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RD I hope it will be 4 verticals. There is also a very good aspects of these being tokens. If they are tokens in relation to wealth tax they should be regarded as tokens in relation to income tax as well. That means that when they are sold a tax rate of 22% would apply which is a bit more than 50% of the tax rate for capital gains on stocks.
For me too Snow. And I have to pay almost 2% wealth tax on stocks. But luckily it doesn't apply to tax year 2023. Because the book date is Jan 1 for us, not dec 31.
It's just the 4 or 5 verticals for now. The other ones don't have any value yet.
But we have to keep a close eye on this.
And one year later they could be worth $50 Or even $200 for Cow Agri Corp
Imagine the taxes we have to pay then
Eventually we will have to sell some tokens I guess.
RD The implication of this would mean that I will have to save all the cash dividends for tax purposes. The cash dividends will be taxed too at a rate of either 37,8% or 22 % and the wealth tax would seem to be 1.1% x $ 10 x some 750,000 tokens.
Dear Laxmi,
I think this sounds like a very good idea. It will make this family of companies more easily recognized as related companies and therefore serve to make them more easily noticed in the community. I assume the word cow in itself provides postive feelings in India. In the rest of the world it will remind us of the importance of india for these companies and the origin of the family that created thise companies.
Yes. That confirms what I just posted.
I'm not using DCF.
Laxmi has solved the problem for us. Because they will be selling shares/tokens for $10 to IRA clients.
This is what the Dutch tax office calls an "independent reference transaction"
And it overrules all other valuation methods.
There is some logic to this. Because $10 is what you can get for your shares in the market place, realistically.
It should be the same in Norway.
It would be very hard for you to argue that the shares are worth less than $10. If the company can sell them for $10.
And you risk being fined if you do.
So that's it. You have to use $10 per share per vertical.
If.... the company is able to sell them for $10 to IRA clients (soon).
As for the income tax or gift tax, I don't think it is relevant.
The book date was september 15 when we received the shares.
The companies didn't have any revenue. There was no independent reference transaction.
I think we can use value $0 for this purpose. Or perhaps $0.01.
RD I have checked what seems to be the relevant information in Norway for tokens: "Finn markedsverdi for det du eide av virtuelle eiendeler" Find the market value of virtual assets. I guess that would be the tokens. I assume that would be the price at which they have been traded right before the turn of the year or earlier.
RD "Post# of 8581
$10 x 100,000 shares x 4 verticals x 1.1% wealth tax (Norway) = $44,000 tax. lol." I don't think discounted cashflow to present-day value is a relevant basis for wealth tax in Norway. I am uncertain what is.
RD I don`'t expecxt Laxmi to ADVISE me on valuations regarding my information to tax authorities. He cannot be exåected to be an expert on the regulations that apply imy country. But I think we are entitled to get some numbers such as net assets per share/token or the last prrice shares/tokens have changed hands in 2023 if such informtion is available. I would guess that it is only wealth tax that is relevant for me since there has been no case dividend so far. Or perhaps the tokens/shares in themselves could be construed as some sort of income since the price was so low? If that were to be the case I might be in trouble.
But I like Masala Capital as it has that spicy touch.
But if you change it then you also have to change
Masala Agri Corp to Cow Agri Corp.
And Jonet should update the brochure for Africa
Masala Palm Africa PLC to Cow Palm Africa PLC
Masala RAS 1 Africa PLC to Cow RAS 1 Africa PLC (same for Aqua instead of RAS 1)
Masala Rice Africa PLC to Cow Rice Africa PLC
I don't know. Or we could keep "Masala".
We will change it to Cow
But you are right. Dhan is pretty meaningless. And complicated. Cow should be better.
I questioned it at the time but the decision was already made.
Yes you did....RD
Dear All,
One very popular astrologer suggested use My Cow instead of MyDhan as Parent Company...
Both astrological as well as numerology wise, he suggested My COW to be the parent line...
He is predicting Cow will become a name sinequanon and turn into a powerful brand value for years...
We will hence change the name of our group to
IREEM LLC will become My Cow Inc
MyDhan.io will become MyCow.io
We will become Cow Group of Companies ==> CGC
MyCow will have Cow embossed with all the 9 verticals placed to represent our diversified holding...
Cow Capital Acquisition Corp will remain as is and will remain the sponsor acquisition corp...
Masala Capital will change to Cow Capital ...
My Cow (otherwise IREEM) and Itup will be substantial holders in all the verticals along with strategic investors...
It's funny actually. Someone asked me recently how I see valuations going forward. I told him the vertical shares will be worth at least $10 some time in 2024 although I can't say when, but at some point. And here comes Laxmi saying that date is January 1. lol. Yeah, that is possible too. It all depends on your expectations and how you define them. And what you sell the shares for ....
All of us in equal senses aandt --
There is an epic story in India -- Mahabharat -- in which 100 brothers of the Kingdom will be thrown by their conquerer into a well and each one will be fed just one grain of rice per day. Those brothers, without losing valiance, pickup one able warrior out of them and the rest 99 sacrifice their daily grain of rice to feed their chosen warrior who grows strong to the destruction of the mighty race that raids their kingdom.
Likewise, the 300 plus soldiers (Stakeholders) of ITUP -- Words aren't enough but I will take freedom to write -- This enormous progress in us wouldn't have been possible without the burnt sacrifice from every member within our group - staff or stakeholder, and the 42,000 plus Retirement Asset Customers.
We have established a solid SIRI (Sustainable Investment Research & Innovation) and each of the financial products are deeply enshrined to speak of volumes of deep financial engineering with applied mathematical brilliance, shrewd financial mechanism, and efficiency in handling distribution turnover and management.
2024 will be a landmark year for all of us....with deep valuations changing our lives and the way we leap this business forward,
Laxmi Prasad
It really is incredible. The potential future valuations are quite amazing.
Having the first dividend hit the bank account in a couple of weeks will be a huge boost for everyone. I have been through a lot recently as have so many others here. 2024 is looking to be a much better year.
Sounds good.👍️
K
Please be a bit patient with this. I'm sure they have a whole team working on this.
Financial engineering a la Prasad.
Nothing to it.
Will present all valuations, cash budgets for 2024 on 1/10/24
RD, do you happen to know when statements of ownership will be provided? Some here own ITUP, IREEM, COW, My Gold Grams, Masala Agri, Global, Spacs. It seems there would be some formal statement of ownership/holdings?
K
True RD, sometimes this happens as a sheer MidasTouch..as if some celestial force is pushing it...
How does it feel to be a millionaire? Suddenly
Every vertical company is valued at $10/share? Isn't that a bit of a coincidence?
Not sure what you mean? I deleted the posts
This could be indeed what we are looking at. If the company is selling vertical shares/tokens to IRA clients for $10/piece then that is what the tax office calls an "independent reference transaction". It overrules all other valuation methods. This is the value we should use for tax purposes.
On the bright side, a lot of of millionaires will be born.
$10 x 100,000 shares x 4 verticals x 1.1% wealth tax (Norway) = $44,000 tax. lol.
Taxes... guess we all have to figure this out. Good problem to have I guess.
Appreciate the updates. Looking forward to 2024
I was a mod but I guess there hasn't been enough activity here to keep the status active. I will make some posts and reapply.
I can't. And there are no moderators. Someone will have to sign up first as moderator. Not an employee like me.
We have issued tokens RD not shares...Its 100 million tokens...
the $0.01 is $10 worth effective Jan 1, 2024...based on financial projections discounted for 12/31/23.
What does it mean for the vertical shares? How are they valued in relation to the tokens? That is what we want to know.
Dear Laxmi. Great to hear! Thanks for the confirmation.
K
Thanks for this information.
K
RD
I also read that Norway abolished the gift tax in 2014? This may affect you as well. Because you are not an employee, so the income tax does probably not apply to you. Unless they redefined the "income tax" to include gifts of course. You never know."
I think it is not clear how the verticals will affect any wealth tax in Norway. I hope Laxmi will provide necessary information about net assets or any more relevant valuation at the end of 2023. One possibility is to value the verticals based on what I paid for them. The gift tax was abolished all right. It related to personal gifts as far as I know. I wonder if you refer to death duties in fact. Those were abolished too. Income tax may apply when I get the first dividend and it is regarded as s share and not a token. As I have suggested before: in the latter case a capital income tax may apply. It is only 22% whereas the ordinary income tax is 37.8%.
---
I've been reading a bit more about taxes. Because I'm curious. I have a pretty good idea now how it works for me in The Netherlands.
We both have a wealth tax. Yours is close to 1.1% and mine almost 2% on stocks (and much less on cash) for 2023.
Here is another difference
RD Thanks a lot! It will be very interesting to see the detailed planning and budgetting in not so many days.
We can get up to 25% for projects from the IRA accounts. Let's assume $600M. (IRA accounts will grow from 42,000 to 150,000 next year).
We can get another $600M from FCG dollar-for-dollar match which will give us $1.2 billion.
And another 50% public money will give us a total of $2.4 billion.
This money we will need specifically for our 5 projects in Nigeria. Amongst other things.
Laxmi will present detailed planning and budgetting on Jan 10. For 2024-2025.
FCG. Not FGC.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173385597&txt2find=fcg
There are several references in 2021 you can find as well on this board.
I find at very encouraging that at this stage you seem so upbeat Laxmi. I for one don't care if the remittance is a few days after January 10. I wish you a very happy and successful new year!
RD FGC I googled it and did not find out what those letters mean.
What three letters don't you understand? I don't see anything strange in my post.
Dear Karlacom, As a qualified accountant with 34 years in the industry my language goes like that ... .
But, payout is certain this time which is the essential bottomline, we are all receiving Cash Grants @ $0.083333 per vertical on 3 verticals and this includes me
There is just one clearance pending for inward remittance and I am sure we will have it latest by the 2nd or 3rd January
By procedure, we will need 7 days from then to send cash grant remittances and even if we receive clearance by the 3rd we are still good for 10th January.
If for any bloody reasons clearance takes beyond 3rd, then we will trigger the payout with a 7 day process requirement but under all circumstances this will not cross 16th/17th of January 2024 and I am scheduling the next payout for the quarter ending Feb 28, 2024 within 45 days from that quarter closure. .
You can take this as confirmed. We will have money in our accounts.. Nothing will stop us this time, I am confident we will make it on 10th, if in the worst ...latest by 17th January, 2024. From our end, mentally & physically with all of my senses in full conscious, we will have this paid out and we will continue these payments every quarter and progress it to monthly payout.
Nothing is going to stop us -- 2024 will begin with the promise filled in high esteem and we will see many landmarks for all of us...
On 10th January I am infact planning to announce one additional surprise bucket -- we will have a great year Karlacom!!!
I just meant next week, Monday is a holiday, New Year's Day. Not that many business days left until the 10th, and my faith in the work ethics of government officials is... not that high. Especially not just after a holiday.
RD Thanks for the information! I don't understand what you refer to by the following statement: "But the important thing is that we are securing dividend payments not only for this quarter but for the next 3 quarters as well, resulting in a total $1 payout per share annually." You refer to three letters that are unknown to me when it comes to meaning.
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