school or work. And the OmniBook 5 Series is ideal for families and students with a versatile design that’s built for streaming, light gaming, and personal productivity. Devices across the consumer notebook portfolio are offered in a variety of sizes with powerful Intel Ultra or AMD Ryzen™ processors.
HP is also delivering powerful new AI software experiences to complement this next generation of AI PCs. Qualifying consumer and commercial devices from HP are equipped with exclusive software designed to transform how people work in the office, at home, and everywhere in between:
- HP AI Companion is an advanced on-device AI research assistant that delivers instant answers and secured file analysis, even without an internet connection.⁸^,⁹ New features planned for this Spring include intuitive voice and text commands and built-in keylogger protections to enhance productivity while keeping data secure on the device.
- HP Go¹⁰ plans to deliver seamless global connectivity for highly mobile professionals. With automatic network switching regardless of carrier, advanced fleet management, and effortless setup, road warriors can connect and be productive wherever work takes them. The HP Go service option will first be available on the HP EliteBook 6 G1q powered by Snapdragon X Series, making it the world’s first AI PC with zero-touch multi-carrier 5G deployment.¹¹
- Poly Camera Pro newest features make virtual interactions and video conferencing more dynamic and engaging, with AI-powered features like Magic Background, seamless streaming integrations, and presenter overlays.¹² Multi-camera support, customizable aesthetics, and auto-framing transforms any workspace into a professional studio experience.
HP is changing the way customers print and manage documents, making it easier and more efficient with new features and technology:
- Two new features to its collection of AI-powered tools that help SMBs simplify and enhance the print experience. The first feature streamlines the process of sharing scanned documents by using AI to summarize them and draft an email with the document attached, allowing for easy sharing via email or chat. The second feature offers automatic and guided redaction to safeguard sensitive information, ensuring that private data remains secure on HP devices without requiring a cloud connection. These innovations aim to reduce the complexity and enhance the security of document handling for small businesses.
- The HP LaserJet Enterprise 8000 Series Printers are the world’s first printers that protect against quantum computer attacks². They provide enhanced hardware-level security for highly regulated organizations that rely on secure printing, ensuring protection against future quantum computer attacks while seamlessly integrating with Zero Trust architectures.
- The HP Latex R530 Printer is the only compact all-in-one HP Latex printer¹³, capable of handling both rigid and flexible media. Its digital operation simplifies workflows and maximizes space, boosting efficiency. It helps small and medium-sized print shops (PSPs) meet customer demands with high-quality prints and impressive output.
HP provides IT with valuable insights that empower employees to thrive with HP Workforce Experience Platform (WXP)¹⁴ enhancements and expanded availability. New features include:
- AI Sentiment Analysis now includes AI capabilities to assess and improve employee experience by analyzing thousands of free text surveys.
- Fleet Explorer is a new AI-powered natural language processing (NLP) tool lets users query fleet data instantly for insights.
- Vyopta Integration¹⁵ enables HP and Vyopta customers to now check on the overall health of their organization’s collaboration environment in WXP.
- Pre-built scripts, alerts and dashboards help organizations monitor fleets, automate workflows.
Shaping the Future in Play

Technology can also offer people a smooth transition from work into play. According to Mohamed Ala Saayed, Senior Program Director & Fellow, Frost & Sullivan, “About 60% of gaming PCs owners likely use their systems for work-related activities in addition to gaming.”¹⁶

New gaming hardware across OMEN and HyperX delivers meaningful performance and personalization for the ultimate in gameplay:
- The OMEN 16 Slim Gaming Laptop redefines portable gaming with its ultra-thin design to game anywhere. The PC delivers next-level performance with up to Intel^® Core™ Ultra 9 285H processors,¹⁷ and comes with up to an NVIDIA^® GeForce RTX™ 5070 Laptop GPU for next-level graphics fidelity.
- The OMEN Transcend 14 Gaming Laptop is refreshed to deliver the same powerful CPU and GPU performance as the OMEN 16 Slim for gamers and creators on the go, bringing 25% more power.¹⁸
- OMEN AI is a personalized, one-click solution that recommends the best system, hardware, and gaming settings based on each unique device and game to eliminate endless tinkering. Accessible within OMEN Gaming Hub, OMEN AI is available on all HP gaming and consumer PCs.
- The HyperX Cloud III S Wireless Gaming Headset delivers unmatched comfort and immersive audio for up to 120 hours of battery life in 2.4GHz and up to 200 hours in Bluetooth mode on a single charge.¹⁹ HyperX-tuned acoustics ensure crystal-clear audio and the durable yet flexible design, boom and boomless mic options, and customizable earcup plates let gamers play longer, sound better, and do it in style.²⁰
HP Amplify Newsroom
For all the latest HP Amplify Partner Conference news and updates, visit the HP Newsroom including the just released Threat Research Report press release and news from the Advanced Compute Solutions business. More news posting at 2 p.m. ET and 4 p.m. ET.
- Follow @HP on LinkedIn, X, and Instagram
- Follow @Enrique Lores on LinkedIn
- Follow #HPAmplify across social platforms for the latest updates
About HP
HP Inc. is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit http://www.hp.com.

¹ Based on HP’s internal analysis of AI-enabled platforms across all commercial PC and consumer PC vendors as of March 2025. “AI PC” is defined as a PC with an integrated Neural Processing Unit (NPU) designed to accelerate AI workloads, regardless of TOPS count.
Comparison includes commercially and consumer available AI PCs available in the market.
² Based on HPs internal analysis of business Printers with preinstalled encryption, authentication, malware protection, post-quantum digital signature, and initial BIOS firmware integrity protection with automatic self-healing recovery finding that no other in-class Printers implement a quantum-resistant cryptographic scheme to protect the integrity of the BIOS and firmware as of March 2025.
³ Not all features are available in all editions or versions of Windows. Systems may require upgraded and/or separately purchased hardware, drivers, software or BIOS update to take full advantage of Windows functionality. Windows is automatically updated and enabled. High speed internet and Microsoft account required. ISP fees may apply and additional requirements may apply over time for updates. See http://www.windows.com.
⁴ On some devices, some Copilot+ PC experiences require free updates continuing to roll out through early 2025. Timing varies by device and region. See aka.ms/copilotpluspcs. Copilot is not available in China, Russia, Belarus, and embargoed regions Cuba, Iran, North Korea, and Crimea.
⁵ Based on image generation with NPU vs. non-NPU processor using Amuse software generating a 1024 x 1024 pixel image from the same text prompt repeatedly until battery depletion to determine power efficiency. Configurations tested: HP EliteBook 8 G1a AI with AMD Ryzen AI PRO 350 and 32GB RAM vs. HP EliteBook 845 G10 with AMD Ryzen 7 PRO 7840U and 32GB RAM. Results may vary
⁶ Based on HPs internal analysis of business PCs with preinstalled encryption, authentication, malware protection, BIOS-level protection and passing MIL-STD testing, finding that no other in-class PC implements a quantum-resistant cryptographic scheme to protect the integrity of UEFI BIOS firmware as of February 2024. Requires Windows 10 or higher. For supported HP PCs with the latest HP Endpoint Security Controller. See https://h20195.www2.hp.com/v2/GetDocument.aspx?docname=4AA8-3644ENW.
⁷ Optional feature must be configured at the time of purchase.
⁸ HP AI Companion is available preloaded on select HP next gen AI PCs or is available for download from the Microsoft store and requires a HP next gen AI PC with a NPU supporting 40-60 TOPS with 16 GB or more of storage and requires Windows 11. Perform requires account set up within 30 days of PC boot or enrollment through the HP AI Companion app. Some features require customer upload of local data. Ten (10) library 100 MB limit each, supported files may vary and at launch include pdf, .txt., .docx files. For ‘On device’ AI use, your HP Next Gen AI PC requires 32GB RAM and will require up to 4.5 GB storage on your PC. “On device” mode uses a downloaded LLM Phi 3.5 to process queries locally and does not require an internet connection. “Cloud” mode uses GPT-4o to process queries online and requires an internet connection. Spotlight and voice capability expected availability in Spring 2025 Availability varies by region.
⁹ HP AI Companion requires an HP Next Gen AI PC with a NPU supporting 40-60 TOPS and requires Windows 11. For ‘On device’ AI use, your HP Next Gen AI PC requires 32 GB RAM and will require up to 4.5 GB storage on your PC.
¹⁰ HP Go integrates pre-embedded carrier profiles, pre-activation processes, and pre-configured APNs at the factory, enabling seamless out-of-the-box connectivity. Requires 5G module and Windows support for carrier profile management and network selection. North America subscription service ONLY. Available in Spring 2025.
¹¹ Zero-touch multi-carrier 5G deployment is the ability to automatically onboard and activate 5G connectivity across multiple carriers without requiring manual carrier selection, IT-managed profile provisioning, or traditional enterprise (STD) onboarding methods. Unlike standard WWAN and eSIM-based setups, HP Go integrates pre-embedded carrier profiles, pre-activation processes, and pre-configured APNs, enabling automatic connection to the fastest available network. North America subscription service ONLY. Available in Spring 2025.
¹² Requires myHP application and Windows OS.
¹³ Based on internal HP testing.
¹⁴ HP Workforce Experience Platform (WXP) is available in various tiers with optional add-on solutions in various term licenses. WXP is for commercial customers and some features and capabilities may require additional purchase of HP Services and/or commercial hardware supporting the HP Insights agent for Windows, Mac, & Android available for download at https://workforceexperience.hp.com/software.admin.hp.com/software. For full system requirements and services that require the agent, please visit https://workforceexperience.hp.com/requirements. Activation and restrictions may apply. The agent collects telemetry and analytics around devices and applications that integrate into the Workforce Experience platform and is not sold as a standalone service. The agent is ISO27001, ISO27701, ISO27017 and SOC2 Type2 certified for Information Security.
¹⁵ HP Vyopta license required for collaboration technology monitoring
¹⁶ March 2025. Mohamed Alaa Saayed, Senior Program Director & Fellow, Frost & Sullivan. 60% of gaming PCs are split between 55% desktop and 65% laptop users.
¹⁷ Multi-core is designed to improve performance of certain software products. Not all customers or software applications will necessarily benefit from use of this technology. Performance and clock frequency will vary depending on application workload and your hardware and software configurations. Intel’s numbering, branding and/or naming is not a measurement of higher performance. Intel, Core, and the Intel logo are trademarks and/or registered trademarks of Intel Corporation in the U.S. and other countries.
¹⁸All performance specifications represent the typical specifications provided by HP’s component manufacturers; actual performance may vary either higher or lower. Total processors power = Total GPU power plus total thermal power.
¹⁹ Tested at 50% headphone volume, continuous playback. Using 2.4GHz mode, the headset has a battery life of up to 120 hours. Using Bluetooth mode, the headset has a battery life of up to 200 hours. Actual battery life will vary with use and maximum battery capacity will naturally decrease with time and usage.
²⁰ Earcup plates sold separately. Available in select countries/regions.

The MIL Network –
March 19, 2025
MIL-OSI: Basis Climate facilitates transfer of multiple solar and wind Production Tax Credits (PTCs) for ACCIONA Energía

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) — Basis Climate, a leading facilitator of clean energy tax credit transfers, announces the successful transfer of Production Tax Credits (PTCs) across three transactions on behalf of ACCIONA Energía, a subsidiary of ACCIONA, a global leader in the development and management of infrastructure, water, services, and renewable energies.

The transferred credits were generated by ACCIONA Energía’s Fort Bend, Red-Tailed Hawk, Green Pastures I, and Green Pastures II facilities located in Texas. Fort Bend is a 240MWac solar project, while the larger Red-Tailed Hawk is a 350MWac solar farm. Green Pastures I and Green Pastures II, two wind farms with combined capacity of 300MWac, were acquired by ACCIONA in November 2024. These four projects, alongside three wind farms in Cameron County, and the Cunningham Battery Storage System located in Hunt County, Texas represent the company’s commitment to continued renewable energy investments in the state.

For the Fort Bend and Red-Tailed Hawk projects, ACCIONA Energía engaged Basis to find buyers for the PTCs associated with its Class B interest in each project, outside of an existing tax equity partnership. Additionally, ACCIONA Energía was able to efficiently monetize the Production Tax Credits from Green Pastures I & II wind projects following their acquisition.

Basis Climate’s CEO Erik Underwood noted “the era of tax credit transferability means many new forms of selling credits are now possible. We look forward to supporting more developers as they evaluate this type of tax credit sale in the future.”

About Basis Climate
Basis Climate is a leading facilitator of clean energy tax credit transfers, providing a seamless and efficient platform for businesses and individuals to monetize their tax credits generated from renewable energy projects. The company’s mission is to unlock the full potential of clean energy tax credits by connecting credit generators with motivated buyers, ultimately accelerating the transition to a clean and sustainable future.

Press/Media Contact

Erik Underwood
‍erik@buildwithbasis.com

The MIL Network –

March 19, 2025
MIL-OSI Canada: Taxpayers’ Ombudsperson makes 11 recommendations after reviewing how the Canada Revenue Agency administers the Canada child benefit for temporary residents
Source: Government of Canada News (2)

OTTAWA, March 18, 2025 – Today, the Taxpayers’ Ombudsperson, Mr. François Boileau, released Timing Is Everything, the report on our Office’s examination into issues that could prevent some temporary residents from receiving the Canada child benefit (CCB) in a timely manner.

In March 2024, the Taxpayers’ Ombudsperson announced that our Office was opening a systemic examination into this situation. During this examination, one of the main issues we found was that the Canada Revenue Agency (CRA) stops paying the CCB after a temporary resident’s status has expired in its system, even if they may still be eligible for the benefit. This can happen because the onus is on the taxpayer to send the CRA proof of their updated status, but it generally takes the CRA 14 weeks or more to process updated temporary resident status information. As a result, temporary residents will not receive CCB payments while they wait for the CRA to process this information.

Many temporary residents rely on the CCB to make ends meet. Although the CRA will send payments to the temporary resident retroactively once it has updated their immigration status, the temporary resident still has to pay their bills in the meantime. While waiting weeks for the CRA to update their file, single parents still have to feed their children and families still have to pay rent. This can be very difficult or impossible without the CCB.

To more fully understand the factors surrounding the issue, we looked into how the CRA informs temporary residents about the eligibility criteria to continue receiving the CCB without interruption. We also looked at whether the CRA communicates with Immigration, Refugees and Citizenship Canada (IRCC) and if they could streamline the process to prove eligibility.

To continue receiving the CCB, temporary residents must have legal status in Canada, including maintained status. They have maintained status if, before their permit expires, they have applied to IRCC for an extension for their permit and are waiting for IRCC to make a decision. While on maintained status, eligible temporary residents are still entitled to receive the CCB.

However, we found that the CRA does not notify temporary residents before it stops paying them the CCB. And as mentioned above, the CRA stops paying the CCB after the temporary resident’s status expires in its system, even if they have legal status. Although it is the taxpayer’s responsibility to notify the CRA of updates to their immigration status, this is problematic because they may not know that they need to send updated information to the CRA until they try to find out why their benefit payments have stopped. With the CRA’s long processing times compounding this issue, temporary residents could wait more than four months for their CCB payments to start again.

This issue partly exists because the CRA processes the updated information manually. Additionally, the CRA does not have an information-sharing agreement with IRCC to validate temporary resident status information and help it determine eligibility for the CCB.

As a result of this examination, the Taxpayers’ Ombudsperson has made 11 recommendations to improve the service the CRA provides to temporary residents. The CRA should:
- remind taxpayers whose immigration status is about to expire that they must provide proof of any update to their legal status to make sure their benefits are not interrupted.
- give taxpayers a way to check the expiry date of their immigration status in their online CRA account.
- see if it can make information that requires action more prominent on the initial notices it sends to temporary residents.
- provide information online at the “Keep getting your payments” web page for temporary residents about:
  - what they need to do to prevent their payments from stopping; and
  - what they can do to get their payments reinstated if they are stopped.
- centralize the information it provides to newcomers and include information targeted at temporary residents.
- communicate directly and in a timely manner with temporary residents who may be eligible for the CCB.
- allow taxpayers to track CCB correspondence through its progress tracker.
- inform taxpayers through its CRA’s Check Processing Time tool of how long it will take to process CCB correspondence.
- improve how it processes immigration status updates for CCB recipients when there is a gap period and the new permit does not reflect that their status was maintained, explaining why they will not get payments for the gap period and who they should contact if they had maintained status for the whole period.
- review the length of time it considers someone to be a newcomer after their arrival in Canada.
- implement an information-sharing agreement with IRCC to get immigration information and continue collaborating with IRCC to work towards an automated solution to get real-time data.
Background information

The Office of the Taxpayers’ Ombudsperson works independently from the CRA. Canadians can submit complaints to the Office if they feel they are not receiving the appropriate service from the CRA. Our main objective is to improve the service the CRA provides to taxpayers and benefit recipients by reviewing individual service complaints and service issues that affect more than one person or a segment of the population.

The Taxpayers’ Ombudsperson assists, advises and informs the Minister of National Revenue about matters relating to services provided by the CRA. The Ombudsperson ensures, in particular, that the CRA respects eight of the service rights outlined in the Taxpayer Bill of Rights.

MIL OSI Canada News –
March 19, 2025
MIL-OSI Canada: Minister Brière to announce a significant milestone for the Sherbrooke Armouries

Source: Government of Canada News

March 18 , 2025 – Sherbrooke, Quebec – National Defence / Canadian Armed Forces

The Honourable Élisabeth Brière, Minister of Veteran Affairs, Minister responsible for the Canada Revenue Agency and Member of Parliament for Sherbrooke, on behalf of the Honourable Bill Blair, Minister of National Defence, will announce a significant step in the recapitalization project of the Sherbrooke armouries. She will be joined by The Honourable Marie-Claude Bibeau, Member of Parliament for Compton-Stanstead.

Date: Wednesday, March 19, 2025
Time: 4:00 PM (EST)
Location: 1900, Galt Street West,
Room 334, entrance through Door 2
Sherbrooke QC J1K 1H8
Details: Participation in this media availability is for accredited media only.

Notes to editor / news director:

Media interested in attending the event are asked to contact National Defence’s media relations office at mlo-blm@forces.gc.ca to confirm their attendance.

MIL OSI Canada News –

March 19, 2025
MIL-OSI United Kingdom: How to challenge your Council Tax band: a step-by-step guide
Source: United Kingdom – Executive Government & Departments

News story

How to challenge your Council Tax band: a step-by-step guide

Find out how to challenge your Council Tax band with clear steps to guide you through the process.
The Valuation Office Agency (VOA) is responsible for making sure that 27 million properties across England and Wales are in the correct Council Tax band.

As Council Tax bills are being issued, we expect to see an increase in people challenging their band over the coming months.

If you’re struggling to pay your Council Tax bill, you should first contact your local council. They may be able to offer support, such as discounts, exemptions, or payment plans.

If you’re thinking about challenging your Council Tax band, there are a few areas to consider. These include your legal rights and the evidence you’ll need to provide.

Our step-by-step guide will help you learn more about the process and decide whether making a challenge is right for you.

Understanding your options

There are two types of band challenges – proposals and band reviews. The type of challenge you can submit depends on your circumstances:

Proposals – you can make a proposal if you have been paying Council Tax on your property for less than six months, if the VOA has changed your band in the last six months, or if there has been a physical change to your local area. By law, we must review your band if you submit a proposal. You can also make a proposal if you want to remove a property from the Council Tax list, more guidance about this can be found on GOV.UK.

Band reviews – if you have been paying Council Tax for more than six months and think your band is wrong, you can request an informal band review. While there’s no legal requirement for us to consider these, we want to do our best to make sure customers are in the right band. We take forward band reviews where there is strong supporting evidence that shows a band is wrong.

If you’re thinking about challenging your band, there are some key steps to follow.

1. Check your Council Tax band

Begin by checking both your and your neighbours’ Council Tax bands on GOV.UK.

This will help you spot any differences.

Keep in mind that differences do not always mean your band is wrong. There are a few reasons for this.

Council Tax bands cover a range of values. This means properties of different types and values can be placed in the same band.

Some properties that look the same from the outside may have been improved and not yet sold or have different characteristics inside, keeping them in the same band.

2. Collect evidence to support your challenge

Our goal is simple: we want every customer to be in the correct Council Tax band. But that doesn’t mean everyone has a legal right to challenge their Council Tax band, or that we are required to consider every request that comes in.

If you don’t have a legal right to challenge, you can only request a band review. If you are requesting a band review, you must provide evidence which shows your band is wrong.

This helps us identify band reviews most likely to result in a change. We can then review any potential errors and deal with cases effectively.

This evidence is usually up to five properties similar to yours (sometimes called comparable properties).

To decide whether properties can be compared, we consider four main details:

location

type

age

size

For more guidance on what makes a property comparable, read our evidence blog.

You can also use sales information as evidence. The sale of your property or a similar property must have taken place between the following dates to be valid evidence:

for England: 1 April 1989 and 31 March 1993

for Wales: 1 April 2001 and 31 March 2003

Read more about using evidence from house prices.

You must provide strong supporting evidence for us to accept a band review request. Without it, we will not be able to review your band.

You don’t need to submit evidence to support a proposal. If you are making a proposal because your property’s band needs to be deleted, read our deletion guidance for more information.

3. Submitting your challenge

Once you’ve gathered your evidence, you can submit your challenge. You can do this through our online service.

You can also submit your challenge by email or letter.

Our online form is available for those making proposals.

4. Wait for a decision

After submitting your challenge, we will review your evidence and make a decision.

Challenges have three outcomes; your band can go up, down, or stay the same. We may also review the bands of similar neighbouring properties to check that they are correct, which means their Council Tax bands could be moved up or down too.

Any changes to your bill will be handled by your local council.

At this time of year, we receive a high volume of Council Tax queries. We prioritise proposals as these are cases where customers have a legal right to challenge their Council Tax band. Find out more about the time it is currently taking us to deal with Council Tax proposals and band reviews.

While you wait for a decision, you must continue paying your Council Tax bill as normal. Not paying could lead to penalties or enforcement action by your local council. You will be refunded for any overpayments.

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Published 18 March 2025
MIL OSI United Kingdom –
March 19, 2025
MIL-OSI: Fullstory Has Successful Second Half: Sees Sustained Enterprise Customer Growth, Launches Innovation Solutions with Google, and Becomes First In Industry Certified In Responsible AI
Source: GlobeNewswire (MIL-OSI)

ATLANTA, March 18, 2025 (GLOBE NEWSWIRE) — Fullstory, a leading behavioral data company, today announced several milestones the company reached in the second half of its fiscal year, including customer growth in key market segments, co-developed partner solutions, and certification for responsible AI.

Following a strong first half, Fullstory’s momentum carried through the remainder of its year, and the company continues to see an increasing appetite for digital behavioral data. Its recent research findings highlighted the significant opportunity for enterprises to improve customer experiences and anticipate buyer needs through AI-driven personalization, a task that hinges on nuanced customer behavioral insights made available only through this unique data source.

Customer and Partner Momentum
Fullstory continues to see noteworthy growth in its enterprise customer base. Large accounts have been its fastest-growing customer segment for the past six consecutive quarters, with sustained double-digit growth for the past 14 consecutive quarters. In the second half of its fiscal year, Fullstory added several large and well-respected organizations to its customer portfolio, including: one of the largest crowdfunding platforms; a top 10 airline; one of the largest cruise lines; a Fortune 100 technology company; a high-end fashion house; a prominent online retail styling service; a Fortune 500 bank; a luxury women’s retailer; and one of the largest online gaming and sports betting companies in North America.

Its inaugural customer awards, announced in January 2025, included winners across industries. The winners were Autodesk—Customer Experience Champion; Chipotle—Analytics In Action; LTK—AI Innovator; NOBULL—Fastest Time To Value; Patagonia—Data-Driven Innovator; PepsiCo—Cross-Platform Creator; and Pizza Hut—Digital Transformation Leader.

Fullstory also continued to deepen its relationship with key partners across the ecosystem, activating its digital behavioral data in unique ways to deliver value to customers. In the fall of 2024, Fullstory and Google launched a number of Innovation Solutions that address specific mission-critical use cases across industries:

Fullstory, alongside NVIDIA and Palo Alto Networks, will present additional top-of-mind use cases, like monetizing AI agents, at Google Cloud Next in April 2025.

Leadership Appointments
In addition to the appointments of President Jason Wolf and Chief Product and Technology Officer Claire Fang in the first half of its year, Fullstory added notable roles, including:
- Chief Customer Officer: Adam Spisak, who has nearly two decades of experience and a depth of knowledge in customer success, was appointed Chief Customer Officer.
- Chief Revenue Officer: Phil Simpson, a longtime Fullstory employee and former Salesforce sales executive, was appointed Chief Revenue Officer.
Industry Recognition
Fullstory continued to lead and innovate by being the first in the digital behavioral data analytics space to receive ISO/IEC 42001, the accredited certification for responsible AI.

“We are honored to be not only the first in our industry but also amongst some of the largest and most trusted companies in the world to receive ISO/IEC 42001 certification,” said Mark Stanislav, vice president of security engineering & governance, risk, and compliance at Fullstory. “The power of AI must be matched with responsible, early security diligence to allow exciting new solutions to meet the expectations that customers should place on their vendors.”

To learn more about Fullstory, visit www.fullstory.com.

About Fullstory
Fullstory is on a mission to help technology leaders make better, more informed decisions by injecting behavioral data into their analytics stack. The company’s patented technology unlocks the power of quality behavioral data at scale by transforming every digital visit into actionable data and insights. With Fullstory, enterprises can get closer to their customers’ true sentiments and intentions to predict what they want, create personalized experiences, and drive conversion, loyalty, and revenue. Fullstory is headquartered in Atlanta, USA, with regional teams across North America, EMEA, and APAC. For more information, visit www.fullstory.com.

Fullstory Media Relations
Alexandra King
Director of Communications
pr@fullstory.com

The MIL Network –
March 19, 2025
MIL-OSI: Delinea Nears $400M, Demonstrating Strong Growth In Securing AI with Advanced Identity Security
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, March 18, 2025 (GLOBE NEWSWIRE) — Delinea, a pioneering provider of solutions for securing human and machine identities through centralized authorization, today announced the close of its 2024 fiscal year with several key achievements, cementing its leadership in identity security. The company delivered annual recurring revenue (ARR) approaching $400 million, with recurring revenue now comprising 95% of Total GAAP Revenue. Additionally, Delinea continued to grow its SaaS ARR, representing the majority of total ARR, demonstrating the value its cloud-native platform brings to its customers, particularly as organizations require advanced identity security solutions to secure AI-driven systems.

Delinea also continued to achieve an operating profile that reflects its ability to drive profitable growth, showcasing its strength in executing a sustainable business model. To build on this momentum and drive continuous innovation in a rapidly evolving market, the company is expanding its global footprint to Mexico City. This strategic investment allows the company to build centralized teams, increase capacity, and scale operations more efficiently, strengthening its position as a leader in identity security.

“2024 was a transformative year for our industry, with AI rapidly reshaping how organizations operate and intensifying the need for advanced identity security,” said Art Gilliland, Chief Executive Officer of Delinea. “We’re committed to staying ahead of this shift, helping customers secure AI-driven systems and adapt to emerging threats. Expanding to Mexico City is a key part of our strategy to foster innovation, enhance collaboration, and scale operations, ensuring we continue to deliver the solutions our customers need to thrive in an evolving digital landscape.”

To further accelerate its growth and innovation roadmap, Delinea has strengthened its leadership team with key executive hires:
- Chris Kelly, President – A visionary leader with deep expertise in enterprise software growth and strategy, bringing valuable experience from his tenure at CyberArk.
- Pierre Mouallem, Chief Information Security Officer (CISO) – A seasoned security expert dedicated to strengthening Delinea’s cybersecurity leadership with a proven track record from SailPoint.
- Missy Ballew, Chief People Officer – An accomplished people leader with extensive experience scaling high-growth SaaS companies, including time at Hewlett Packard, focused on driving talent and culture to support Delinea’s expansion.
“Our execution remains strong, driven by high market demand for our solutions,” said Stephanie Reiter, Chief Financial Officer at Delinea. “With ARR approaching $400 million and our SaaS business at the forefront, we are well-positioned to continue shaping the future of identity security for modern enterprises – especially as AI adoption accelerates.”

To learn more about the Delinea Platform, visit: https://delinea.com/products

About Delinea

Delinea is a pioneer in securing human and machine identities through intelligent, centralized authorization. Our solutions empower organizations to seamlessly govern interactions across the modern enterprise, ensuring robust security while maintaining operational efficiency. Leveraging AI-powered intelligence, Delinea’s cloud-native Identity Security Platform applies context across the entire identity lifecycle — from cloud and infrastructure to data, SaaS, and AI – enabling real-time threat detection and rapid response. By securing all users and identities — including workforce, IT admin, developers, and machines — Delinea guarantees secure access regardless of location or device. With deployment in weeks, not months, 90% fewer resources to manage than the nearest competitor, and a guaranteed 99.99% uptime, Delinea delivers security and efficiency without compromise. Learn more about Delinea on delinea.com, LinkedIn, X, and YouTube.

Media Contact
Justin Ordman
Corporate Communications Director
justin.ordman@delinea.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d824fd94-e074-4f61-a7ab-3951dbbc0d72

The MIL Network –
March 19, 2025

MIL-OSI: Bitcoin Depot Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Q4 Revenue of $136.8 Million Compared to $148.4 Million in the Prior Year Quarter

Q4 Operating Expenses Down 16% Year-Over-Year to $15.0 Million

Q4 Net Income up Significantly to $5.4 Million Compared to a Net Loss of $1.7 Million in the Prior Year Quarter

Q4 Adjusted Gross Profit up 18% Year-Over-Year to $25.4 Million

Q4 Adjusted EBITDA up 34% Year-Over-Year to $12.0 Million

ATLANTA, March 18, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the fourth quarter and full year ended December 31, 2024. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

“As we highlighted in our fourth-quarter pre-announcement, 2024 ended on a strong note, driven by sequential revenue growth and substantial improvements in adjusted EBITDA, both sequentially and year-over-year,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “In the fourth quarter, we made significant progress in expanding our Bitcoin ATM network and optimizing existing machines to enhance profitability — and the results speak for themselves.

“Looking ahead, we are confident that the optimization efforts we implemented throughout 2024 will begin to positively impact our financial performance as we move through 2025. With our aggressive international and domestic kiosk expansion strategy, we anticipate that 2025 will mark a strong return to growth for the business. As part of this, we are reintroducing financial guidance, projecting robust growth in the first quarter. Additionally, we remain committed to leveraging our strong cash flow to drive shareholder value initiatives, including the potential for a cash dividend. We have also continued to strengthen our Bitcoin treasury holdings, recently increasing our total to 94 BTC, reflecting our confidence in Bitcoin as a valuable financial asset and an integral part of our business model.”

Fourth Quarter 2024 Financial Results

Revenue in the fourth quarter of 2024 was $136.8 million compared to $148.4 million in the fourth quarter of 2023. This decline was driven by the impact of unfavorable legislation that was passed in California that went into effect in January 2024, along with the Company’s continued process of relocating underperforming kiosks to optimize fleet profitability.

Total operating expenses declined 16% to $15.0 million for the fourth quarter of 2024 compared to $17.8 million for the fourth quarter of 2023 due to the costs of going public in 2023 that did not recur in 2024.

Net income for the fourth quarter of 2024 increased significantly to $5.4 million compared to a net loss of $1.7 million for the fourth quarter of 2023. The increase was due to lower depreciation and amortization and lower operating expenses in 2024.

Adjusted gross profit, a non-GAAP measure, in the third quarter of 2024 increased 18% to $25.4 million from $21.6 million for the fourth quarter of 2023. Adjusted gross profit margin, a non-GAAP measure, in the fourth quarter of 2024 increased approximately 400 basis points to 18.6% compared to 14.5% in the fourth quarter of 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Adjusted EBITDA, a non-GAAP measure, in the fourth quarter of 2024 increased 34% to $12.0 million compared to $9.0 million for the fourth quarter of 2023. The increase was primarily due to the higher net income. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Full Year 2024 Financial Results

Revenue in 2024 was $573.7 million from $689.0 million in 2023. This decline was largely driven by the impact of unfavorable legislation that was passed in California that went into effect in January 2024, along with the Company’s continued process of relocating underperforming kiosks in order to optimize fleet profitability.

Total operating expenses declined 5% to $67.2 million compared to $70.6 million in 2023 due to the costs of going public in 2023 that did not recur in 2024 as well as other cost saving measures.

Net income in 2024 increased by 432% to $7.8 million compared to $1.5 million in 2023. The increase was primarily due to expenses with going public in 2023 that did not recur in 2024 along with other expense reductions.

Adjusted gross profit, a non-GAAP measure, in 2024 was $91.4 million compared to $101.0 million in 2023. The adjusted gross profit margin, a non-GAAP measure, in 2024 increased 120 basis points to 15.9% compared to 14.7% in 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Adjusted EBITDA, a non-GAAP measure, in 2024 was $38.7 million compared to $56.3 million in 2023. The decline was due to the lower revenue. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Cash, cash equivalents, and cryptocurrencies were $31.0 million as of the end of 2024 compared to $30.5 million at the end of 2023.

Q1 2025 Outlook

Q1 2025 is off to a very strong start as we continue to see growth from our relocation strategy. We anticipate Q1 revenues to be between $151 million and $154 million which would represent growth of between 9% and 11% compared to Q1 2024.

We are projecting adjusted EBITDA for Q1 2025 to be between $12 million and $14 million which would represent growth of over 200% compared to Q1 of 2024.

Conference Call

Bitcoin Depot will hold a conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today to discuss its financial results for the fourth quarter and full year ended December 31, 2024.

Call Date: Tuesday, March 18, 2025
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)

Phone Instructions
U.S. dial-in: 646-968-2525
International dial-in: 888-596-4144
Conference ID: 8224936

Webcast Instructions
Webcast link: https://edge.media-server.com/mmc/p/8kgtbeme

A replay of the call will be available beginning after 2:00 p.m. Eastern time through March 25, 2025.

U.S. & Canada replay number: 800-770-2030
U.S. toll number: 609-800-9909
Conference ID: 8224936

If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

About Bitcoin Depot

Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.


BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)

	As of December 31,
	2024			2023
Assets
Current:
Cash and cash equivalents	$	29,472		$	29,759
Cryptocurrencies		1,510			712
Accounts receivable		275			245
Prepaid expenses and other current assets		3,076			3,514
Total current assets		34,333			34,230
Property and equipment:
Furniture and fixtures		635			635
Leasehold improvements		172			172
Kiosk machines – owned		36,831			24,222
Kiosk machines – leased		10,367			20,524
Total property and equipment		48,005			45,553
Less: accumulated depreciation		(21,158	)		(20,699	)
Total property and equipment, net		26,847			24,854
Intangible assets, net		2,320			3,836
Goodwill		8,717			8,717
Operating lease right-of-use assets, net		2,595			484
Deposits		734			412
Deferred tax assets		4,558			1,804
Total assets	$	80,104		$	74,337


BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)

	As of December 31,
	2024			2023
Liabilities and Stockholders’ (Deficit) Equity
Current:
Accounts payable	$	11,557		$	8,337
Accrued expenses and other current liabilities		14,260			18,505
Notes payable		6,022			3,985
Income taxes payable		2,207			2,484
Deferred revenue		20			297
Operating lease liabilities, current portion		858			279
Current installments of obligations under finance leases		3,446			6,801
Other non-income tax payable		2,259			2,297
Total current liabilities		40,629			42,985
Long-term liabilities
Notes payable, non-current		49,457			17,101
Operating lease liabilities, non-current		1,774			319
Obligations under finance leases, non-current		1,950			2,848
Deferred income tax, net		604			846
Tax receivable agreement liability due to related party		2,176			865
Total Liabilities		96,590			64,964
Commitments and Contingencies (Note 24)
Stockholders’ (Deficit) Equity
Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 1,733,884 and 3,125,000 shares issued and outstanding, at December 31, 2024 and 2023, respectively		—			—
Class A common stock, $0.0001 par value; 800,000,000 authorized, 19,263,164 and 13,602,691 shares issued, and 19,072,544 and 13,482,047 shares outstanding at December 31, 2024 and 2023, respectively		1			1
Class B common stock, $0.0001 par value; 20,000,000 authorized, no shares issued and outstanding at December 31, 2024 and 2023, respectively		—			—
Class E common stock, $0.0001 par value; 2,250,000 authorized, 1,075,761 shares issued and outstanding at December 31, 2024 and 2023, respectively		—			—
Class M common stock, $0.0001 par value; 300,000,000 authorized, no shares issued and outstanding at December 31, 2024 and 2023, respectively		—			—
Class O common stock, $0.0001 par value; 800,000,000 authorized, no shares issued and outstanding at December 31, 2024 and 2023, respectively		—			—
Class V common stock, $0.0001 par value; 300,000,000 authorized, 41,193,024 and 44,100,000 shares issued and outstanding at December 31, 2024 and 2023, respectively		4			4
Treasury stock		(437	)		(279	)
Additional paid-in capital		21,491			17,326
Accumulated deficit		(44,349	)		(32,663	)
Accumulated other comprehensive loss		(342	)		(203	)
Total Stockholders’ (Deficit) Attributable to Bitcoin Depot Inc.		(23,632	)		(15,814	)
Equity attributable to non-controlling interests		7,146			25,187
Total Stockholders’ (Deficit) Equity		(16,486	)		9,373
Total Liabilities and Stockholders’ (Deficit) Equity	$	80,104		$	74,337


BITCOIN DEPOT INC. CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (in thousands, except share and per share amounts)

	Year ended December 31,						Three Months Ended December 31,
	2024			2023			2024			2023
Revenue	$	573,703		$	688,967		$	136,827		$	148,406
Cost of revenue (excluding depreciation and amortization)		482,263			587,938			111,415			126,851
Operating expenses:								—			—
Selling, general, and administrative		57,158			57,770			13,096			14,525
Depreciation and amortization		10,072			12,788			1,888			3,234
Total operating expenses		67,230			70,558			14,984			17,759
Income from operations		24,210			30,471			10,428			3,796
Other (expense) income:								–			–
Interest (expense)		(14,199	)		(11,926	)		(3,468	)		(1,806	)
Other (expense) income		406			(16,737	)		263			(2,713	)
Loss on foreign currency transactions		(465	)		(289	)		(171	)		76
Total other (expense), net		(14,258	)		(28,952	)		(3,376	)		(4,443	)
Income before provision for income taxes and non-controlling interest		9,952			1,519			7,052			(647	)
Income tax (expense)		(2,138	)		(49	)		(1,659	)		(1,026	)
Net income	$	7,814		$	1,470		$	5,393		$	(1,673	)
Net income attributable to Legacy Bitcoin Depot unit holders		—			12,906			—			—
Net income attributable to non-controlling interest		19,500			14,666			12,041			6,635
Net (loss) attributable to Bitcoin Depot Inc.	$	(11,686	)	$	(26,102	)	$	(6,648	)	$	(8,308	)
Other comprehensive income (loss), net of tax								—			—
Net income		7,814			1,470			5,393			(1,673	)
Foreign currency translation adjustments		34			(4	)		35			(70	)
Total comprehensive income		7,848			1,466			5,428			(1,743	)
Comprehensive income attributable to Legacy Bitcoin Depot unit holders		—			12,885			—			—
Comprehensive income attributable to non-controlling interest		19,500			14,683			12,041			6,565
Comprehensive (loss) attributable to Bitcoin Depot Inc.	$	(11,652	)	$	(26,102	)	$	(6,613	)	$	(8,308	)

Explanation and Reconciliation of Non-GAAP Financial Measures

Bitcoin Depot reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release includes both historical and projected Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom such as Adjusted EBITDA margin and Adjusted Gross Profit margin, which are not prepared in accordance with GAAP.

Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, share-based compensation, expenses related to the PIPE financing and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. In addition, Bitcoin Depot defines Adjusted Gross Profit (a non-GAAP financial measure) as revenue less cost of revenue (excluding depreciation and amortization) and depreciation and amortization adjusted to add back depreciation and amortization. Bitcoin Depot believes Adjusted EBITDA and Adjusted Gross Profit each provide useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provide a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA and Adjusted Gross Profit are each key measurements used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted EBITDA and Adjusted Gross Profit are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating these measures. Bitcoin Depot primarily relies on GAAP results and uses both Adjusted EBITDA and Adjusted Gross Profit on a supplemental basis. Neither Adjusted EBITDA or Adjusted Gross Profit should be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of both Adjusted EBITDA and Adjusted Gross Profit may not be comparable to other similarly titled measures computed by other companies because not all companies calculate such measures in the same fashion. As such, undue reliance should not be placed on such measures.

Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the projections of Adjusted EBITDA, together with some of the excluded information not being ascertainable or accessible, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

The following table presents a reconciliation of Net (loss) income to Adjusted EBITDA for the periods indicated:


BITCOIN DEPOT INC. RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (UNAUDITED)

	Year Ended December 31,						Three Months Ended December 31,
*(in thousands)*	2024			2023			2024			2023
Net income (loss)	$	7,814		$	1,470		$	5,393		$	(1,673	)
Adjustments:
Interest expense		14,199			11,926			3,468			1,806
Income tax (benefit) expense		2,138			49			1,659			1,026
Depreciation and amortization		10,072			12,788			1,888			3,234
Expense related to the PIPE transaction (1)		—			14,896			—			2,615
Non-recurring expenses (2)		437			9,298			(767	)		1,634
Share-based compensation		3,400			2,524			363			1,198
Special bonus (3)		675			3,040			—			(875	)
Expenses associated with the termination of the phantom equity participation plan		—			350			—			—
Adjusted EBITDA	$	38,735		$	56,341		$	12,004		$	8,965
Adjusted EBITDA margin (4)		6.8	%		8.2	%		8.8	%		7.8	%

(1) Amounts include the recognition of a non-cash expense of $13.9 million related to the PIPE transaction for the year ended December 31, 2023, entered into as of close of the Merger on June 30, 2023. (2) Comprised of non-recurring professional service fees incurred by the Company related to the close of the Transaction. (3) Amount includes (A) Transaction bonus and related taxes to employees of approximately $1.4 million and (B) Founder Transaction bonus as a result of close of the Merger, of approximately $1.6 million, recognized as share-based compensation, for the year ended December 31, 2023. (4) Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. The Company uses this measure to evaluate its overall profitability.

The following table presents a reconciliation of revenue to Adjusted Gross Profit for the periods indicated:


BITCOIN DEPOT INC. RECONCILIATION OF REVENUE TO ADJUSTED GROSS PROFIT (UNAUDITED)

	Year Ended December 31,						Three Months Ended December 31,
*(in thousands)*	2024			2023			2024			2023
Revenue	$	573,703		$	688,967		$	136,827		$	148,406
Cost of revenue (excluding depreciation and amortization)		(482,263	)		(587,938	)		(111,415	)		(126,851	)
Depreciation and amortization excluded from cost of revenue		(9,984	)		(12,455	)		(1,894	)		(2,901	)
Gross profit	$	81,456		$	88,574		$	23,518		$	18,654
Adjustments:
Depreciation and amortization excluded from cost of revenue	$	9,984		$	12,455		$	1,894		$	2,901
Adjusted gross profit	$	91,440		$	101,029		$	25,412		$	21,555
Gross profit margin (1)		14.2	%		12.9	%		17	%		13	%
Adjusted gross profit margin (1)		15.9	%		14.7	%		19	%		15	%

(1) Calculated as a percentage of revenue.

Contacts:

Investors
Cody Slach,
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

Media
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

The MIL Network –

March 19, 2025

MIL-OSI NGOs: Taxing Europe’s Super-Rich: The Gamechanger
Source: Oxfam –

Ahead of tomorrow’s EU Tax Symposium, Gabriel Zucman, lead economist at the EU Tax Observatory, has set out a proposal to tax the super-rich in the EU.

In response, Chiara Putaturo, Oxfam EU tax expert, said: 

“Zucman’s study exposes the truth: Europe has money to fight the climate crisis, strengthen social security nets and maintain its role as a global leader in aid – it just needs the political will to tax its wealthiest citizens.

“At next week’s EU budget talks, one thing must be crystal clear: taxing Europe’s super-rich is the gamechanger to end extreme inequality in Europe and finance the EU’s budget.”
Notes to editors

The EU Tax Observatory’s new study is available here. It shows that a minimum tax of 2% and 3% on billionaires and centimillionaires in 23 EU countries could bring in respectively €67 billion and €121 billion for European governments.

Oxfam recently published report “Takers not Makers” highlights:

Billionaire wealth in the EU surges by nearly €400 million per day in 2024, with a new billionaire nearly every week

74% of billionaire wealth in the EU is derived from inheritance, monopoly power or crony connections.

The richest 1% in 12 EU countries extracted €84.4 billion from the Global South in 2023.

Next week, EU leaders will meet in Brussels to discuss the next EU budget and new own resources. Oxfam and allies are calling for wealth taxes to finance the EU budget.
MIL OSI NGO –
March 19, 2025
MIL-OSI: RentRedi Survey Reveals Tax Preparation Trends Among U.S. Landlords of All Sizes

Source: GlobeNewswire (MIL-OSI)

NEW YORK, March 18, 2025 (GLOBE NEWSWIRE) — RentRedi, the fastest-growing all-in-one property management software that makes renting easy for both landlords and renters, has released the findings of its Landlords Tax Preparation Trends Survey analyzing tax preparation habits among landlords of different sizes. The data highlights key differences in tax filing methods, expenses, and the reliance on professional services among small, medium, and large landlords.

One of the most interesting findings is the disparity in bookkeeping methods. At 29%, small landlords (1-4 rental units) are the most likely to use an accountant or CPA to prepare their taxes as compared to the roughly 23% of medium landlords (5-19 rental units) and large landlords (20+ rental units) who hire tax professionals. Large landlords (17%) are the least likely to rely on manual methods such as pen-and-paper or spreadsheets, whereas 1 in 5 small and medium landlords are the most likely to do so.

“The data highlights a significant opportunity for property management software to bridge the gap in tax preparation,” said RentRedi Co-founder and CEO Ryan Barone. “Our software can help independent landlords reduce the time and effort spent on tax preparation by moving away from pen and paper or spreadsheets to digital solutions that improve accuracy and organization.”

For example, RentRedi’s accounting feature saves landlords time and money by simplifying the entire process and automatically syncing properties and charges from their RentRedi account. Landlords can link their bank and credit card accounts for seamless transaction imports, ensuring accurate tracking of income and expenses. They can also use matching rules and payment templates to track income and expenses, as well as view vital financial information such as balance sheets, schedule E’s, and profits, losses, or cash flow by property.

The survey further found that filing methods also vary widely across landlord sizes. A sizable 62% of small landlords file their rental property taxes along with their personal tax returns. Large landlords take the opposite approach, with only 29% filing under personal tax returns, while 66% opt to file under LLCs. Medium-sized landlords, on the other hand, are almost evenly split between filing under personal tax returns (48%) and filing under an LLC (47%).

When it comes to accounting costs, large landlords tend to invest the most, with 42% spending at least $1,000 on tax services. By contrast, only slightly more than 1 in 10 small landlords reported spending that much, with more than half keeping their tax expenses under $500.

Nearly two-thirds of landlords begin their tax preparation as soon as the new year begins, and requesting a tax extension is not uncommon among landlords. Nearly one-quarter of large landlords request an extension, compared to 11% of small landlords who also seek extra time to file their taxes.

When asked what advice they would give to new property investors, a third of landlords emphasized the importance of tracking everything—from income and expenses to maintenance costs and tax deductions. Another 16% recommended gaining a solid understanding of general tax knowledge early on to avoid costly mistakes. These insights underscore a common theme: staying organized and informed from the start can make tax season significantly easier and help landlords maximize their investment returns.

Survey Methodology

RentRedi landlords were surveyed between February 19 – March 3, 2025. There were 1,891 respondents in total. Landlords were classified by real estate portfolio size as follows: small landlords (1-4 rental units); medium landlords (5-19 rental units); and large landlords (20+ rental units). Percentages have been rounded to the nearest whole number, and therefore the values in each barchart may not equal 100%. The full survey results can be found here.

About RentRedi

RentRedi offers an award-winning, comprehensive property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. Landlords can quickly grow their rental businesses by using RentRedi’s all-in-one web and mobile app to collect rent, list and market vacancies, find and screen tenants, sign leases, and manage maintenance and accounting. Tenants enjoy the convenience and benefits of RentRedi’s easy-to-use mobile app that allows them to pay rent, set up auto-pay, build credit by reporting rent payments to all three major credit bureaus, prequalify and sign leases, and submit 24/7 maintenance requests.

Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market. The company ranks No. 180 on the Inc. 5000 list and No. 12 on the Inc. 5000 Regionals list. It was also named an Inc. Power Partner in 2023 and 2024, and to Fast Company’s Next Big Things in Tech list in 2024, and to HousingWire’s Tech100 list in 2025. To date, RentRedi has more than $28 billion in assets under management with nearly 200,000 landlords and tenants using the platform. The company partners with technology leaders such as Zillow, TransUnion, Experian, Equifax, Realtor.com, Lessen, Thumbtack, Plaid, and Stripe to create the best customer experience possible. For more information visit RentRedi.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3de86204-0244-446d-9221-b721f1c46138

The MIL Network –

March 19, 2025

MIL-OSI Asia-Pac: Insurance to Deep-Sea Fishermen

Source: Government of India (2)

Posted On: 18 MAR 2025 3:51PM by PIB Delhi

The Ministry of Fisheries, Animal Husbandry and Dairying, Government of India is implementing the following schemes and programme in the country for all round development of Fisheries and Dairy Sectors:

Pradhan Mantri Matsya Sampada Yojana (PMMSY),
Fisheries and Aquaculture Infrastructure Development Fund (FIDF),
Supporting Dairy Cooperatives and Farmer Producer Organizations (SDCFPO)
National Programme for Dairy Development (NPDD) and
Dairy Processing and Infrastructure Development Fund (DIDF),

The year-wise Budget allocations under the aforesaid schemes implemented by the Ministry of Fisheries, Animal Husbandry and Dairying for development of fisheries and dairy sector during the period of 2021-22 to 2025-26 is furnished at Annexure-I. The State/ UT-wise details funds provided by the Ministry of Fisheries, Animal Husbandry and Dairying and utilization thereof by the States/ UTs under the aforesaid schemes for development of fisheries and dairy sector during the last four years are furnished at Annexure-I, II, III, IV, V and VI.

In order to provide social security measure to fishers, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India under the ongoing Pradhan Mantri Matsya Sampada Yojana (PMMSY) provides accidental insurance coverage to fishers including Deep-Sea Fishermen, wherein the entire insurance premium amount is borne by the Central and State Government, with no contribution from the beneficiary. The insurance coverage provided under the PMMSY includes (i) Rs.5,00,000/- against death or permanent total disability, (ii) Rs.2,50,000/- for permanent partial disability and (iii) hospitalization expenses in the event of accident for a sum of Rs. 25,000/. Besides, the insurance premium subvention scheme for fishing vessels intended to cover partial loss/ total loss arising due to natural calamities and accidental risks causing damage to hull, machineries and accessories including fishing nets is at its final stage for rollout with a premium rate of 2 % [plus applicable Goods and Services Tax (GST)] of the sum insured for fishing vessels irrespective of the size and categories.

During last four years (2020-24) under the PMMSY, the Department of Fisheries, Government of India has accorded approval to the various marine fisheries developmental projects including mariculture activities for sustainable utilization of marine resources in Indian coastal waters. These activities include support for introduction of 480 numbers of deep-sea fishing vessels and 1,338 numbers of upgradation of existing vessels for traditional fishermen for export competency, 1525 numbers of sea cages, 10 numbers of marine fin-fish hatcheries, 2307 numbers of bivalve cultivation units (including mussels, clams, pearl etc.) and 47,245 numbers of rafts and 65,480 numbers of monoline tube nets for Seaweed cultivation. Further, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India is also providing training and capacity building programme amongst fishers and fish farmers for various activities including application of modern technologies in fisheries and aquaculture under Pradhan Mantri Matsya Sampada Yojana (PMMSY) with 100 % central share through National Fisheries Development Board (NFDB). The said training and skill development programs includes diverse areas of aquaculture, like intensive freshwater aquaculture, brackish water aquaculture, mariculture, Seaweed cultivation, coldwater aquaculture, ornamental fisheries, fish processing and marketing, species-specific hatchery/ breeding technologies of various commercial important fish species.

The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, with effect from financial year 2018-19 is implementing Fisheries and Aquaculture Infrastructure Development Fund (FIDF) with a total fund size of Rs. 7522.48 crore. FIDF inter-alia provides concessional finance for development of various fisheries infrastructure facilities to the Eligible Entities (EEs), including State Governments/ Union Territories, State entities and other stakeholders for development of identified fisheries infrastructure facilities. Under FIDF, the Department of Fisheries provides interest subvention up to 3 % per annum for providing the concessional finance by the Next Level Entrepreneurs (NLEs) at the interest rate not lower than 5 % per annum. Under FIDF scheme, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying has approved a total 136 project proposals/ projects at a total cost of Rs. 5801.06 crore with project cost restricted for interest subvention at Rs. 3858.19 crore to various States/ UTs. The State/ UT-wise details of the project approved under FIDF till date for infrastructural development in Fisheries sector. The projects supported under FIDF to States and Union Territories are including Fishing Harbours (FHs), Fish Landing Centres (FLCs), ice plants, cold storage, fish transport facilities, integrated cold chain (marine and inland sectors), modern fish markets, brood banks, hatcheries, modernization State fish seed farms, Fisheries Training Centres (FTCs), fish processing units, fish feed mills/ plants, cage culture in reservoirs, mariculture etc.

Annexure-I

Year-wise Budget Allocations under the various schemes implemented for development of fisheries and Dairy sector during the period of 2021-22 to 2025-26):

Year	BE	RE	Expenditure
I. Pradhan Mantri Matsya Sampada Yojana (PMMSY),
2021-22	1000.00	1200.00	1169.19
2022-23	1879.00	1410.00	1169.86
2023-24	2000.00	1500.00	1148.88
2024-25	2352.00	1500.00	989.32*
2025-26	2465.00
II. Fisheries and Aquaculture Infrastructure Development Fund (FIDF)
2021-22	1500.00	1000.00	1000.00
2022-23	1200.00	1200.00	1200.00
2023-24	2500.00	2500.00	2440.00
2024-25	3000.00	2500.00	625.00
2025-26	3000.00	–
III. National Programme for Dairy Development (NPDD)
2021-22	255.00	402.90	402.90
2022-23	340.01	220.00	219.40
2023-24	326.93	371.00	370.83
2024-25	371.00	450.00	420.29*
2025-26
IV. Dairy Processing and Infrastructure Development Fund (DIDF)
2021-22	49.00		10.00
2022-23	100.00		23.52
2023-24	40.00		40.00
2024-25	100.00		51.26*
2025-26	100.00		—-
V. Supporting Dairy Cooperatives and Farmer Producer Organizations (SDCFPO)
2021-22	100.00	130.00	130.00
2022-23	100.00	100.00	100.00
2023-24	100.00	121.00	117.75
2024-25	100.00	100.00	100.00 (Assignment)
2025-26	100.00

*Expenditure till date

Annexure-II

State-wise details of funds released under Pradhan Mantri Matsya Sampada Yojana (PMMSY) during the last four years and current years (i.e. 2020-21 to 2024-25):

(Rs. in lakhs)

Sl. No.	State/ UT	Total Project Cost	Central Share	Funds Released
Sl. No.	State/ UT	Total Project Cost	Central Share	Funds Released
(i)	(ii)	(iii)	(iv)	(v)
1	Andaman & Nicobar	5867.10	3122.53	696.70
2	Andhra Pradesh	239872.67	55910.38	48211.79
3	Arunachal Pradesh	20028.09	13232.27	9847.62
4	Assam	53962.88	29682.11	20731.89
5	Bihar	54712.98	17365.23	7928.31
6	Chhattisgarh	92338.45	30404.41	20569.40
7	D & D& Dadra & NH	13516.89	6800.65	178.90
8	Delhi	533.25	286.08	163.30
9	Goa	11616.49	4849.74	4405.68
10	Gujarat	96068.53	29277.71	6516.70
11	Haryana	76086.75	26216.03	10151.73
12	Himachal Pradesh	15388.15	7861.50	3813.69
13	Jammu & Kashmir	15019.86	7773.04	7961.80
14	Jharkhand	43856.06	14818.28	11570.76
15	Karnataka	105634.95	36350.59	35958.72
16	Kerala	135811.54	57628.59	31842.33
17	Ladakh	3374.60	2036.76	1016.99
18	Lakshadweep	6763.48	4458.13	1419.12
19	Madhya Pradesh	89925.00	29449.98	19013.71
20	Maharashtra	144767.36	54426.66	27877.83
21	Manipur	20181.70	9584.33	2944.63
22	Meghalaya	13262.36	7425.73	3596.21
23	Mizoram	14785.80	8128.27	6347.38
24	Nagaland	16368.38	10543.52	6709.46
25	Odisha	113867.60	46425.75	25983.27
26	Puducherry	33866.46	22996.05	5713.91
27	Punjab	16792.95	4514.79	2476.27
28	Rajasthan	7095.14	2372.65	864.12
29	Sikkim	7827.43	4681.43	3300.05
30	Tamil Nadu	115284.67	44535.55	13631.12
31	Telangana	34117.09	10842.16	9582.93
32	Tripura	25862.81	14762.41	5859.84
33	Uttar Pradesh	129432.10	41230.99	28911.70
34	Uttarakhand	32297.07	16667.37	8780.37
35	West Bengal	54439.43	22554.70	5075.97
Total		18,606,26.07	6,992,16.37	3,996,54.2

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Annexure-III

The State/UT-wise details of the project approved under Fisheries and Aquaculture Infrastructure Development Fund (FIDF) till date for Infrastructural development in Fisheries sector;

(Rs. in crores)

Sl No	Name of State	No. of projects approved	Total Project Cost	Amount eligible for interest subvention
1.	Andhra Pradesh	10	1396.83	653.06
2.	Arunachal Pradesh	1	0.68	0.54
3.	Assam	1	0.41	0.18
4.	Goa	1	6.42	5.00
5.	Gujarat	5	1354.92	750.00
6.	Haryana	1	1.17	0.64
7.	Himachal Pradesh	1	5.17	5.00
8.	Jammu and Kashmir	2	120.70	93.17
9.	Karnataka	2	1.44	0.79
10.	Kerala	3	162.82	151.20
11.	Maharashtra	13	1031.30	770.25
12.	Manipur	4	1.15	0.90
13.	Mizoram	1	8.57	6.85
14.	Odisha	4	60.18	33.83
	Puducherry	1	2.46	1.97
15.	Tamil Nadu	66	1576.08	1337.81
16.	Telangana	1	4.70	2.31
17.	Uttar Pradesh	1	0.22	0.09
18.	West Bengal	18	66.07	44.69
Total		136	5801.06	3858.19

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Annexure-IV

The State-wise details of release of funds under the National Programme for Dairy Development (NPDD) during last five years (i.e. 2020-21 to 2024-25).

(Rs. in lakhs)

Sl. No.	NAME OF STATE/ UT	Total Expenditure made
1	Andhra Pradesh	7342.25
2	Assam	336.4
3	Bihar	275.3
4	Goa	39.81
5	Gujarat	17267.24
6	Haryana	502.69
7	Himachal Pradesh	2627.18
8	Jammu & Kashmir	9849.43
9	Jharkhand	915.79
10	Karnataka	12657.83
11	Kerala	3872.73
12	Ladakh	50
13	Madhya Pradesh	1621.78
14	Maharashtra	1349.59
15	Manipur	901.89
16	Meghalaya	3062.52
17	Nagaland	394.71
18	Odisha	1591.08
19	Puducherry	481.05
20	Punjab	9296
21	Rajasthan	9551.93
22	Sikkim	2427.82
23	Tamil Nadu	10352.22
24	Telangana	1082.29
25	Tripura	604.14
26	Uttar Pradesh	544.9
27	Uttarakhand	2342.16
28	West Bengal	71.47
	Grand total	101412.2

Annexure-V

The State-wise details of release of funds for the infrastructure development support Supporting Dairy Cooperatives and Farmer Producer Organizations (SDCFPO) during last four years (i.e. 2020-21 to 2024-25).

S No	Name of the State/UTs	Total
1	Andhra Pradesh	12.94
2	Assam	0.04
3	Bihar	3.22
4	Gujarat	516.34
5	Haryana	2.16
6	Jammu and Kashmir	0.00
7	Jharkhand	0.35
8	Karnataka	26.68
9	Madhya Pradesh	1.03
10	Maharashtra	19.74
11	Odisha	0.00
12	Punjab	29.20
13	Rajasthan	8.40
14	Tamil Nadu	7.73
15	Telangana	0.65
16	Uttar Pradesh	0.22
	Total	628.70

Annexure-VI

The State-wise details of release of funds for the infrastructure development support Dairy Processing and Infrastructure Development Fund (DIDF) as on 31-12-2024 during last four years (i.e. 2020-21 to 2024-25).

Sl. No.	State	No of Projects	(Rs in Crore)
			Total Project Cost	Loan sanctioned	Loan disbursed
			Total Project Cost	Loan sanctioned	Total
NDDB’s projects
1	Andhra Pradesh	1	97.75	78.20	34.73
2	Bihar	1	113.27	78.80	76.39
3	Gujarat	5	1879.11	1469.59	1280.76
4	Haryana	4	420.19	336.14	197.50
5	Karnataka	10	2479.90	1344.83	1028.98
6	Kerala	1	15.25	12.20	8.62
7	Madhya Pradesh	1	338.00	270.40	237.86
8	Maharashtra	2	488.33	290.66	247.13
9	Punjab	4	318.41	249.77	205.73
10	Rajasthan	1	79.33	59.77	55.35
11	Telangana	3	261.51	156.70	134.22
12	Tamil Nadu	3	239.16	191.32	28.08
	TOTAL	36	6730.21	4538.38	3535.34
NCDC’s projects
1	Tamil Nadu	1	46.66	37.33	19.33
GRAND TOTAL		37	6776.87	4575.71	3554.67

This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Lok Sabha on 18th March, 2025.

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MIL OSI Asia Pacific News –

March 19, 2025

MIL-OSI Asia-Pac: Sahkar se Samriddhi

Source: Government of India (2)

Ministry of Cooperation

Sahkar se Samriddhi

Posted On: 18 MAR 2025 3:15PM by PIB Delhi

To achieve the prosperity in the country through the mantra of “Sahakar Se Samriddhi” given by the Prime Minister, a pilot project to promote ‘Cooperation among Cooperatives’ was launched by Union Minister of Home and Cooperation on 21st May,2023 in Banaskantha and Panchmahal District Central Cooperative Banks (DCCBs) of Gujarat to promote all financial transactions of Primary Dairy Cooperative Societies (PDCSs) with Rural Cooperative Banks and to strengthen and make the cooperative sector Aatma Nirbhar. Activities taken up under the pilot project are as under:

Dairy cooperative societies were made Bank Mitras of DCCBs: To ensure ease of doing business of PDCSs through digital financial transactions and to promote financial inclusion, micro-ATMs were given to these Bank Mitra PDCS with support from NABARD’s Financial Inclusion Fund (FIF) to provide doorstep financial services.
Rupay KCC through DCCBs: To expand the business and reach of DCCBs and to provide necessary liquidity/credit to the members of dairy cooperative societies, RuPay Kisan Credit Cards (KCCs) were issued by DCCBs to the members of PDCS and other societies for providing timely credit at comparatively lower interest rates and enabling other financial transactions.
Awareness about the campaign was created through Financial Literacy Camps (FLCs) which was also supported through FIF.

On the basis of learnings during the pilot project, the campaign was expanded and launched in all districts of Gujarat from 15th January 2024. Achievements during the campaign in the state of Gujarat are provided below:-

Over 2,23,994 new RuPay KCCs were issued by DCCBs.
6446 micro-ATMs were distributed to new Bank Mitra PDCS
6529 Bank Mitras were enrolled
More than 23 lakh deposit accounts opened
Total amount deposited was Rs. 8329 crore

A Standard Operating Procedure for the nation-wide implementation of the Campaign on ‘Cooperation among Cooperatives’ was launched on 19.09.2024.

Ministry of Cooperation with active participation of various States/ UTs has taken various initiatives to revitalize and strengthen the cooperative sector across the country ensuring uniform development of Cooperative Societies across all the States, which are enclosed at Annexure. These initiatives also include the measures taken to strengthen cooperative societies in those States where the cooperative movement is not in good position at present.

To enhance international market access for cooperative based products, Ministry of Cooperation has set up National Cooperative Export Limited (NCEL). NCEL will focus on exporting the surpluses available in the Indian cooperative sector by accessing wider markets beyond the geographical contours of the country, thereby, increasing the demand of Indian Cooperative products/services across the globe and fetch best possible prices for such products/services. It will promote exports through various activities including procurement, storage, processing, marketing, branding, labelling, packaging, certification, research and development, etc, and trading of all types of goods and services produced by cooperative societies. 8,863 cooperatives have become member of NCEL.

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ANNEXURE

Progress on major initiatives taken by Ministry of Cooperation

Ministry of Cooperation, since its inception on 6^th July, 2021, has undertaken several initiatives to realize the vision of “Sahakar-se-Samriddhi” and to strengthen & deepen the cooperative movement from Primary to Apex level Cooperatives in the country. List of initiatives taken and progress made so far are as follows:

A. Making Primary Cooperatives economically vibrant and transparent

Model Bye-Laws for PACS making them multipurpose, multidimensional and transparent entities: Government, in consultation with all the stakeholders, including States/ UTs, National Level Federations, State Cooperative Banks (StCBs), District Central Cooperative Banks (DCCBs), etc., has prepared and circulated Model Bye-laws for PACS to all the States/ UTs, which enable PACS to undertake more than 25 business activities, improve governance, transparency and accountability in their operations. Provisions have also been made to make the membership of PACS more inclusive and broad-based, giving adequate representation to women and Scheduled Castes/Schedules Tribes. So far, 32 States/ UTs have adopted Model Bye-laws or their existing bye-laws are in line with Model Bye-laws.
1. Strengthening of PACS through Computerization: In order to strengthen PACS, project for Computerization of functional PACS with a total financial outlay of ₹2,516 Crore has been approved by the Government of India, which entails bringing all functional PACS in the Country onto a common ERP based national software, linking them with NABARD through StCBs and DCCBs. A total of 67,930 PACS from 30 States/ UTs have been sanctioned under the project. A total of 50,455 PACS have been onboarded on ERP Software and hardware has been procured by 30 States/UTs.
1. Establishing New Multipurpose PACS/ Dairy/ Fishery Cooperatives in covering all the Panchayats: The Government of India has approved the plan to establish new multipurpose PACS/dairy/fisheries cooperatives, aiming to cover all panchayats and villages in the country over the next five years. This initiative is supported by NABARD, NDDB, NFDB and State/UT Governments. For effective implementation of the initiative, ‘Margadarshika’ has been launched on 19.9.2024, indicating the targets and timelines for stakeholders. As per National Cooperative Database, a total of 12,957 new PACS, Dairy and Fishery Cooperative Societies have been registered as on 27.1.2025 across the country since the approval of the plan on 15.2.2023.

1. World’s Largest Decentralized Grain Storage Plan in Cooperative sector: Government has approved a plan to create warehouses, custom hiring centers, primary processing units and other agri-infrastructure for grain storage at PACS level, through convergence of various GOI schemes, including AIF, AMI, SMAM, PMFME, etc. This will reduce wastage of food grains and transportation costs, enable farmers to realize better prices for their produce and meet various agricultural needs at the PACS level itself. Under the pilot project, construction of godowns in 11 PACS of 11 States has been completed.
2. PACS as Common Service Centers (CSCs) for better access to e-services: An MoU has been signed between Ministry of Cooperation, MeitY, NABARD and CSC e-Governance Services India Limited for providing more than 300 e-services such as banking, insurance, Aadhar enrolment/ updation, health services, PAN card and IRCTC/ Bus/ Air ticket, etc. through PACS. So far, 42,080 PACS have started providing CSC services to rural citizens.

1. Formation of new Farmer Producer Organizations (FPOs) by PACS: Government has allowed 1100 additional FPOs to be formed by PACS with the support of NCDC, in those blocks where FPOs have not yet been formed or the blocks are not covered by any other implementing agency. Against this allocation of 1100 blocks, 958 FPOs have been registered/ on-boarded as on 27.01.2025. Apart from this, 730 FPOs have already been formed by NCDC in cooperative sector. As on date, a total of 1,688 FPOs have been registered / on-boarded by NCDC in cooperative sector. This will be helpful in providing farmers with necessary market linkages and get fair and remunerative process for their produce.

1. PACS given priority for Retail Petrol/ Diesel outlets: Government has allowed PACS to be included in the Combined Category 2 (CC2) for allotment of retail petrol/ diesel outlets. As per information received from Oil Marketing Companies (OMCs), 286 PACS from 25 States/UTs have applied online for retail petrol/ diesel outlets.

1. PACS given permission to convert bulk consumer petrol pumps into retail outlets: The existing bulk consumer licensee PACS have been given a one-time option by Oil Marketing Companies to convert into retail outlets. As per information shared by OMCs, 116 wholesale consumer pump licensee PACS from 5 States have given consent for conversion into Retail Outlets, out of which 56 PACS have been commissioned by the OMCs.

1. PACS eligible for LPG Distributorship for diversifying its activities: Government has now allowed PACS to apply for LPG Distributorships. This will give PACS an option to increase their economic activities and diversify their income stream. As of now, 2 PACS from the state of Jharkhand have applied for LPG distributorship under CC Category.

1. PACS as PM Bharatiya Jan Aushadhi Kendra for improving access to generic medicines at rural level: PACS have been allowed to operate Pradhan Mantri Bhartiya JanaushadhiKendras (PMBJKs), which will provide additional income source to them and ease the access to quality generic medicines for rural citizens. So far, 4,523 PACS/ cooperative societies have applied online for PMBJKs, out of which 2,744 PACS have been given initial approval by Pharmaceutical & Medical Devices Bureau of India (PMBI) and 785 PACS have received drug license from State Drug Controllers and 716 PACS have got store codes from PMBI which are ready to function as PM Bhartiya Jan Aushadhi Kendras.

1. PACS as Pradhan Mantri Kisan Samriddhi Kendras (PMKSK): PACS have been enabled to operate PMKSK for ensuring easy accessibility of fertilizer & related services to farmers in the country. As per the information shared by Department of Fertilizers (GOI) and States/ UTs, a total of 36,193 PACS are functioning as PMKSK.

1. PACS to carry out O&M of rural piped water supply schemes (PWS): PACS have been made eligible to carry out the Operations & Maintenance (O&M) of PWS in rural areas. As per information received from States/ UTs, 934 PACS have been identified/ selected by 13 States/ UTs to provide O&M services at Panchayat/ Village level.

1. Convergence of PM-KUSUM at PACS level: Farmers associated with PACS can adopt solar agricultural water pumps and install photovoltaic modules in their farms.
2. Micro-ATMs to Bank Mitra Cooperative Societies for providing doorstep financial services: Dairy and Fisheries cooperative societies can be made Bank Mitras of DCCBs and StCBs. To ensure their ease of doing business, transparency and financial inclusion, Micro-ATMs are also being given to these Bank Mitra Co-operative Societies with support from NABARD to provide ‘Door-step Financial Services’. To facilitate effective implementation of the initiative, an SOP has been launched on 19^th September 2024. So far, 8,322 Micro-ATMs have been distributed to Bank Mitra cooperative societies in Gujarat.

1. Rupay Kisan Credit Card to Members of Milk Cooperatives: In order to expand the reach of DCCBs/ StCBs and to provide necessary liquidity to the members of Dairy Cooperative societies, Rupay Kisan Credit Cards (KCCs) are being distributed to the members of cooperatives for providing credit at comparatively lower interest rates and to enable them to carry out other financial transactions. To facilitate effective implementation of the initiative, an SOP has been launched on 19^th September 2024. So far, 7,43,810 Rupay KCC have been distributed in the State of Gujarat.

16. Formation of Fish Farmer Producer Organization (FFPO): In order to provide market linkage and processing facilities to fishermen, NCDC has registered 70 FFPOs in the initial phase. In addition, Department of Fisheries, Government of India has allocated the work of converting 1000 existing fisheries cooperative societies into FFPOs to National Cooperative Development Corporation. National Cooperative Development Corporation has identified 997 Primary Fisheries Cooperatives Societies to strengthen as FFPOs, with an approved outlay of Rs. 280.65 crore.

1. White Revolution 2.0: The Ministry of Cooperation has launched an initiative to usher Cooperative-led “White Revolution 2.0” aimed at expanding cooperative coverage, employment generation and women’s empowerment with an objective “To increase the milk procurement of dairy cooperatives by 50% from the present level over next five years by providing market access to dairy farmers in uncovered areas and increasing the share of dairy cooperatives in organised sector.” The SOP for White Revolution 2.0 was launched on 19.11.2024 by Hon’ble Home & Cooperation Minister in presence of Hon’ble Minister of Fisheries, Animal Husbandry and Dairying. On 25.12.2024 Hon’ble Home & Cooperation Minister in the presence of Hon’ble Minister of Fisheries, Animal Husbandry and Dairying inaugurated 6,600 newly set up Dairy Cooperative Societies. So far, 8,294 DCSs have been registered in 27 States/UTs.
2. Atmanirbharta Abhiyan: Ministry of Cooperation has launched the initiative to incentivize production of pulses (tur, masur and urad) to reduce dependency on imports, and production of maize to be used for production of ethanol for meeting the goal of Ethanol Blending Programme (EBP) through National Cooperative Consumer Federation (NCCF) and National Agricultural Cooperative Marketing Federation of India (NAFED). Both have developed their own web portal i.e. e-samyukti and e-samridhi respectively for registration of farmers through cooperatives. Both have assured pre-registered farmers of tur, urad, masur and maize to procure 100% of their produce at Minimum Support Price (MSP). However, if market prices exceed the MSP, farmers are free to sell their produce in the open market. A total of 12,64,212 farmers have already registered on the e-samyukti portal of NCCF. Similarly, 6,75,178 farmers have registered themselves on the e-samridhi portal of NAFED.

B. Strengthening the Urban and Rural Cooperative Banks

Urban Cooperative Banks (UCBs) have been allowed to open new branches to expand their business: UCBs can now open new branches up to 10% (maximum 5 branches) of the existing number of branches in the previous financial year without prior approval of RBI.

UCBs have been allowed by RBI to offer doorstep services to their customers: Door step banking facility can now be provided by UCBs. Account holders of these banks can now avail various banking facilities at home such as cash withdrawal, cash deposit, KYC, demand draft and life certificate for pensioners, etc.

Cooperative banks have been allowed to make one-time settlement of outstanding loans, like Commercial Banks: Co-operative banks, through board-approved policies, can now provide the process for settlement with borrowers, along with technical write-off.

Time limit increased to achieve Priority Sector Lending (PSL) targets given to UCBs: RBI has extended the timeline for UCBs to achieve Priority Sector Lending (PSL) targets by two years i.e., up to March 31, 2026.

A Nodal Officer designated in RBI for regular interaction with UCBs: In order to meet the long pending demand of the cooperative sector for closer coordination and focused interaction, RBI has notified a nodal officer.

24. Individual housing loan limit more than doubled by RBI for Rural and Urban Cooperative Banks:

1. Housing loan limit of Urban Cooperative Banks has now been doubled from Rs. 30 lakhs to Rs.60 lakhs.
2. Housing loan limit of Rural Cooperative Banks has been increased to two and a half times to Rs.75 lakhs.

25. Rural Cooperative Banks will now be able to lend to commercial real estate/ residential housing sector, thereby diversifying their business: This will not only help Rural Cooperative Banks to diversify their business, but will benefit Housing cooperative societies also.

License fee reduced for Cooperative Banks: License fee for onboarding Cooperative Banks to ‘Aadhaar Enabled Payment System’ (AePS) has been reduced by linking it to the number of transactions. Cooperative financial institutions will also be able to get the facility free of cost for the first three months of the pre-production phase. With this, farmers will now be able to get the facility of banking at their home with through biometrics.

Non-scheduled UCBs, StCBs and DCCBs notified as Member Lending Institutions (MLIs) in CGTMSE Scheme to increase the share of cooperatives in lending: Cooperative banks will now be able to take advantage of risk coverage up to 85 percent on the loans given. Also, cooperative sector enterprises will also be able to get collateral free loans from cooperative banks now.

Notification of Scheduling norms for including Urban Cooperative Banks: UCBs that meet the ‘Financially Sound and Well Managed’ (FSWM) criteria and have maintained the minimum deposits required for classification as Tier 3 for the last two years are now eligible to be included in Schedule II of the Reserve Bank of India Act, 1934 and get ‘Scheduled’ status.

Monetary ceiling doubled by RBI for Gold Loan: RBI has doubled monetary ceiling from Rs. 2 lakhs to Rs.4 lakhs, for those UCBs that meet the PSL targets.

Umbrella Organization for Urban Cooperative Banks: RBI has accorded approval to the National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) for the formation of an Umbrella Organization (UO) for the UCB sector, which will provide necessary IT infrastructure and operational support to around 1,500 UCBs.

C. Relief to Cooperative Societies in the Income Tax Act

Surcharge reduced from 12% to 7% for co-operative societies having income between Rs. 1 to 10 Cr.: This will reduce the burden of Income Tax on Cooperative Societies and more capital will be available with them to work for the benefit of their members.

MAT reduced for cooperatives from 18.5% to 15%: With this provision, now there is parity between Cooperative Societies and Companies in this regard.

Relief in cash transactions under section 269ST of the Income Tax Act: In order to remove difficulties in cash transactions by cooperatives under Section 269ST of IT Act, Government has issued a clarification that cash transaction of less than Rs. 2 lakhs done by a cooperative society with its distributor in a day will be considered separately, and will not be charged with income tax penalty.
Tax cut for new manufacturing Cooperative societies: Government has decided that a flat lower tax rate of 15% will be charged, compared to an earlier rate of up to 30% plus surcharge, for new cooperatives commencing manufacturing activities by March 31, 2024. This will encourage the formation of new cooperative societies in the manufacturing sector.

Increase in limit of Cash Deposits and Cash Loans by PACS and PCARDBs: Government has enhanced the limit for Cash Deposits and Cash Loans by PACS and Primary Cooperative Agriculture and Rural Development Banks (PCARDBs) from Rs. 20,000 to Rs.2 lakh per member. This provision will facilitate their activities, increase their business and benefit members of their societies.

Increase in the limit of Tax Deducted at Source (TDS) in Cash Withdrawal: Government has increased the cash withdrawal limit of cooperative societies without deduction of tax at source from Rs.1 crore to Rs.3 crore per year. This provision will save Tax Deducted at Source (TDS) for cooperative societies, which will enhance their liquidity.

D. Revival of Cooperative Sugar Mills

Relief from Income Tax to Sugar Cooperative Mills: Government has issued a clarification that cooperative sugar mills would not be subjected to additional income tax for paying higher sugarcane prices to farmers up to Fair and Remunerative or State Advised Price, from April, 2016 onwards.

Resolution of decades old pending issues related to Income Tax of Sugar Cooperative Mills: Government has made a provision in its Union Budget 2023-24, wherein Sugar cooperatives have been allowed to claim as expenditure their payments to sugarcane farmers for the period prior to assessment year 2016–17, giving them a relief of more than Rs.46,000 crore.

Rs.10,000 crore loan scheme launched for strengthening of Sugar Cooperative Mills: Government has launched a scheme through NCDC for setting up ethanol plants or cogeneration plants or for working capital or for all three purposes. So far, the Ministry has released Rs. 875 crore to NCDC (Rs. 500 crore in FY 2022-23 and Rs. 375 crore in FY 2024-25) under the scheme and as of now, NCDC has sanctioned 80 loans amounting to Rs.9,169.76 crore to 44 CSMs.

Preference to Cooperative Sugar Mills in purchase of ethanol: Cooperative Sugar Mills have now been put at par with private companies for ethanol procurement by Government of India under the Ethanol Blending Programme (EBP).

Strengthening of Cooperative Sugar Mills by converting their molasses-based ethanol plants into multi feed ethanol plants: Ministry of Cooperation has taken initiative in consultation with National Federation of Cooperative Sugar Factories Ltd. (NFCSFL) for conversion of existing molasses-based ethanol plants of CSMs into multi feed ethanol plants. The Cooperative Sugar Mills (CSMs) also produce ethanol from molasses and sugar syrup by installing ethanol production plants. However, the availability of raw material i.e., molasses and sugar syrup for production of ethanol is limited by many factors viz, Government Policy on diversion of sugarcane syrup, B heavy molasses for production of ethanol and duration of sugar cane crushing season and availability of sugarcane depending on rainfall, etc. On account of these limiting factors, the CSMs having ethanol plants are not able to operate them at full capacity round the year. The Government of India has prioritized maize for production of ethanol, therefore, it is prudent for CSMs to convert their existing ethanol production units into multi feed ethanol production units so that they are able to produce ethanol by using maize as raw material.

Reduction in GST on molasses from 28% to 5%: Government has decided to reduce the GST on molasses from 28% to 5% which will enable cooperative sugar mills to earn more profits for their members by selling molasses to distilleries with higher margins.

E. Three new National Level Multi-State Societies

43. New National Multi-State Cooperative Seed Society for certified seeds: Government has established a new apex multi-state cooperative seed society under the MSCS Act, 2002, namely Bharatiya Beej Sahakari Samiti Limited (BBSSL) as an umbrella organization for quality seed cultivation, production and distribution under a single brand. During the Rabi 2024-25 season, 57 Varieties of 12 Crops were sown/ planted in 5,596 hectares. Similarly, during the Kharif 2024 season, 23 varieties of 8 Crops have been planted on 176.59 hectare of land. So far, 17,425 PACS/ Cooperative Societies have become members of BBSSL.

New National Multi-State Cooperative Organic Society for organic farming: Government has established a new apex multi-state cooperative organic society under the MSCS Act, 2002, namely National Cooperative Organics Limited (NCOL) as an umbrella organization to produce, distribute and market certified and authentic organic products. So far, 5,184 PACS/ cooperative societies have become members of NCOL. NCOL has launched 13 products i.e., Whole Wheat Flour, Moong Dhuli, Moong Whole, Moog Chilka Dal, Moog Split, Arhar/ Toor Dal, Urad Whole, Urad Dal, Masoor Whole, Masoor Malka, Brown Chana, Rajma Chitra, Chana Dal under ‘Bharat Organics Brand’.

New National Multi-State Cooperative Export Society for promoting exports: Government has established a new apex multi-state cooperative export society under the MSCS Act, 2002, namely National Cooperative Export Limited (NCEL) as an umbrella organization to give thrust to exports from cooperative sector. So far, 7,933 PACS/ cooperative societies have become members of NCEL. Till date, NCEL has achieved a total export quantity of commodities (rice, sugar, onion, wheat, maize and Jeera) of 12,52,083 Metric tonnes with an exported value of Rs. 5,099.24 crore.

F. Capacity Building in Cooperatives

Promotion of training and awareness through National Council for Cooperative Training (NCCT): By increasing its reach, NCCT has conducted 2,872 training programs and provided training to 2,35,060 participants till December 2024.

G. Use of Information Technology for ‘Ease of Doing Business’

Computerization of the Central Registrar’s Office: Central Registrar’s office has been computerized to create a digital ecosystem for Multi-State Cooperative Societies, which will assist in processing applications and service requests in a time bound manner.

Scheme for computerization of office of RCSs in States/ Union Territories: To increase ‘ease of doing business’ for cooperative societies and create a digital ecosystem for transparent paperless regulation in all the States/ UTs, a Centrally Sponsored Project for Computerization of RCS Offices has been approved by the Government. Grants are provided for the purchase of hardware, development of software, etc. to the States/ UTs. So far, proposals received from 35 States/ UTs have been sanctioned by GOI.

Computerization of Agriculture and Rural Development Banks (ARDBs): To strengthen the long-term cooperative credit structure, the project of computerization of 1,851 units of Agriculture and Rural Development Banks (ARDBs) spread across 13 States/ Union Territories has been approved by the Government. NABARD is the implementing agency for the project. So far, proposals from 10 States/UTs have been received and sanctioned. Further, GOI share amounting to Rs 5.08 crore has been released to 9 States/UTs in FY 2023-24 and FY 2024-25 for procurement of hardware, digitization and setting up of support system.

H. Other Initiatives

New National Cooperative Database for authentic and updated data repository: A database of cooperatives in the country has been prepared with the support of State Governments to facilitate stakeholders in policy making and implementation of programmes/ schemes related to cooperatives across the country. So far, data of more than

8.2 lakh cooperatives across 30 sectors, with approximately 30 crore members, has been captured in the database.

Cooperative Ranking Framework: The Government launched the Cooperative Ranking Framework on 24^th January 2025 to rank cooperatives State-wise and sector-wise. The ranking framework enables State RCS to assess Cooperative Societies’ performance based on key parameters, including audit compliance, operational activities, financial performance, infrastructure, and basic identity information. The RCS of the States/ UTs, through login on NCD portal, can generate ranks of Cooperative Societies, initially of 7 major sectors namely PACS, Dairy, Fishery, Urban Cooperative Banks, Housing, Credit and Thrift, and Khadi and Gram Udyog. This ranking system aims to enhance transparency, reliability and competitiveness among cooperative societies, ultimately fostering their growth. Furthermore, top-performing cooperative societies in each sector will be recognized and honoured by the Ministry of Cooperation and respective State/ UT authorities, aligning with the objectives of the International Year of Cooperatives.

International Year of Cooperatives – 2025 in India: The United Nations has declared 2025 as the International Year of Cooperatives (IYC 2025) to highlight the role of cooperatives in economic growth, social inclusion, and sustainability. The Ministry of Cooperation has developed an action plan in collaboration with National Cooperative Federations, State Governments, Central Ministries and other stakeholders emphasizing transparency, policy reforms, and rural economic transformation through PACS. Activities include training, board meetings, cooperative flag hoisting, exhibitions, and business expansion workshops at District, State, and National levels. To ensure effective execution, committees at national, state, and district levels have been formed. The National Execution Committee (NEC) and National Cooperative Committee (NCC) will oversee coordination and financial mobilization. State Apex Committees (SAC), along with State and District Cooperative Development Committees (SCDC & DCDC), will organize and manage State/ District/ Village level programs.

Multi-State Co-operative Societies (Amendment) Act, 2023: Amendment has been brought in the MSCS Act, 2002 to strengthen governance, enhance transparency, increase accountability, reform electoral process and incorporate provisions of 97^th Constitutional Amendment in the Multi State Cooperative Societies.

Cooperative Ombudsman: Following the amendment in the Multi–State Cooperative Societies (MSCS) Act, 2002, Cooperative Ombudsman has been appointed under Section 85A of the said Act vide gazette notification dated 05.03.2024. The Ombudsman office is fully functional and deals with complaints or appeals, from members of the MSCS regarding their deposits, equitable benefits of the Multi–State Co-operative Society’s functioning or any other issue affecting the individual rights of the concerned member.

Cooperative Election Authority (CEA): Following the amendment in the Multi–State Cooperative Societies (MSCS) Act, 2002, the Cooperative Election Authority has been set up to strengthen governance and accountability, with a mandate to conduct free and fair election in all MSCSs. Elections in more than 80 MSCS have been conducted successfully up to December, 2024.
Inclusion of Cooperatives as ‘buyers’ on GeM portal: The Government has permitted cooperatives to register as ‘buyer’ on GeM, enabling them to procure goods and services from over 67 lakh vendors to facilitate economical purchases and greater transparency. So far, 574 cooperative societies have been onboarded on GeM as buyers.
Expansion of National Cooperative Development Corporation (NCDC) to increase its range and depth: NCDC has launched new schemes in various sectors such as ‘Swayamshakti Sahkar’ for SHGs; ‘Deerghavadhi Krishak Sahkar’ for long term agricultural credit and ‘Dairy Sahkar’ for dairy. During the current FY 2024-25, so far, total financial assistance of Rs. 84,673.70 crores has been disbursed by NCDC.
Financial assistance by NCDC for Deep Sea Trawlers: NCDC is providing financial assistance for projects related to deep sea trawlers in coordination with the Department of Fisheries, Government of India. NCDC has already sanctioned financial assistance of Rs.

25.95 crore for purchase of total 44 deep sea trawlers for the Fisheries Cooperative Societies of Maharashtra and Gujarat State.

National Cooperation Policy (NCP): The formulation of New National Cooperation Policy (NCP) has been envisaged to fulfil the mandate of the Ministry of Cooperation – “Sahakar se Samriddhi.” A National level committee was constituted on 2.9.2022 under Shri Suresh Prabhakar Prabhu with experts of the cooperative sector, representatives from National/ State/ District/ Primary level cooperative societies, Secretaries (Cooperation) and RCSs from States/ UTs and officers from Central Ministries/ Departments to formulate the New Cooperation Policy to provide a framework to unlock the true potential of the Cooperative sector. The Committee conducted four regional workshops throughout the country to elicit suggestions from stakeholders. The received suggestions have been incorporated into the draft policy appropriately. The draft policy has been prepared and is under finalization.
Refund to Investors of Sahara Group of Societies: A portal has been launched for making payments to the genuine depositors of the cooperative societies of Sahara Group in a transparent manner. Disbursements have already started after proper identification and submission of proof of their deposits and claims. So far, Rs. 2,025.75 crores have been disbursed to 11.61 lakh applicants.

This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Lok Sabha.

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RK/VV/ASH/RR/PR/PS

(Release ID: 2112225)

MIL OSI Asia Pacific News –

March 19, 2025

MIL-OSI Asia-Pac: CBDT seeks inputs from stakeholders on income-tax rules and related forms on provisions of Income Tax Bill 2025, after it was introduced in Parliament

Source: Government of India (2)

CBDT seeks inputs from stakeholders on income-tax rules and related forms on provisions of Income Tax Bill 2025, after it was introduced in Parliament

CBDT has launched a utility on e-filing portal for stakeholders to submit inputs through an OTP-based validation process

Posted On: 18 MAR 2025 3:11PM by PIB Delhi

In reference to the Income Tax Bill, 2025, that was introduced in Parliament and is currently under examination by the Select Committee for detailed consideration, stakeholders are encouraged to continue submitting their suggestions on the provisions of the Bill, which will be compiled and forwarded to the Select Committee for its review.

To facilitate this, a utility has been launched on the e-filing portal, which can be accessed through the following link:

https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review

The above link is live and accessible to all stakeholders from 08.03.2025 on the e-filing portal. Stakeholders can submit their inputs by entering their name and mobile number, followed by an OTP-based validation process.

All suggestions should clearly specify the relevant provision of the Income-tax Rules, 1962 (including the specific section, sub-section, clause, rule, sub-rule, or form number) to which the recommendation pertains under the aforementioned four categories.

In alignment with the comprehensive review of the Income-tax Act, 1961, an effort is underway to collect inputs and work on simplification of the associated Income Tax Rules and Forms. The objective of this initiative is to enhance clarity, reduce the compliance burden, and eliminate obsolete rules, making tax processes more accessible for taxpayers and other stakeholders. Additionally, streamlining the Rules and Forms aims to simplify tax compliance, improve taxpayer comprehension and ease of filing, lower administrative burdens and errors, and enhance transparency and efficiency.

As part of a wider consultative process, the committee formed to review the Rules and Forms invites inputs and suggestions from stakeholders in the following four categories:

1. Simplification of Language

2. Reduction of Litigation

3. Reduction of Compliance Burden

4. Identification of Redundant/Obsolete Rules and Forms

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NB/KMN

(Release ID: 2112222) Visitor Counter : 76

MIL OSI Asia Pacific News –

March 19, 2025
MIL-OSI Asia-Pac: CBDT issues Frequently Asked Questions (FAQs) relating to Revised Guidelines for Compounding of Offences under Income-Tax Act, 1961

Source: Government of India (2)

CBDT issues Frequently Asked Questions (FAQs) relating to Revised Guidelines for Compounding of Offences under Income-Tax Act, 1961

The FAQs are based on feedback from stakeholders on Revised Guidelines for Compounding of Offences under Income-Tax Act, 1961, issued on 17th October 2025

Posted On: 17 MAR 2025 7:30PM by PIB Delhi

The revised Guidelines for Compounding of Offences under the Income-Tax Act, 1961 (hereinafter referred to as “the guidelines”) were issued on October 17, 2024. These guidelines supersede all existing guidelines on the subject and are applicable to all pending as well as new applications from the date of their issuance.

Following the issuance of the guidelines, queries were received from stakeholders seeking clarifications on various provisions. Based on these queries, the CBDT has issued Circular No. 04/2025, dated March 17, 2025, in the form of answers to frequently asked questions (FAQs). These FAQs provide the necessary clarifications on the scope of the guidelines, eligibility for filing applications, the mode of filing compounding applications and payment of fees, terms for compounding, compounding charges and procedures for payment, time limits, and other related aspects.

The FAQs are available on the official website of the Income Tax Department at https://incometaxindia.gov.in/news/circular-no-04-2025.pdf.

The guidelines have been simplified compared to the previous version, inter alia, by eliminating the categorisation of offences, removing the limit on the number of occasions for filing applications, allowing fresh applications upon curing of defects, permitting the compounding of offences under sections 275A and 276B of the Act, and removing the existing time limit for filing applications, which was previously set at 36 months from the date of filing of the complaint.

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NB/KMN

(Release ID: 2112079) Visitor Counter : 36

MIL OSI Asia Pacific News –

March 19, 2025

MIL-OSI: KE Holdings Inc. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results and a Final Cash Dividend

Source: GlobeNewswire (MIL-OSI)

BEIJING, March 18, 2025 (GLOBE NEWSWIRE) — KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, and also announced a final cash dividend.

Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2024

Gross transaction value (GTV)¹ in 2024 was RMB3,349.4 billion (US$458.9 billion), an increase of 6.6% year-over-year. GTV of existing home transactions was RMB2,246.5 billion (US$307.8 billion), an increase of 10.8% year-over-year. GTV of new home transactions was RMB970.0 billion (US$132.9 billion), a decrease of 3.3% year-over-year. GTV of home renovation and furnishing was RMB16.9 billion (US$2.3 billion), an increase of 27.3% year-over-year. GTV of emerging and other services was RMB116.0 billion (US$15.9 billion), an increase of 17.6% year-over-year.
In the fourth quarter of 2024, GTV was RMB1,143.8 billion (US$156.7 billion), an increase of 55.5% year-over-year. GTV of existing home transactions was RMB744.8 billion (US$102.0 billion), an increase of 59.1% year-over-year. GTV of new home transactions was RMB355.3 billion (US$48.7 billion), an increase of 49.3% year-over-year. GTV of home renovation and furnishing was RMB5.3 billion (US$0.7 billion), an increase of 34.7% year-over-year. GTV of emerging and other services was RMB38.3 billion (US$5.3 billion), an increase of 50.0% year-over-year.
Net revenues in 2024 were RMB93.5 billion (US$12.8 billion), an increase of 20.2% year-over-year.
In the fourth quarter of 2024, net revenues were RMB31.1 billion (US$4.3 billion), an increase of 54.1% year-over-year.
Net income in 2024 was RMB4,078 million (US$559 million), a decrease of 30.8% year-over-year. Adjusted net income²in 2024 was RMB7,211 million (US$988 million), a decrease of 26.4% year-over-year.
In the fourth quarter of 2024, net income was RMB577 million (US$79 million), a decrease of 13.9% year-over-year. Adjusted net income was RMB1,344 million (US$184 million), a decrease of 21.6% year-over-year.
Number of stores was 51,573 as of December 31, 2024, a 17.7% increase from one year ago. Number of active stores³ was 49,693 as of December 31, 2024, an 18.3% increase from one year ago.
Number of agents was 499,937 as of December 31, 2024, a 16.9% increase from one year ago. Number of active agents⁴ was 445,271 as of December 31, 2024, a 12.1% increase from one year ago.
Mobile monthly active users (MAU)⁵ averaged 43.2 million in the fourth quarter of 2024, relatively flat compared to 43.2 million in the same period of 2023.

Mr. Stanley Yongdong Peng, Chairman of the Board and Chief Executive Officer of Beike, commented, “in 2024, China’s real estate industry is accelerating towards an advanced stage, with customer demand shifting towards reducing decision-making risks and pursuing higher living quality. We empower service providers with technology, enabling optimal decision-making and driving the industry’s leap toward higher service efficiency.”

“Under the strategy of active growth and ecosystem optimization, we achieved significant growth in several key metrics in 2024. The number of active stores on the platform reached nearly 49,700, an 18.3% increase year-on-year, while the number of active agents surpassed 445,000, a 12.1% increase year-on-year. The total GTV was RMB3,349.4 billion, with net revenues hitting a historic high of RMB93.5 billion, a 20.2% increase year-on-year. GTV of existing home transactions grew 10.8% year-on-year, while net revenues from new home transaction services increased by 10.1% year-on-year. The home renovation and furnishing services saw continuous improvement in scale and delivery capability, achieving net revenues of RMB14.8 billion, a 36.1% year-on-year increase. The home rental services managed over 430,000 units by the end of 2024, generating net revenues of RMB14.3 billion, a 135.0% year-on-year increase, with refined operations improving customer experience. Our Beihaojia business explored driving product strength and reduce risks in the new home industry through the C2M (customer to manufacturing) model.”

“Looking ahead, we remain committed to our strategic direction of becoming ‘more technology-driven and more human-centric.’ AI-powered technology will enable deeper insights into personalized customer needs and redefine the boundaries of service providers’ capabilities, while a human-centered approach will highlight the value of service. We believe that the integration of technology and human touch will drive a step-change in consumer experience and service efficiency, unlocking new possibilities for the residential services industry,” concluded Mr. Peng.

Mr. Tao Xu, Executive Director and Chief Financial Officer of Beike, added, “in 2024, both the existing and new home markets saw a significant recovery following the stimulus policies introduced in September. The total volume of existing home transactions saw year-on-year growth in 2024, and structurally, the proportion of existing home transactions within the overall real estate market further increased.

Facing market opportunities, we continued to make breakthroughs in scale in 2024. Our full-year net revenues reached RMB93.5 billion, up 20.2% year-over-year. Net revenues from existing and new home transaction services both grew year-over-year. Net revenues from non-housing transaction services grew by 64.2% year-over-year, accounting for 33.8% of total net revenues, serving as a new growth engine. Our earnings quality improved as well. Net operating cash inflow in 2024 was RMB9.45 billion, 1.3 times our adjusted net income for the year.

We placed great emphasis on shareholder returns. We have in aggregate repurchased shares with a total consideration of approximately US$716 million in 2024, which accounted for approximately 3.9% of the Company’s total issued shares at the end of 2023. Meanwhile, we are here to declare our final cash dividend, with an aggregate amount of approximately US$0.4 billion, reaffirming our commitment to sharing long-term value with our shareholders.

We believe our outstanding financial management capabilities will safeguard our ‘one body, three wings’ strategy and facilitate the steady growth of all business lines.”

Fourth Quarter 2024 Financial Results

Net Revenues

Net revenues increased by 54.1% to RMB31.1 billion (US$4.3 billion) in the fourth quarter of 2024 from RMB20.2 billion in the same period of 2023, primarily attributable to the increase of total GTV and the expansion of home rental business. Total GTV increased by 55.5% to RMB1,143.8 billion (US$156.7 billion) in the fourth quarter of 2024 from RMB735.6 billion in the same period of 2023, primarily attributable to the recovery of housing transaction market driven by the supportive policies and the Company’s proactive growth strategy and enhanced capabilities in market coverage.

Net revenues from existing home transaction services were RMB8.9 billion (US$1.2 billion) in the fourth quarter of 2024, increased by 47.5% from RMB6.0 billion in the same period of 2023. GTV of existing home transactions increased by 59.1% to RMB744.8 billion (US$102.0 billion) in the fourth quarter of 2024 from RMB468.1 billion in the same period of 2023. The higher growth rate in GTV compared to net revenues in existing home transaction services was primarily attributable to a decrease in the commission rate of existing home sales transaction services, driven by a strategic scaling-down of certain value-added services offerings as the Company prioritized service quality assurance to ensure the premium offerings maintain their value proposition to customers.
Among that, (i) commission revenue was RMB7.4 billion (US$1.0 billion) in the fourth quarter of 2024, increased by 53.0% from RMB4.9 billion in the same period of 2023, primarily attributable to the increase of GTV of existing home transactions served by Lianjia stores of 65.7% to RMB311.7 billion (US$42.7 billion) in the fourth quarter of 2024 from RMB188.1 billion in the same period of 2023, partially offset by the decrease in the commission rate of existing home sales transaction services charged by Lianjia stores which was driven by a strategic scale back certain value-added services offerings; and

(ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform increased by 25.0% to RMB1.5 billion (US$0.2 billion) in the fourth quarter of 2024 from RMB1.2 billion in the same period of 2023, mainly due to an increase of GTV of existing home transactions served by connected agents on the Company’s platform of 54.7% to RMB433.2 billion (US$59.3 billion) in the fourth quarter of 2024 from RMB280.0 billion in the same period of 2023, partially offset by incentive-based reductions in platform service and franchise service fees for connected stores.

Net revenues from new home transaction services increased by 72.7% to RMB13.1 billion (US$1.8 billion) in the fourth quarter of 2024 from RMB7.6 billion in the same period of 2023, primarily due to the increase of GTV of new home transactions of 49.3% to RMB355.3 billion (US$48.7 billion) in the fourth quarter of 2024 from RMB238.0 billion in the same period of 2023, and the improved monetization capability. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels increased by 51.6% to RMB287.5 billion (US$39.4 billion) in the fourth quarter of 2024 from RMB189.7 billion in the same period of 2023, and the GTV of new home transactions served by Lianjia brand increased by 40.4% to RMB67.8 billion (US$9.3 billion) in the fourth quarter of 2024 from RMB48.3 billion in the same period of 2023.
Net revenues from home renovation and furnishing increased by 12.8% to RMB4.1 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB3.6 billion in the same period of 2023, primarily attributable to a) the increase of orders driven by the synergetic effects from customer acquisition and conversion between home transaction services and home renovation and furnishing business and b) a larger contribution from furniture and home furnishing sales in categories such as customized furniture, soft furnishings, and electrical appliances.

Net revenues from home rental services increased by 108.7% to RMB4.6 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB2.2 billion in the same period of 2023, primarily attributable to the increase of the number of rental units under the Carefree Rent model.

Net revenues from emerging and other services were RMB0.4 billion (US$0.1 billion) in the fourth quarter of 2024, compared to RMB0.7 billion in the same period of 2023.

Cost of Revenues

Total cost of revenues increased by 59.1% to RMB24.0 billion (US$3.3 billion) in the fourth quarter of 2024 from RMB15.1 billion in the same period of 2023.

Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 71.7% to RMB8.7 billion (US$1.2 billion) in the fourth quarter of 2024, from RMB5.1 billion in the same period of 2023, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.

Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 64.8% to RMB6.5 billion (US$0.9 billion) in the fourth quarter of 2024 from RMB3.9 billion in the same period of 2023, primarily due to an increase in the net revenues from existing and new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.

Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 9.8% to RMB2.9 billion (US$0.4 billion) in the fourth quarter of 2024 from RMB2.6 billion in the same period of 2023, which was in line with the growth of net revenues from home renovation and furnishing.
Cost of home rental services. The Company’s cost of revenues for home rental services increased by 101.8% to RMB4.4 billion (US$0.6 billion) in the fourth quarter of 2024 from RMB2.2 billion in the same period of 2023, primarily attributable to the growth of net revenues from home rental services.
Cost related to stores. The Company’s cost related to stores increased by 8.1% to RMB0.8 billion (US$0.1 billion) in the fourth quarter of 2024 from RMB0.7 billion in the same period of 2023, primarily attributable to the increased number of Lianjia stores.

Other costs. The Company’s other costs increased to RMB0.7 billion (US$0.1 billion) in the fourth quarter of 2024 from RMB0.5 billion in the same period of 2023, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

Gross Profit

Gross profit increased by 39.4% to RMB7.2 billion (US$1.0 billion) in the fourth quarter of 2024 from RMB5.1 billion in the same period of 2023. Gross margin was 23.0% in the fourth quarter of 2024, compared to 25.5% in the same period of 2023, primarily due to a) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services and b）a lower contribution margin of emerging and other services.

Income from Operations

Total operating expenses increased by 15.8% to RMB6.2 billion (US$0.8 billion) in the fourth quarter of 2024 from RMB5.3 billion in the same period of 2023.

General and administrative expenses were RMB3.0 billion (US$0.4 billion) in the fourth quarter of 2024, compared with RMB2.6 billion in the same period of 2023, mainly due to the increase in personnel costs, partially offset by the decrease of share-based compensation expenses.
Sales and marketing expenses increased by 12.7% to RMB2.3 billion (US$0.3 billion) in the fourth quarter of 2024 from RMB2.1 billion in the same period of 2023, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
Research and development expenses increased by 38.4% to RMB739 million (US$101 million) in the fourth quarter of 2024 from RMB534 million in the same period of 2023, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

Income from operations was RMB1,011 million (US$139 million) in the fourth quarter of 2024, compared to loss from operations of RMB173 million in the same period of 2023. Operating margin was 3.2% in the fourth quarter of 2024, compared to negative 0.9% in the same period of 2023, primarily due to the improved operating leverage in the fourth quarter of 2024, compared to the same period of 2023.

Adjusted income from operations⁶ was RMB1,755 million (US$240 million) in the fourth quarter of 2024, compared to RMB856 million in the same period of 2023. Adjusted operating margin⁷ was 5.6% in the fourth quarter of 2024, compared to 4.2% in the same period of 2023. Adjusted EBITDA⁸ was RMB2,343 million (US$321 million) in the fourth quarter of 2024, compared to RMB1,700 million in the same period of 2023.

Net Income

Net income was RMB577 million (US$79 million) in the fourth quarter of 2024, compared to RMB670 million in the same period of 2023, primarily due to an increase in income tax expenses.

Adjusted net income was RMB1,344 million (US$184 million) in the fourth quarter of 2024, compared to RMB1,714 million in the same period of 2023.

Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB570 million (US$78 million) in the fourth quarter of 2024, compared to RMB670 million in the same period of 2023.

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders⁹ was RMB1,336 million (US$183 million) in the fourth quarter of 2024, compared to RMB1,713 million in the same period of 2023.

Net Income per ADS

Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹⁰ were RMB0.51 (US$0.07) and RMB0.49 (US$0.07) in the fourth quarter of 2024, respectively, compared to RMB0.58 and RMB0.56 in the same period of 2023, respectively.

Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹¹ were RMB1.19 (US$0.16) and RMB1.14 (US$0.16) in the fourth quarter of 2024, respectively, compared to RMB1.49 and RMB1.44 in the same period of 2023, respectively.

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

As of December 31, 2024, the combined balance of the Company’s cash, cash equivalents, restricted cash and short-term investments amounted to RMB61.6 billion (US$8.4 billion).

Fiscal Year 2024 Financial Results

Net Revenues

Net revenues increased by 20.2% to RMB93.5 billion (US$12.8 billion) in 2024 from RMB77.8 billion in 2023, primarily attributable to the increase of net revenues from new home transaction services and the expansion of home renovation and furnishing and home rental business. Total GTV increased by 6.6% to RMB3,349.4 billion (US$458.9 billion) in 2024 from RMB3,142.9 billion in 2023, primarily attributable to the Company’s proactive growth strategy and enhanced capabilities in market coverage.

Net revenues from existing home transaction services were RMB28.2 billion (US$3.9 billion) in 2024, relatively flat compared with RMB28.0 billion in 2023. GTV of existing home transactions increased by 10.8% to RMB2,246.5 billion (US$307.8 billion) in 2024 from RMB2,028.0 billion in 2023.
Among that, (i) commission revenue increased by 1.0% to RMB23.1 billion (US$3.2 billion) in 2024, from RMB22.9 billion in 2023, primarily attributable to the GTV of existing home transactions served by Lianjia stores increased by 8.4% to RMB918.5 billion (US$125.8 billion) in 2024 from RMB847.6 billion in 2023, mainly offset by a lower commission rate of existing home transaction services charged by Lianjia stores in Beijing; and

(ii) revenues derived from platform service, franchise service and other value-added services, which are mostly charged to connected stores and agents on the Company’s platform were RMB5.1 billion (US$0.7 billion) in 2024, relatively flat compared with RMB5.1 billion in 2023, while the GTV of existing home transactions served by connected agents on the Company’s platform increased by 12.5% to RMB1,328.0 billion (US$181.9 billion) in 2024 from RMB1,180.4 billion in 2023. The increase was mainly offset by the decrease in revenues from certain value-added services which were not directly driven by GTV of existing home transactions served by connected agents.

Net revenues from new home transaction services increased by 10.1% to RMB33.7 billion (US$4.6 billion) in 2024 from RMB30.6 billion in 2023, primarily due to the improved monetization capability, which was partially offset by the decrease of GTV of new home transactions of 3.3% to RMB970.0 billion (US$132.9 billion) in 2024 from RMB1,003.0 billion in 2023. Among that, the GTV of new home transactions facilitated on Beike platform through connected agents, dedicated sales team with the expertise on new home transaction services and other sales channels decreased by 3.1% to RMB784.4 billion (US$107.5 billion) in 2024 from RMB809.9 billion in 2023, and the GTV of new home transactions served by Lianjia brand decreased by 3.9% to RMB185.6 billion (US$25.4 billion) in 2024 from RMB193.2 billion in 2023.
Net revenues from home renovation and furnishing increased by 36.1% to RMB14.8 billion (US$2.0 billion) in 2024 from RMB10.9 billion in 2023, primarily attributable to a) the increase of orders driven by the synergetic effects from customer acquisition and conversion between home transaction services and home renovation and furnishing business, b) a larger contribution from furniture and home furnishing sales in categories such as customized furniture, soft furnishings, and electrical appliances, and c) the shortened lead time driven by enhanced delivery capabilities.
Net revenues from home rental services increased by 135.0% to RMB14.3 billion (US$2.0 billion) in 2024 from RMB6.1 billion in 2023, primarily attributable to the increase of the number of rental units under the Carefree Rent model.

Net revenues from emerging and other services increased by 8.8% to RMB2.5 billion (US$0.3 billion) in 2024 from RMB2.3 billion in 2023, primarily attributable to the increase of net revenues from financial services.

Cost of Revenues

Total cost of revenues increased by 25.8% to RMB70.5 billion (US$9.7 billion) in 2024 from RMB56.1 billion in 2023.

Commission – split. The Company’s cost of revenues for commissions to connected agents and other sales channels increased by 11.5% to RMB22.8 billion (US$3.1 billion) in 2024 from RMB20.4 billion in 2023, primarily due to the increase in net revenues from new home transaction services derived from transactions facilitated through connected agents and other sales channels.
Commission and compensation – internal. The Company’s cost of revenues for internal commission and compensation increased by 11.1% to RMB18.9 billion (US$2.6 billion) in 2024 from RMB17.0 billion in 2023, primarily due to an increase in the net revenues from new home transactions derived from transactions facilitated through Lianjia agents and the increase in fixed compensation costs mainly driven by the increased number of Lianjia agents and improved benefits for them.

Cost of home renovation and furnishing. The Company’s cost of revenues for home renovation and furnishing increased by 32.8% to RMB10.2 billion (US$1.4 billion) in 2024 from RMB7.7 billion in 2023, which was in line with the growth of net revenues from home renovation and furnishing.
Cost of home rental services. The Company’s cost of revenues for home rental services increased by 121.0% to RMB13.6 billion (US$1.9 billion) in 2024 from RMB6.2 billion in 2023, primarily attributable to the growth of net revenues from home rental services.
Cost related to stores. The Company’s cost related to stores was RMB2.9 billion (US$0.4 billion) in 2024, relatively flat compared with RMB2.9 billion in 2023.

Other costs. The Company’s other costs increased by 13.6% to RMB2.1 billion (US$0.3 billion) in 2024 from RMB1.9 billion in 2023, mainly due to the increased tax and surcharges in line with the increased net revenues and an increase in provision and funding costs of financial services.

Gross Profit

Gross profit increased by 5.6% to RMB22.9 billion (US$3.1 billion) in 2024 from RMB21.7 billion in 2023. Gross margin was 24.6% in 2024, compared to 27.9% in 2023, primarily due to a) a lower contribution ratio of net revenues from existing home transaction services with a relatively higher margin than other revenue streams; and b) a lower contribution margin of existing home transaction services led by the increased fix compensation costs as percentage of net revenues from existing home transaction services.

Income from Operations

Total operating expenses increased by 13.3% to RMB19.2 billion (US$2.6 billion) in 2024 from RMB16.9 billion in 2023.

General and administrative expenses increased by 8.8% to RMB9.0 billion (US$1.2 billion) in 2024 from RMB8.2 billion in 2023, mainly due to the increase in personnel costs.
Sales and marketing expenses increased by 17.0% to RMB7.8 billion (US$1.1 billion) in 2024 from RMB6.7 billion in 2023, mainly due to the increase in sales and marketing expenses for home renovation and furnishing business.
Research and development expenses increased by 17.9% to RMB2.3 billion (US$0.3 billion) in 2024 from RMB1.9 billion in 2023, primarily due to the increased headcount of research and development personnel and the increased technical service costs.

Income from operations was RMB3,765 million (US$516 million) in 2024, compared to RMB4,797 million in 2023. Operating margin was 4.0% in 2024, compared to 6.2% in 2023, primarily due to a lower gross margin partially offset by the improved operating leverage in 2024, compared to 2023.

Adjusted income from operations was RMB6,890 million (US$944 million) in 2024, compared to RMB8.7 billion in 2023. Adjusted operating margin was 7.4% in 2024, compared to 11.2% in 2023. Adjusted EBITDA was RMB9,534 million (US$1,306 million) in 2024, compared to RMB11.3 billion in 2023.

Net Income

Net income was RMB4,078 million (US$559 million) in 2024, compared to RMB5,890 million in 2023.

Adjusted net income was RMB7,211 million (US$988 million) in 2024, compared to RMB9,798 million in 2023.

Net Income attributable to KE Holdings Inc.’s Ordinary Shareholders

Net income attributable to KE Holdings Inc.’s ordinary shareholders was RMB4,065 million (US$557 million) in 2024, compared to RMB5,883 million in 2023.

Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders¹² was RMB7,198 million (US$986 million) in 2024, compared to RMB9,792 million in 2023.

Net Income per ADS

Basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹³ were RMB3.58 (US$0.49) and RMB3.45 (US$0.47) in 2024, respectively, compared to RMB5.01 and RMB4.89 in 2023, respectively.

Adjusted basic and diluted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders¹⁴ were RMB6.33 (US$0.87) and RMB6.10 (US$0.84) in 2024, respectively, compared to RMB8.34 and RMB8.13 in 2023, respectively.

Share Repurchase Program

As previously disclosed, the Company established a share repurchase program in August 2022 and upsized and extended it in August 2023 and August 2024, under which the Company may purchase up to US$3 billion of its Class A ordinary shares and/or ADSs until August 31, 2025, subject to obtaining another general unconditional mandate for the repurchase from the shareholders of the Company at the next annual general meeting to continue its share repurchase after the expiry of the existing share repurchase mandate granted by the annual general meeting held on June 14, 2024. As of December 31, 2024, the Company in aggregate has purchased approximately 109.1 million ADSs (representing approximately 327.4 million Class A ordinary shares) on the New York Stock Exchange with a total consideration of approximately US$1,625.4 million under this share repurchase program since its launch.

Final Cash Dividend

The Company is pleased to announce that its board of directors (the “Board”) has approved a final cash dividend (the “Dividend”) of US$0.12 per ordinary share, or US$0.36 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 9, 2025, Beijing/ Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the Dividend to be paid will be approximately US$0.4 billion, which will be funded by cash surplus on the Company’s balance sheet.

For holders of ordinary shares, in order to qualify for the Dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 9, 2025 (Beijing/Hong Kong Time). Dividend to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The payment date is expected to be on or around April 22, 2025 for holders of ordinary shares, and on or around April 25, 2025 for holders of ADSs.

Under the Company’s current dividend policy, the Board has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, the Company’s shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by the Board. If the Company decides to pay dividends, the form, frequency and amount will be based upon its future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant.

Conference Call Information

The Company will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, March 18, 2025 (8:00 P.M. Beijing/Hong Kong Time on Tuesday, March 18, 2025) to discuss the financial results.

For participants who wish to join the conference call using dial-in numbers, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

Participant Online Registration:

English Line: https://s1.c-conf.com/diamondpass/10045435-su5md1.html

Chinese Simultaneous Interpretation Line (listen-only mode): https://s1.c-conf.com/diamondpass/10045436-c4n72s.html

A replay of the conference call will be accessible through March 25, 2025, by dialing the following numbers:

United States:	+1-855-883-1031
Mainland, China:	400-1209-216
Hong Kong, China:	800-930-639
International:	+61-7-3107-6325
Replay PIN (English line):	10045435
Replay PIN (Chinese simultaneous interpretation line):	10045436

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://investors.ke.com.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

Non-GAAP Financial Measures

The Company uses adjusted income (loss) from operations, adjusted net income (loss), adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, adjusted operating margin, adjusted EBITDA and adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders, each a non-GAAP financial measure, in evaluating its operating results and formulating its business plan. Beike believes that these non-GAAP financial measures help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its net income (loss). Beike also believes that these non-GAAP financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in formulating its business plan. A limitation of using these non-GAAP financial measures is that these non-GAAP financial measures exclude share-based compensation expenses that have been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures should not be considered in isolation or construed as an alternative to gross profit, net income (loss) or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review these non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Beike encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Adjusted income (loss) from operations is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Adjusted operating margin is defined as adjusted income (loss) from operations as a percentage of net revenues. Adjusted net income (loss) is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Adjusted EBITDA is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets, and (viii) impairment of investments. Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted.

Please see the “Unaudited reconciliation of GAAP and non-GAAP results” included in this press release for a full reconciliation of each non-GAAP measure to its respective comparable GAAP measure.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building infrastructure and standards to reinvent how service providers and customers efficiently navigate and complete housing transactions and services in China, ranging from existing and new home sales, home rentals, to home renovation and furnishing, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 23 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build its infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the quotations from management in this press release, as well as Beike’s strategic and operational plans, contain forward-looking statements. Beike may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Beike’s goals and strategies; Beike’s future business development, financial condition and results of operations; expected changes in the Company’s revenues, costs or expenditures; Beike’s ability to empower services and facilitate transactions on Beike platform; competition in the industry in which Beike operates; relevant government policies and regulations relating to the industry; Beike’s ability to protect the Company’s systems and infrastructures from cyber-attacks; Beike’s dependence on the integrity of brokerage brands, stores and agents on the Company’s platform; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
KE Holdings Inc.
Investor Relations
Siting Li
E-mail: ir@ke.com

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: ke@tpg-ir.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: ke@tpg-ir.com

Source: KE Holdings Inc.

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share, per share data)
	As of December 31,	As of December 31,
	2023	2024
	RMB	RMB	US$

ASSETS
Current assets
Cash and cash equivalents	19,634,716	11,442,965	1,567,680
Restricted cash	6,222,745	8,858,449	1,213,603
Short-term investments	34,257,958	41,317,700	5,660,502
Financing receivables, net of allowance for credit losses of RMB122,482 and RMB147,330 as of December 31, 2023 and 2024, respectively	1,347,759	2,835,527	388,466
Accounts receivable and contract assets, net of allowance for credit losses of RMB1,681,127 and RMB1,636,163 as of December 31, 2023 and 2024, respectively	3,176,169	5,497,989	753,221
Amounts due from and prepayments to related parties	419,270	379,218	51,953
Loan receivables from related parties	28,030	18,797	2,575
Prepayments, receivables and other assets	4,666,976	6,252,700	856,615
Total current assets	69,753,623	76,603,345	10,494,615
Non-current assets
Property, plant and equipment, net	1,965,098	2,400,211	328,828
Right-of-use assets	17,617,915	23,366,879	3,201,249
Long-term investments, net	23,570,988	23,790,106	3,259,231
Intangible assets, net	1,067,459	857,635	117,496
Goodwill	4,856,807	4,777,420	654,504
Long-term loan receivables from related parties	27,000	131,410	18,003
Other non-current assets	1,473,041	1,222,277	167,451
Total non-current assets	50,578,308	56,545,938	7,746,762
TOTAL ASSETS	120,331,931	133,149,283	18,241,377


KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (All amounts in thousands, except for share, per share data)

	As of December 31,	As of December 31,
	2023	2024
	RMB	RMB	US$

LIABILITIES
Current liabilities
Accounts payable	6,328,516	9,492,629	1,300,485
Amounts due to related parties	430,350	391,446	53,628
Employee compensation and welfare payable	8,145,779	8,414,472	1,152,778
Customer deposits payable	3,900,564	6,078,623	832,768
Income taxes payable	698,568	1,028,735	140,936
Short-term borrowings	290,450	288,280	39,494
Lease liabilities current portion	9,368,607	13,729,701	1,880,961
Contract liability and deferred revenue	4,665,201	6,051,867	829,102
Accrued expenses and other current liabilities	5,695,948	7,268,505	995,782
Total current liabilities	39,523,983	52,744,258	7,225,934
Non-current liabilities
Deferred tax liabilities	279,341	317,697	43,524
Lease liabilities non-current portion	8,327,113	8,636,770	1,183,233
Other non-current liabilities	389	2,563	352
Total non-current liabilities	8,606,843	8,957,030	1,227,109
TOTAL LIABILITIES	48,130,826	61,701,288	8,453,043

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) (All amounts in thousands, except for share, per share data)
	As of December 31,		As of December 31,
	2023		2024
	RMB		RMB		US$

SHAREHOLDERS’ EQUITY
KE Holdings Inc. shareholders’ equity
Ordinary shares (US$0.00002 par value; 25,000,000,000 ordinary shares authorized, comprising of 24,114,698,720 Class A ordinary shares and 885,301,280 Class B ordinary shares. 3,571,960,220 Class A ordinary shares issued and 3,443,860,844 Class A ordinary shares outstanding⁽¹⁾as of December 31, 2023; 3,479,616,986 Class A ordinary shares issued and 3,337,567,403 Class A ordinary shares outstanding⁽¹⁾as of December 31, 2024; and 151,354,549 and 145,413,446 Class B ordinary shares issued and outstanding as of December 31, 2023 and 2024, respectively)	475		461		63
Treasury shares	(866,198	)	(949,410	)	(130,069	)
Additional paid-in capital	77,583,054		72,460,562		9,927,056
Statutory reserves	811,107		926,972		126,995
Accumulated other comprehensive income	244,302		609,112		83,448
Accumulated deficit	(5,672,916	)	(1,723,881	)	(236,171	)
Total KE Holdings Inc. shareholders’ equity	72,099,824		71,323,816		9,771,322
Non-controlling interests	101,281		124,179		17,012
TOTAL SHAREHOLDERS’ EQUITY	72,201,105		71,447,995		9,788,334
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	120,331,931		133,149,283		18,241,377

(1) Excluding the Class A ordinary shares registered in the name of the depositary bank for future issuance of ADSs upon the exercise or vesting of awards granted under our share incentive plans and the Class A ordinary shares repurchased but not cancelled in the form of ADSs.

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (All amounts in thousands, except for share, per share data, ADS and per ADS data)
	For the Three Months Ended						For the Year Ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$

Net revenues
Existing home transaction services	6,049,963		8,922,030		1,222,313		27,954,135		28,201,003		3,863,522
New home transaction services	7,574,098		13,076,767		1,791,510		30,575,778		33,653,403		4,610,497
Home renovation and furnishing	3,640,928		4,106,834		562,634		10,850,497		14,768,947		2,023,337
Home rental services	2,194,485		4,580,502		627,526		6,099,747		14,334,479		1,963,816
Emerging and other services	744,752		438,974		60,139		2,296,775		2,499,666		342,453
Total net revenues	20,204,226		31,125,107		4,264,122		77,776,932		93,457,498		12,803,625
Cost of revenues
Commission-split	(5,073,602	)	(8,709,790	)	(1,193,236	)	(20,419,577	)	(22,766,957	)	(3,119,060	)
Commission and compensation-internal	(3,917,437	)	(6,456,881	)	(884,589	)	(17,015,927	)	(18,903,786	)	(2,589,808	)
Cost of home renovation and furnishing	(2,628,015	)	(2,884,614	)	(395,190	)	(7,705,325	)	(10,229,696	)	(1,401,463	)
Cost of home rental services	(2,166,138	)	(4,370,712	)	(598,785	)	(6,163,044	)	(13,619,506	)	(1,865,865	)
Cost related to stores	(727,054	)	(785,966	)	(107,677	)	(2,872,093	)	(2,854,988	)	(391,132	)
Others	(547,934	)	(746,958	)	(102,333	)	(1,882,952	)	(2,138,510	)	(292,973	)
Total cost of revenues⁽¹⁾	(15,060,180	)	(23,954,921	)	(3,281,810	)	(56,058,918	)	(70,513,443	)	(9,660,301	)
Gross profit	5,144,046		7,170,186		982,312		21,718,014		22,944,055		3,143,324
Operating expenses
Sales and marketing expenses⁽¹⁾	(2,080,363	)	(2,344,000	)	(321,127	)	(6,654,178	)	(7,783,341	)	(1,066,313	)
General and administrative expenses⁽¹⁾	(2,647,739	)	(2,961,294	)	(405,695	)	(8,236,569	)	(8,960,747	)	(1,227,617	)
Research and development expenses⁽¹⁾	(533,620	)	(738,683	)	(101,199	)	(1,936,780	)	(2,283,424	)	(312,828	)
Impairment of goodwill, intangible assets and other long-lived assets	(55,441	)	(115,179	)	(15,779	)	(93,417	)	(151,576	)	(20,766	)
Total operating expenses	(5,317,163	)	(6,159,156	)	(843,800	)	(16,920,944	)	(19,179,088	)	(2,627,524	)
Income (loss) from operations	(173,117	)	1,011,030		138,512		4,797,070		3,764,967		515,800
Interest income, net	311,963		283,417		38,828		1,263,332		1,260,163		172,642
Share of results of equity investees	(18,130	)	6,144		842		9,098		10,192		1,396
Impairment loss for equity investments accounted for equity method	(4,187	)	–		–		(10,369	)	–		–
Fair value changes in investments, net	4,127		125,333		17,171		78,320		312,791		42,852
Impairment loss for equity investments accounted for using Measurement Alternative	(16,605	)	(971	)	(133	)	(28,800	)	(9,408	)	(1,289	)
Foreign currency exchange loss	(174,459	)	(6,805	)	(932	)	(93,956	)	(34,674	)	(4,750	)
Other income, net	832,103		192,069		26,313		1,869,300		1,566,038		214,546
Income before income tax expense	761,695		1,610,217		220,601		7,883,995		6,870,069		941,197
Income tax expense	(91,632	)	(1,032,969	)	(141,516	)	(1,994,391	)	(2,791,889	)	(382,487	)
Net income	670,063		577,248		79,085		5,889,604		4,078,180		558,710

KE Holdings Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Continued)

(All amounts in thousands, except for share, per share data, ADS and per ADS data)

For the Three Months Ended

For the Year Ended

December 31,
2023

December 31,
2024

December 31,
2023

December 31,
2024

RMB

US$

RMB

US$

Net income attributable to non-controlling interests shareholders

(458

)

(7,256

)

(994

)

(6,380

)

(13,280

)

(1,819

)

Net income attributable to KE Holdings Inc.

669,605

569,992

78,091

5,883,224

4,064,900

556,891

Net income attributable to KE Holdings Inc.’s ordinary shareholders

669,605

569,992

78,091

5,883,224

4,064,900

556,891

Net income

670,063

577,248

79,085

5,889,604

4,078,180

558,710

Currency translation adjustments

(138,522

)

348,802

47,786

574,223

217,142

29,748

Unrealized gains (losses) on available-for-sale investments, net of reclassification

133,067

(15,206

)

(2,083

)

82,800

147,668

20,230

Total comprehensive income

664,608

910,844

124,788

6,546,627

4,442,990

608,688

Comprehensive income attributable to non-controlling interests shareholders

(458

)

(7,256

)

(994

)

(6,380

)

(13,280

)

(1,819

)

Comprehensive income attributable to KE Holdings Inc.

664,150

903,588

123,794

6,540,247

4,429,710

606,869

Comprehensive income attributable to KE Holdings Inc.’s ordinary shareholders

664,150

903,588

123,794

6,540,247

4,429,710

606,869

	For the Three Months Ended			For the Year Ended
	December 31, 2023	December 31, 2024	December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2024
	RMB	RMB	US$	RMB	RMB	US$

Weighted average number of ordinary shares used in computing net income per share, basic and diluted
—Basic	3,449,700,565	3,356,948,233	3,356,948,233	3,521,379,938	3,409,772,592	3,409,772,592
—Diluted	3,557,221,957	3,525,088,426	3,525,088,426	3,611,653,020	3,537,408,029	3,537,408,029

Weighted average number of ADS used in computing net income per ADS, basic and diluted
—Basic	1,149,900,188	1,118,982,744	1,118,982,744	1,173,793,313	1,136,590,864	1,136,590,864
—Diluted	1,185,740,652	1,175,029,475	1,175,029,475	1,203,884,340	1,179,136,010	1,179,136,010

Net income per share attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.19	0.17	0.02	1.67	1.19	0.16
—Diluted	0.19	0.16	0.02	1.63	1.15	0.16

Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.58	0.51	0.07	5.01	3.58	0.49
—Diluted	0.56	0.49	0.07	4.89	3.45	0.47

(1) Includes share-based compensation expenses as follows:
Cost of revenues	138,967	135,358	18,544	502,523	521,293	71,417
Sales and marketing expenses	51,347	53,410	7,317	180,465	197,320	27,033
General and administrative expenses	580,363	360,801	49,430	2,345,895	1,821,817	249,588
Research and development expenses	47,761	45,499	6,233	186,666	185,645	25,433

KE Holdings Inc. UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for share, per share data, ADS and per ADS data)
	For the Three Months Ended						For the Year Ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$

Income (loss) from operations	(173,117	)	1,011,030		138,512		4,797,070		3,764,967		515,800
Share-based compensation expenses	818,438		595,068		81,524		3,215,549		2,726,075		373,471
Amortization of intangible assets resulting from acquisitions and business cooperation agreement	155,039		33,695		4,616		613,307		247,862		33,957
Impairment of goodwill, intangible assets and other long-lived assets	55,441		115,179		15,779		93,417		151,576		20,766
Adjusted income from operations	855,801		1,754,972		240,431		8,719,343		6,890,480		943,994

Net income	670,063		577,248		79,085		5,889,604		4,078,180		558,710
Share-based compensation expenses	818,438		595,068		81,524		3,215,549		2,726,075		373,471
Amortization of intangible assets resulting from acquisitions and business cooperation agreement	155,039		33,695		4,616		613,307		247,862		33,957
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration	546		27,960		3,831		(26,315	)	24,371		3,339
Impairment of goodwill, intangible assets and other long-lived assets	55,441		115,179		15,779		93,417		151,576		20,766
Impairment of investments	20,792		971		133		39,169		9,408		1,289
Tax effects on non-GAAP adjustments	(6,561	)	(6,495	)	(890	)	(26,243	)	(26,399	)	(3,617	)
Adjusted net income	1,713,758		1,343,626		184,078		9,798,488		7,211,073		987,915

Net income	670,063		577,248		79,085		5,889,604		4,078,180		558,710
Income tax expense	91,632		1,032,969		141,516		1,994,391		2,791,889		382,487
Share-based compensation expenses	818,438		595,068		81,524		3,215,549		2,726,075		373,471
Amortization of intangible assets	158,339		38,041		5,212		627,146		268,684		36,810
Depreciation of property, plant and equipment	196,436		238,496		32,674		775,042		743,728		101,890
Interest income, net	(311,963	)	(283,417	)	(38,828	)	(1,263,332	)	(1,260,163	)	(172,642	)
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration	546		27,960		3,831		(26,315	)	24,371		3,339
Impairment of goodwill, intangible assets and other long-lived assets	55,441		115,179		15,779		93,417		151,576		20,766
Impairment of investments	20,792		971		133		39,169		9,408		1,289
Adjusted EBITDA	1,699,724		2,342,515		320,926		11,344,671		9,533,748		1,306,120

Net income attributable to KE Holdings Inc.’s ordinary shareholders	669,605		569,992		78,091		5,883,224		4,064,900		556,891
Share-based compensation expenses	818,438		595,068		81,524		3,215,549		2,726,075		373,471
Amortization of intangible assets resulting from acquisitions and business cooperation agreement	155,039		33,695		4,616		613,307		247,862		33,957
Changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration	546		27,960		3,831		(26,315	)	24,371		3,339
Impairment of goodwill, intangible assets and other long-lived assets	55,441		115,179		15,779		93,417		151,576		20,766
Impairment of investments	20,792		971		133		39,169		9,408		1,289
Tax effects on non-GAAP adjustments	(6,561	)	(6,495	)	(890	)	(26,243	)	(26,399	)	(3,617	)
Effects of non-GAAP adjustments on net income attributable to non-controlling interests shareholders	(7	)	(7	)	(1	)	(28	)	(28	)	(4	)
Adjusted net income attributable to KE Holdings Inc.’s ordinary shareholders	1,713,293		1,336,363		183,083		9,792,080		7,197,765		986,092

KE Holdings Inc. UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Continued) (All amounts in thousands, except for share, per share data, ADS and per ADS data)
	For the Three Months Ended			For the Year Ended
	December 31, 2023	December 31, 2024	December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2024
	RMB	RMB	US$	RMB	RMB	US$

Weighted average number of ADS used in computing net income per ADS, basic and diluted
—Basic	1,149,900,188	1,118,982,744	1,118,982,744	1,173,793,313	1,136,590,864	1,136,590,864
—Diluted	1,185,740,652	1,175,029,475	1,175,029,475	1,203,884,340	1,179,136,010	1,179,136,010

Weighted average number of ADS used in calculating adjusted net income per ADS, basic and diluted
—Basic	1,149,900,188	1,118,982,744	1,118,982,744	1,173,793,313	1,136,590,864	1,136,590,864
—Diluted	1,185,740,652	1,175,029,475	1,175,029,475	1,203,884,340	1,179,136,010	1,179,136,010

Net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.58	0.51	0.07	5.01	3.58	0.49
—Diluted	0.56	0.49	0.07	4.89	3.45	0.47

Non-GAAP adjustments to net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	0.91	0.68	0.09	3.33	2.75	0.38
—Diluted	0.88	0.65	0.09	3.24	2.65	0.37

Adjusted net income per ADS attributable to KE Holdings Inc.’s ordinary shareholders
—Basic	1.49	1.19	0.16	8.34	6.33	0.87
—Diluted	1.44	1.14	0.16	8.13	6.10	0.84

KE Holdings Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (All amounts in thousands)
	For the Three Months Ended						For the Year Ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$

Net cash provided by operating activities	1,767,804		5,202,518		712,740		11,414,244		9,447,137		1,294,255
Net cash provided by (used in) investing activities	3,712,203		(2,015,584	)	(276,133	)	(3,977,440	)	(9,378,025	)	(1,284,784	)
Net cash provided by (used in) financing activities	(1,475,585	)	1,109,860		152,050		(7,218,210	)	(5,794,635	)	(793,862	)
Effect of exchange rate change on cash, cash equivalents and restricted cash	(142,337	)	184,196		25,237		44,608		169,476		23,216
Net increase (decrease) in cash and cash equivalents and restricted cash	3,862,085		4,480,990		613,894		263,202		(5,556,047	)	(761,175	)
Cash, cash equivalents and restricted cash at the beginning of the period	21,995,376		15,820,424		2,167,389		25,594,259		25,857,461		3,542,458
Cash, cash equivalents and restricted cash at the end of the period	25,857,461		20,301,414		2,781,283		25,857,461		20,301,414		2,781,283

KE Holdings Inc. UNAUDITED SEGMENT CONTRIBUTION MEASURE (All amounts in thousands)
	For the Three Months Ended						For the Year Ended
	December 31, 2023		December 31, 2024		December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2024
	RMB		RMB		US$		RMB		RMB		US$
Existing home transaction services
Net revenues	6,049,963		8,922,030		1,222,313		27,954,135		28,201,003		3,863,522
Less: Commission and compensation	(3,355,714	)	(5,315,541	)	(728,226	)	(14,762,910	)	(16,016,079	)	(2,194,194	)
Contribution	2,694,249		3,606,489		494,087		13,191,225		12,184,924		1,669,328
New home transaction services
Net revenues	7,574,098		13,076,767		1,791,510		30,575,778		33,653,403		4,610,497
Less: Commission and compensation	(5,574,423	)	(9,723,154	)	(1,332,067	)	(22,455,253	)	(25,304,481	)	(3,466,700	)
Contribution	1,999,675		3,353,613		459,443		8,120,525		8,348,922		1,143,797
Home renovation and furnishing
Net revenues	3,640,928		4,106,834		562,634		10,850,497		14,768,947		2,023,337
Less: Material costs, commission and compensation	(2,628,015	)	(2,884,614	)	(395,190	)	(7,705,325	)	(10,229,696	)	(1,401,463	)
Contribution	1,012,913		1,222,220		167,444		3,145,172		4,539,251		621,874
Home rental services
Net revenues	2,194,485		4,580,502		627,526		6,099,747		14,334,479		1,963,816
Less: Property leasing costs, commission and compensation	(2,166,138	)	(4,370,712	)	(598,785	)	(6,163,044	)	(13,619,506	)	(1,865,865	)
(Deficit)/Contribution	28,347		209,790		28,741		(63,297	)	714,973		97,951
Emerging and other services
Net revenues	744,752		438,974		60,139		2,296,775		2,499,666		342,453
Less: Commission and compensation	(60,902	)	(127,976	)	(17,532	)	(217,341	)	(350,183	)	(47,974	)
Contribution	683,850		310,998		42,607		2,079,434		2,149,483		294,479

1 GTV for a given period is calculated as the total value of all transactions which the Company facilitated on the Company’s platform and evidenced by signed contracts as of the end of the period, including the value of the existing home transactions, new home transactions, home renovation and furnishing and emerging and other services (excluding home rental services), and including transactions that are contracted but pending closing at the end of the relevant period. For the avoidance of doubt, for transactions that failed to close afterwards, the corresponding GTV represented by these transactions will be deducted accordingly.
² Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, and (vi) tax effects of the above non-GAAP adjustments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
³ Based on our accumulated operational experience, we have introduced the operating metrics of number of active stores and number of active agents on our platform, which can better reflect the operational activeness of stores and agents on our platform.
“Active stores” as of a given date is defined as stores on our platform excluding the stores which (i) have not facilitated any housing transaction during the preceding 60 days, (ii) do not have any agent who has engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding seven days, or (iii) have not been visited by any agent during the preceding 14 days. The number of active stores was 42,021 as of December 31, 2023.
4 “Active agents” as of a given date is defined as agents on our platform excluding the agents who (i) delivered notice to leave but have not yet completed the exit procedures, (ii) have not engaged in any critical steps in housing transactions (including but not limited to introducing new properties, attracting new customers and conducting property showings) during the preceding 30 days, or (iii) have not participated in facilitating any housing transaction during the preceding three months. The number of active agents was 397,135 as of December 31, 2023.
⁵ “Mobile monthly active users” or “mobile MAU” are to the sum of (i) the number of accounts that have accessed our platform through our Beike or Lianjia mobile app (with duplication eliminated) at least once during a month, and (ii) the number of Weixin users that have accessed our platform through our Weixin Mini Programs at least once during a month. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile MAUs for each month of such period, by (ii) the number of months in such period.
⁶ Adjusted income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, and (iii) impairment of goodwill, intangible assets and other long-lived assets. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
⁷ Adjusted operating margin is adjusted income (loss) from operations as a percentage of net revenues.
⁸ Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss), excluding (i) income tax expense, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) depreciation of property, plant and equipment, (v) interest income, net, (vi) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (vii) impairment of goodwill, intangible assets and other long-lived assets,and (viii) impairment of investments. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
⁹ Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure and defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
¹⁰ ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
¹¹ Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
¹² Adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure and defined as net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders, excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) changes in fair value from long-term investments, loan receivables measured at fair value and contingent consideration, (iv) impairment of goodwill, intangible assets and other long-lived assets, (v) impairment of investments, (vi) tax effects of the above non-GAAP adjustments, and (vii) effects of non-GAAP adjustments on net income (loss) attributable to non-controlling interests shareholders. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.
¹³ ADS refers to American Depositary Share. Each ADS represents three Class A ordinary shares of the Company. Net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is net income (loss) attributable to ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating net income (loss) per ADS, basic and diluted.
¹⁴ Adjusted net income (loss) per ADS attributable to KE Holdings Inc.’s ordinary shareholders is a non-GAAP financial measure, which is defined as adjusted net income (loss) attributable to KE Holdings Inc.’s ordinary shareholders divided by weighted average number of ADS outstanding during the periods used in calculating adjusted net income (loss) per ADS, basic and diluted. Please refer to the section titled “Unaudited reconciliation of GAAP and non-GAAP results” for details.

The MIL Network –

March 18, 2025

MIL-OSI: UP Fintech Holding Limited Reports Unaudited Fourth Quarter And Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, March 18, 2025 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the fourth quarter and the full year of 2024. Total revenue in the fourth quarter reached US$124.1 million, representing a sequential increase of 22.8% and a year-over-year growth of 77.3%. The full year total revenue amounted to US$391.5 million, a 43.7% increase from 2023. Bottom line also largely increased on a GAAP and non-GAAP basis. Net income attributable to ordinary shareholders of UP Fintech in the fourth quarter reached US$28.1 million, representing a quarter-over-quarter growth of 58.0% and compared to a net loss of US$1.8 million in the same quarter of last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech in the fourth quarter amounted to US$30.5 million, a quarter-over-quarter increase of 51.7% and a year-over-year increase of 2772.5%. The full year net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2024 were US$60.7 million and US$70.5 million, increased 86.5% and 65.0% respectively compared to prior year. We are pleased to see that both our annual and quarterly topline and bottom line have reached an all-time high as we keep executing internationalization strategy and building a resilient business model with healthier operating leverage.

In the fourth quarter, we added 59,200 customers with deposits, an increase of 17.2% quarter over quarter and 51.4% year over year, bringing our yearly total to 187,400, exceeding our yearly guidance of 150,000. The total number of customers with deposits at the end of 2024 reached 1,092,000, a 20.7% increase compared to 2023 year-end. Additionally, asset inflows remained robust, with a net inflow of US$1.1 billion in the fourth quarter, primarily from retail investors. This was slightly offset by a mark-to-market loss. As a result, the total account balance rose by 2.4% quarter over quarter and 36.4% year over year, reaching a record US$41.7 billion. Over the past three years, the number of customers with deposits and total account balance have achieved compound annual growth rates (“CAGRs”) of 17.5% and 34.7%, respectively.

We have continued to roll out a range of localized products and features designed to enhance the user experience. In late January, our cryptocurrency platform, YAX (Hong Kong) Limited, received official approval from the Hong Kong Securities and Futures Commission (HKSFC), becoming a licensed virtual asset trading platform (VATP) in Hong Kong. Recently, we officially upgraded our AI investment assistant, TigerGPT to TigerAI and integrated with leading AI models, making it the first brokerage platform globally to incorporate such technology.

Our corporate business continued to perform well in the fourth quarter of 2024. During this period, we underwrote a total of 14 U.S. and Hong Kong IPOs, including “Mao Geping Company”, “Pony AI Inc.” and “WeRide Inc.”, bringing the total number of U.S. and Hong Kong IPOs underwritten for the year to 44. In our ESOP business, we added 16 new clients in the fourth quarter, bringing the total number of ESOP clients served to 613 as of December 31, 2024.”

Financial Highlights for Fourth Quarter 2024

Total revenues increased 77.3% year-over-year to US$124.1 million.
Total net revenues increased 98.9% year-over-year to US$107.4 million.
Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million compared to a net loss of US$1.8 million in the same quarter of last year.
Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$30.5 million, compared to a non-GAAP net income of US$1.1 million in the same quarter of last year, an increase of 2772.5%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

Financial Highlights for Fiscal Year 2024

Total revenues increased 43.7% year-over-year to US$391.5 million.
Total net revenues increased 46.6% year-over-year to US$330.7 million.
Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million compared to a net income of US$32.6 million in 2023, an increase of 86.5%.
Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$70.5 million, compared to a non-GAAP net income of US$42.7 million in 2023, an increase of 65.0%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

Operating Highlights as of Year End 2024

Total account balance increased 36.4% year-over-year to US$41.7 billion.
Total margin financing and securities lending balance increased 88.2% year-over-year to US$4.5 billion.
Total number of customers with deposit increased 20.7% year-over-year to 1,092,000.

Selected Operating Data for Fourth Quarter 2024

	As of and for the three months ended
	December 31,	September 30,	December 31,
	2023	2024	2024
In 000’s
Number of customer accounts	2,195.7	2,368.0	2,449.3
Number of customers with deposits	904.6	1,032.8	1,092.0
Number of options and futures contracts traded	8,044.5	15,261.2	18,926.3
In USD millions
Trading volume	81,765.2	162,990.0	198,016.9
Trading volume of stocks	19,711.6	41,406.3	55,502.6
Total account balance	30,597.5	40,763.6	41,725.2

Fourth Quarter 2024 Financial Results

REVENUES

Total revenues were US$124.1 million, an increase of 77.3% from US$70.0 million in the same quarter of last year.

Commissions were US$56.0 million, an increase of 154.9% from US$22.0 million in the same quarter of last year, due to an increase in trading volume.

Financing service fees were US$2.8 million, a decrease of 12.7% from US$3.2 million in the same quarter of last year, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

Interest income was US$55.8 million, an increase of 39.6% from US$40.0 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

Other revenues were US$9.6 million, an increase of 96.2% from US$4.9 million in the same quarter of last year, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

Interest expense was US$16.7 million, an increase of 4.6% from US$16.0 million in the same quarter of last year, primarily due to the increase in margin financing activities.

OPERATING COSTS AND EXPENSES

Total operating costs and expenses were US$73.1 million, an increase of 39.3% from US$52.5 million in the same quarter of last year.

Execution and clearing expenses were US$6.1 million, an increase of 171.5% from US$2.2 million in the same quarter of last year due to an increase in our trading volume.

Employee compensation and benefits expenses were US$37.2 million, an increase of 40.5% from US$26.5 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

Occupancy, depreciation and amortization expenses were US$2.1 million, a slight decrease of 2.4% from US$2.2 million in the same quarter of last year.

Communication and market data expenses were US$11.8 million, an increase of 38.2% from US$8.5 million in the same quarter of last year due to increased IT-related fees.

Marketing and branding expenses were US$9.5 million, an increase of 64.2% from US$5.8 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

General and administrative expenses were US$6.4 million, a decrease of 11.8% from US$7.3 million in the same quarter of last year due to a decrease in professional service fees.

NET LOSS/INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million, as compared to a net loss of US$1.8 million in the same quarter of last year. Net income per ADS – diluted was US$0.158, as compared to a net loss per ADS – diluted of US$0.012 in the same quarter of last year.

Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$30.5 million, as compared to a US$1.1 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.172 as compared to a non-GAAP net income per ADS – diluted of US$0.007 in the same quarter of last year.

For the fourth quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 179,173,811. As of December 31, 2024, the Company had a total of 2,640,326,072 Class A and B ordinary shares outstanding, or the equivalent of 176,021,738 ADSs.

Full Year 2024 Financial Results

REVENUES

Total revenues were US$391.5 million, an increase of 43.7% from US$272.5 million in 2023.

Commissions were US$159.0 million, an increase of 71.8% from US$92.6 million in 2023, due to an increase in trading volume.

Financing service fees were US$11.3 million, a decrease of 7.1% from US$12.2 million in 2023, primarily due to a decrease in securities lending activities of our fully disclosed account customers.

Interest income was US$191.8 million, an increase of 28.4% from US$149.3 million in 2023, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

Other revenues were US$29.4 million, an increase of 59.6% from US$18.4 million in 2023, primarily due to the increase in IPO subscription incomes and currency exchange incomes.

Interest expense was US$60.8 million, an increase of 29.5% from US$47.0 million in 2023, primarily due to the increase in margin financing and securities lending activities.

OPERATING COSTS AND EXPENSES

Total operating costs and expenses were US$252.3 million, an increase of 30.9% from US$192.7 million in 2023.

Execution and clearing expenses were US$14.7 million, an increase of 61.3% from US$9.1 million in 2023 due to an increase in our trading volume.

Employee compensation and benefits expenses were US$122.4 million, an increase of 21.5% from US$100.8 million in 2023, primarily due to an increase of global headcount to support our global expansion.

Occupancy, depreciation and amortization expenses were US$8.6 million, a decrease of 8.9% from US$9.4 million in 2023.

Communication and market data expenses were US$38.9 million, an increase of 26.1% from US$30.8 million in 2023 due to increased IT-related fees.

Marketing and branding expenses were US$28.5 million, an increase of 36.8% from US$20.9 million in 2023, primarily due to higher marketing spending this year.

General and administrative expenses were US$39.3 million, an increase of 80.2% from US$21.8 million in 2023 due to an increase in bad debt expense.

NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH

Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million, as compared to a net income of US$32.6 million in 2023. Net income per ADS – diluted was US$0.366, as compared to a net income per ADS – diluted of US$0.207 in 2023.

Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$70.5 million, as compared to a US$42.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2023. Non-GAAP net income per ADS – diluted was US$0.424 as compared to a non-GAAP net income per ADS – diluted of US$0.270 in 2023.

CERTAIN OTHER FINANCIAL ITEMS

As of December 31, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$396.0 million, compared to US$327.7 million as of December 31, 2023.

As of December 31, 2024, the allowance balance of receivables from customers was US$15.3 million compared to US$1.0 million as of December 31, 2023, which was due to a bad debt provision concerning the recoverability of a specific Hong Kong stock pledge business faced with extreme market situation and significant price drop, leading to a provision for the loan balance.

Conference Call Information:

UP Fintech’s management will hold an earnings conference call at 8:00 AM on March 18, 2025, U.S. Eastern Time (8:00 PM on March 18, 2025, Singapore/Hong Kong Time).

All participants wishing to attend the call must preregister online before they may receive the dial-in numbers. Preregistration may require a few minutes to complete.

Preregistration Information:

Please note that all participants will need to pre-register for the conference call, using the link:

https://register-conf.media-server.com/register/BId5c2bd4696d14e7ba2bc391b87ede751

It will automatically lead to the registration page of “UP Fintech Holding Limited Fourth Quarter And Full Year 2024 Earnings Conference Call”, where details for RSVP are needed.

Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

Use of Non-GAAP Financial Measures

In evaluating our business, we consider and use non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech and non-GAAP net loss or income per ADS – diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech as net loss or income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net loss or income per ADS – diluted is non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net loss or income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

About UP Fintech Holding Limited

UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

For more information on the Company, please visit: https://ir.itigerup.com.

Safe Harbor Statement

This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

For investor and media inquiries please contact:

Investor Relations Contact

UP Fintech Holding Limited

Email: ir@itiger.com

UP FINTECH HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in U.S. dollars (“US$”))
	As of December 31,		As of December 31,
	2023		2024
	US$		US$
Assets:
Cash and cash equivalents	322,599,616		393,576,874
Cash-segregated for regulatory purpose	1,617,154,185		2,464,683,625
Term deposits	896,683		1,075,260
Receivables from customers (net of allowance of US$991,286 and US$15,284,002 as of December 31, 2023 and December 31, 2024)	753,361,199		1,052,972,649
Receivables from brokers, dealers, and clearing organizations	541,876,929		2,305,740,507
Financial instruments held, at fair value	428,159,554		75,547,082
Prepaid expenses and other current assets	17,936,180		17,629,819
Amounts due from related parties	7,987,756		16,720,671
Total current assets	3,689,972,102		6,327,946,487
Non-current assets:
Long-term deposits	4,225,412		1,369,994
Right-of-use assets	9,067,885		10,880,673
Property, equipment and intangible assets, net	16,429,543		15,358,528
Goodwill	2,492,668		2,492,668
Long-term investments	7,586,483		7,658,809
Equity method investment	—		10,203,622
Other non-current assets	5,282,012		6,828,553
Deferred tax assets	10,990,998		8,573,135
Total non-current assets	56,075,001		63,365,982
Total assets	3,746,047,103		6,391,312,469
Current liabilities:
Payables to customers	2,913,306,558		3,574,651,125
Payables to brokers, dealers and clearing organizations	114,771,931		1,914,769,701
Accrued expenses and other current liabilities	42,381,946		67,263,254
Deferred income-current	819,809		—
Lease liabilities-current	4,133,883		4,153,928
Amounts due to related parties	10,148,142		874,331
Total current liabilities	3,085,562,269		5,561,712,339
Convertible bonds	156,887,691		159,505,397
Lease liabilities-non-current	4,777,134		5,902,323
Deferred tax liabilities	3,397,831		2,068,661
Total liabilities	3,250,624,925		5,729,188,720
Mezzanine equity
Redeemable non-controlling interest	6,706,660		7,177,668
Total Mezzanine equity	6,706,660		7,177,668
Shareholders’ equity:
Class A ordinary shares	22,528		25,427
Class B ordinary shares	976		976
Additional paid-in capital	505,448,080		619,030,730
Statutory reserve	8,511,039		12,425,463
(Accumulated deficit) Retained earnings	(19,600,434	)	37,843,547
Treasury Stock	(2,172,819	)	(2,172,819	)
Accumulated other comprehensive loss	(3,232,993	)	(11,919,310	)
Total UP Fintech shareholders’ equity	488,976,377		655,234,014
Non-controlling interests	(260,859	)	(287,933	)
Total equity	488,715,518		654,946,081
Total liabilities, mezzanine equity and equity	3,746,047,103		6,391,312,469

UP FINTECH HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data)

	For the three months ended						For the years ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2023		2024		2024		2023		2024
	US$		US$		US$		US$		US$
Revenues:
Commissions	21,954,587		41,207,882		55,964,174		92,593,458		159,045,052
Interest related income
Financing service fees	3,174,949		2,803,878		2,770,419		12,178,838		11,311,560
Interest income	39,956,315		47,957,486		55,762,091		149,291,006		191,754,746
Other revenues	4,895,109		9,084,834		9,605,165		18,444,293		29,430,071
Total revenues	69,980,960		101,054,080		124,101,849		272,507,595		391,541,429
Interest expense	(15,995,738	)	(15,700,359	)	(16,731,341	)	(46,957,657	)	(60,803,516	)
Total Net Revenues	53,985,222		85,353,721		107,370,508		225,549,938		330,737,913
Operating costs and expenses:
Execution and clearing	(2,244,785	)	(3,518,611	)	(6,095,132	)	(9,084,089	)	(14,651,612	)
Employee compensation and benefits	(26,458,931	)	(28,769,980	)	(37,163,110	)	(100,750,644	)	(122,365,537	)
Occupancy, depreciation and amortization	(2,190,610	)	(2,162,704	)	(2,137,586	)	(9,387,056	)	(8,554,315	)
Communication and market data	(8,532,128	)	(9,730,680	)	(11,787,814	)	(30,831,488	)	(38,893,381	)
Marketing and branding	(5,790,739	)	(8,223,404	)	(9,507,918	)	(20,859,834	)	(28,530,053	)
General and administrative	(7,293,530	)	(6,932,672	)	(6,432,737	)	(21,791,263	)	(39,278,674	)
Total operating costs and expenses	(52,510,723	)	(59,338,051	)	(73,124,297	)	(192,704,374	)	(252,273,572	)
Other (loss) income:
Others, net	(1,664,053	)	(5,189,945	)	3,469,021		13,148,173		3,299,308
(Loss) income before income tax	(189,554	)	20,825,725		37,715,232		45,993,737		81,763,649
Income tax expenses	(1,498,639	)	(2,907,080	)	(9,488,084	)	(12,986,310	)	(20,409,721	)
Net (loss) income	(1,688,193	)	17,918,645		28,227,148		33,007,427		61,353,928
Less: net (loss) income attributable to non-controlling interests	(1,293	)	3,353		12,563		(98,285	)	(4,477	)
Accretion of redeemable non-controlling interests to redemption value	(148,624	)	(160,998	)	(164,328	)	(542,187	)	(630,485	)
Net (loss) income attributable to ordinary shareholders of UP Fintech	(1,835,524	)	17,754,294		28,050,257		32,563,525		60,727,920
Other comprehensive income (loss), net of tax:
Unrealized loss on available-for-sale investments	(450,325	)	—		343,892		(450,325	)	343,892
Changes in cumulative foreign currency translation adjustment	7,261,631		16,119,046		(17,440,809	)	(545,498	)	(9,022,611	)
Total Comprehensive income (loss)	5,123,113		34,037,691		11,130,231		32,011,604		52,675,209
Less: comprehensive (loss) income attributable to non-controlling interests	(8,222	)	(7,023	)	24,226		(92,526	)	3,121
Accretion of redeemable non-controlling interests to redemption value	(148,624	)	(160,998	)	(164,328	)	(542,187	)	(630,485	)
Total Comprehensive income attributable to ordinary shareholders of UP Fintech	4,982,711		33,883,716		10,941,677		31,561,943		52,041,603
Net (loss) income per ordinary share:
Basic	(0.001	)	0.008		0.011		0.014		0.025
Diluted	(0.001	)	0.007		0.011		0.014		0.024
Net (loss) income per ADS (1 ADS represents 15 Class A ordinary shares):
Basic	(0.012	)	0.113		0.164		0.210		0.379
Diluted	(0.012	)	0.110		0.158		0.207		0.366
Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share:
Basic	2,336,018,747		2,362,528,627		2,557,911,677		2,325,338,439		2,404,640,854
Diluted	2,336,018,747		2,467,241,917		2,687,607,158		2,427,268,831		2,534,097,315

Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
(All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)

For the three months ended December 31,
2023

For the three months ended September 30,
2024

For the three months ended December 31,
2024

non-GAAP

GAAP

Adjustment

non-GAAP

GAAP

Adjustment

non-GAAP

GAAP

Adjustment

non-GAAP

US$

Unaudited

2,896,312

(1)

2,331,274

(1)

2,421,342

(1)

Net (loss) income attributable to ordinary shareholders of UP Fintech

(1,835,524

)

2,896,312

1,060,788

17,754,294

2,331,274

20,085,568

28,050,257

2,421,342

30,471,599

Net (loss) income per ADS – diluted

(0.012

)

0.007

0.110

0.124

0.158

0.172

Weighted average number of ADSs used in calculating diluted net (loss) income per ADS

155,734,583

157,931,785

164,482,794

179,173,811

(1) Share-based compensation.

Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
(All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)

For the year ended December 31,
2023

For the year ended December 31,
2024

non-GAAP

GAAP

Adjustment

non-GAAP

GAAP

Adjustment

non-GAAP

US$

Unaudited

10,147,362

(1)

9,736,901

(1)

Net income attributable to ordinary shareholders of UP Fintech

32,563,525

10,147,362

42,710,887

60,727,920

9,736,901

70,464,821

Net income per ADS – diluted

0.207

0.270

0.366

0.424

Weighted average number of ADSs used in calculating diluted net income per ADS

161,817,922

162,607,678

168,939,821

(1) Share-based compensation.

The MIL Network –

March 18, 2025

MIL-Evening Report: Treasurer Chalmers promises ‘meaningful and substantial’ cost of living help in Tuesday’s budget
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Next week’s budget will have cost-of-living assistance that will be meaningful and substantial but “responsible”, Treasurer Jim Chalmers has said.

In a Tuesday speech framing the budget Chalmers said, “it will be a responsible budget which helps with the cost of living, builds our future, and makes our economy more resilient in the new world of global uncertainty”.

He said the budget would have five major priorities:
- helping the recovery and rebuild following Cyclone Alfred, for which it will provide $1.2 billion
- helping with the cost of living and finishing the fight against inflation
- strengthening Medicare and funding more urgent care clinics
- putting money into every stage of education
- making the economy more competitive and productive.
In the question-and-answer part of his appearance at the Queensland Media Club Chalmers refused to be drawn on whether the cost-of-living relief would include more help on power bills, as is widely expected.

He was also put on the spot about his future leadership ambitions, initially being asked whether, given federal Labor’s poor showing in Queensland, it would do better with a leader from that state.

After diverting the question with a joke and a vigorous defence of Anthony Albanese’s “practical pragmatism” and his appreciation of Queensland, he was asked directly, “So you don’t have aspirations to become leader one day yourself?” “No”, he replied.

Chalmers is lowering expectations of extensive new initiatives being announced next Tuesday, because big spending measures in health, education and infrastructure have been announced.

The budget will project deficits throughout the forward estimates. But Chalmers said Treasury did not expect the bottom line this year or the coming years to be substantially changed from the mid year update.

In the mid-year update release in December, Treasury said it expected the deficit this financial year to be $26.9 billion. The deficit was forecast to increase further next year to $46.9 billion, compared with $42.8 billion forecast in last year’s budget.

Chalmers sought to scotch incorrect predictions he said had been made.

“For example, some commentators have made wild and wide-of-the-mark predictions about big surges in revenue.

“Some wrongly predict the tax-to-GDP ratio will go up this year, when Treasury expects it to be stable or even a bit down.

“Revenue upgrades have actually come off very significantly since the highs of October 2022.”

Chalmers argued the Australian economy “has turned a corner” but acknowledged “a new world of uncertainty” in which it was operating.

“The global economy is volatile and unpredictable.

“There’s a new US administration disrupting trade, a slowdown in China, war in eastern Europe and a fragile ceasefire in the Middle East, division and dissatisfaction around the world.

“Overnight, the OECD downgraded its growth expectations for next year and the year after.”

The OECD cut its forecasts for GDP growth to just 1.8% in 2026, down from an earlier forecast of 2.5%.

“Treasury forecasts in the Budget will have Chinese and American growth slowing to around 4.5 and 2 per cent next year, respectively.

“The forecasts for the US are the same as the mid-year update but the downside risks are weighing more heavily now.

“Unemployment is rising overseas from higher interest rates, and in the UK inflation is going up again.

“This is the global backdrop for the Budget.”

Chalmers repeated the government’s criticism of the US failure to grant an exemption from the steel and aluminium tariffs.

He said Treasury had modelled the impact of tariffs on our economy, both before the US election, and after the inauguration.

“Treasury estimates the direct hit to GDP from steel and aluminium tariffs would be less than 0.02 per cent by 2030. So the direct overall impacts on Australia should be manageable.

“But when you add in the indirect effects, the hit to GDP could be more like 0.1 per cent by 2030.

“In fact, over a range of scenarios, Treasury found the indirect GDP impacts of a trade war could be up to four times larger than the direct effects of tariffs on our economy.

“In a world of retaliation and escalation, the impacts of tariffs are amplified, they linger for longer, resulting in a bigger reduction in GDP and a bigger increase in prices.”

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Treasurer Chalmers promises ‘meaningful and substantial’ cost of living help in Tuesday’s budget – https://theconversation.com/treasurer-chalmers-promises-meaningful-and-substantial-cost-of-living-help-in-tuesdays-budget-252173
MIL OSI Analysis – EveningReport.nz –
March 18, 2025
MIL-Evening Report: The next round in the US trade war has the potential to be more damaging for Australia

Source: The Conversation (Au and NZ) – By Felicity Deane, Professor of Trade Law, Taxation and Climate Change, Queensland University of Technology

Slladkaya/Shutterstock

On April 2 the United States is set to implement a new wave of tariffs under its Fair and Reciprocal Trade Plan. Details of the plan that will impact all US trading partners are not yet known, but the US administration has suggested these tariffs will target any rules it considers “unfair”.

This means the April 2 tariffs may take aim at a range of Australian domestic policies, such as biosecurity rules that govern food imports, and the government’s Pharmaceutical Benefits Scheme (PBS).

The size of the hit is uncertain. One report indicates a relatively modest tariff between 2% and 8% is being considered, below the 25% rate imposed on steel and aluminium on March 12. But it will apply to a much larger set of exports.

Read more:
With Australian steel and aluminium set to incur US tariffs, global uncertainty will be our next challenge

Australia and the US have been allies for over a century. The two nations celebrated a “century of mateship” in 2018. More formally, the two countries have a current free trade agreement, Australia-United States Free Trade Agreement (AUSFTA).

The agreement was negotiated in good faith, and entered into force on January 1, 2005. It called for the elimination of tariffs between the two nations over time, and until now both parties have upheld their respective bargains. The so-called “reciprocal” tariff plan would breach that agreement.

What sectors are likely to be targeted?

The Trump reference to non-tariff barriers raises two main concerns for Australian products: meat and pharmaceuticals.

These exports to the US are worth about A$3.3 billion and $1.6 billion a year respectively. That’s about five times the total value of our steel and aluminium exports to the US.

In Australia, domestic beef products are subject to strict traceability rules. Similarly, imported beef has rigid biosecurity requirements as it is classified as a high-risk food.

This is because of the potential risk of mad cow disease (Bovine Spongiform Encephalopathy). This disease was detected in the US in 2002 and triggered an Australian ban on US beef products.

The ban was partially lifted in 2018, but some restrictions remain, which the US says are a barrier to trade. This was also raised by the Biden administration in a 2024 report on trade barriers.

The US cannot force Australia to change its laws on the basis of tariffs – but they can make products coming from Australian suppliers more expensive and therefore restrict market access to the US, which many Australian producers rely on.

A tariff on Australian-sourced beef products would also push up prices for American consumers. Trade Minister Don Farrell has warned the price of a McDonald’s burger may increase.

If tariffs are placed on Australian beef, the government has warned that McDonalds burgers in the US will become more expensive.
Shutterstock

Medicines are also in the line of fire

Turning to pharmaceuticals, the Australian PBS has been a sticking point between US and Australian trade negotiators for the past 20 years.

The PBS, which has been in place since 1948, ensures Australians have affordable access to essential medicines. It formed part of discussions during the free-trade negotiations and has been raised as a potential barrier to trade.

The US argues innovation and unfettered market access for American drug companies should be prioritised over Australia’s reference pricing arrangements. Reference pricing means medicines with similar outcomes should have similar pricing.

The reason the US has a problem with this scheme is because some of their companies are not able to charge higher prices for medicines.

Although these are the categories of most concern, there is no assurance the “Fair and Reciprocal Plan” will be limited to beef and pharmaceuticals.

For instance, there are no barriers imposed on the import of wine into Australia. But there has been some concern tariffs could be introduced regardless.

Wine is often the target of trade wars and President Donald Trump has threatened the European Union with a 200% tariff on all wine and spirits entering the US. As Australian wine makers have only recently recovered from Chinese and Canadian tariffs, any US tariffs would deal a harsh blow to the industry.

An old clip of the former Republican President Ronald Reagan went viral this week, highlighting his quite different view:

Is there any avenue for appeal?

There is one thing that is clear about these tariffs. Their imposition will be in violation of both the WTO rules and the free-trade agreement.

Both have provisions to settle disputes and Australia does have options for filing complaints. However, the rule of law and existing norms of the international order do not appear to be persuasive to the Trump administration.

Despite this, it is important to note the US cannot force Australia to change its longstanding laws that protect consumers and ensure accessibility to medicines. This remains the choice of the Australian government.

If the tariffs are introduced in the range of 2% to 8%, there may not be a significant direct economic impact. But they will have other consequences. Trade negotiations, and international agreements, are largely based on goodwill. These acts of the US will erode much of what has been built up over the past century.

The downturn we are seeing in financial markets has so far been dismissed by the Trump administration as necessary. But if the correction turns into a crash, it may give President Trump pause. Given his lack of interest in negotiating, this may be the only thing that could change his mind.

Felicity Deane does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. The next round in the US trade war has the potential to be more damaging for Australia – https://theconversation.com/the-next-round-in-the-us-trade-war-has-the-potential-to-be-more-damaging-for-australia-252377

MIL OSI Analysis – EveningReport.nz –

March 18, 2025
MIL-OSI Australia: ATO releases new small business benchmarks for 100 industries
Source: Australian Department of Revenue

The Australian Taxation Office (ATO) has released a new set of updated financial benchmarks to help small business owners take the pulse of their business.

Updated annually, the ATO’s benchmarks act as a health check, allowing small business owners to compare their performance including average expenses against other businesses in the same industry.

Quotes attributable to ATO Assistant Commissioner Tony Goding:

‘The benchmarks are a valuable tool for small businesses wanting to stay in good financial health.’

‘Think of our benchmarks like a routine test you take with your GP each year. These can help small businesses diagnose their strengths or spot the early warning signs.’

‘Whether you’re running a pizza shop, pet store or a plumbing business, the benchmarks can help you see how your business stacks up.’

‘If your numbers are outside of the benchmark range compared to others in your industry it may be time for a closer look at your business plan.’

‘Businesses that remain within industry benchmarks are generally less likely to attract the ATO’s attention.’

‘While we never use the benchmarks in isolation, small businesses who fall outside the ATO’s benchmarks are more likely to trigger a closer examination from us to identify if they are making mistakes or deliberately doing the wrong thing.’

The ATO takes non-compliance with tax seriously. Small businesses avoiding their tax obligations are participating in the shadow economy which puts pressure on Australians who are doing the right thing.

Deliberate shadow economy behaviours contribute nearly 60% of the gross small business income tax gap or around $11.2 billion per annum in missing tax. Approximately $8.9 billion of this is associated with under reporting of income and over claiming of deductions.

‘The benchmarks are just one of the tools we use to tackle the shadow economy, along with community tip-offs and data matching.’

‘It’s all about levelling the playing field for honest businesses who are being undercut by their dishonest competitors that aren’t paying the tax they’re supposed to,’ Mr Goding added.

The benchmarks cover 100 industries and over 2 million small businesses around the country. The industries include:
- Accommodation and food
- Building and construction trade services
- Education, training, recreation and support services
- Health care and personal services
- Manufacturing
- Other services
- Professional, scientific and technical services
- Retail trade
- Transport, postal and warehousing.
Small business owners who need help understanding how to improve their business performance can consult a business adviser or registered tax professional. The ATO’s online learning platform Essentials to strengthen your small businessExternal Link can support small business owners to prepare for these conversations, as well as further understand their tax and super obligations.

The benchmarks are accessible on the ATO website and via the ATO app business performance check tool. The key benchmark ratios can also be downloaded from data.gov.au.

Example

The below example shows a small business using the ATO benchmarks to compare its performance to similar businesses in the same industry.

Anna’s pizza shop

Anna operates a pizza shop as a sole trader. Anna wants to know how her business compares to her competitors and how she can improve her business.

Anna searches online for ‘pizza shop benchmarks’ and finds the ATO small business benchmarks. She follows the instructions to download the ATO app. Then, she goes to the business performance check tool.

Anna enters her details into the business performance check tool. She learns the key ratio of cost of sales to turnover for her shop is 44%.

While this is within the range for businesses in her industry with a turnover of $550,300, Anna sees that the range for cost of sales starts at 37%. She realises some of her competitors have lower cost of sales.

Anna looked at other suppliers in the market and got a better deal to reduce her business’s expenses and improve profits.

Notes to journalists

MIL OSI News –
March 18, 2025

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(Rs. in lakhs)

Progress on major initiatives taken by Ministry of Cooperation

A. Making Primary Cooperatives economically vibrant and transparent

24. Individual housing loan limit more than doubled by RBI for Rural and Urban Cooperative Banks:

H. Other Initiatives

CBDT seeks inputs from stakeholders on income-tax rules and related forms on provisions of Income Tax Bill 2025, after it was introduced in ParliamentCBDT has launched a utility on e-filing portal for stakeholders to submit inputs through an OTP-based validation process

CBDT issues Frequently Asked Questions (FAQs) relating to Revised Guidelines for Compounding of Offences under Income-Tax Act, 1961The FAQs are based on feedback from stakeholders on Revised Guidelines for Compounding of Offences under Income-Tax Act, 1961, issued on 17th October 2025

What sectors are likely to be targeted?

Medicines are also in the line of fire

Is there any avenue for appeal?

Example

Anna’s pizza shop

Notes to journalists

CBDT seeks inputs from stakeholders on income-tax rules and related forms on provisions of Income Tax Bill 2025, after it was introduced in Parliament

CBDT has launched a utility on e-filing portal for stakeholders to submit inputs through an OTP-based validation process

CBDT issues Frequently Asked Questions (FAQs) relating to Revised Guidelines for Compounding of Offences under Income-Tax Act, 1961

The FAQs are based on feedback from stakeholders on Revised Guidelines for Compounding of Offences under Income-Tax Act, 1961, issued on 17th October 2025