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We expect our Q1 tax rate to be approximately 24.5% And so as Stuart mentioned, having a very fixed feestructure against that recurring income and cash flow, I think will accomplish the goal that we're trying to, one of the goals that we're trying to accomplish. Our Q1 corporate G&A should be about 2.6%
Tax Considerations Be mindful of tax implications related to your goals. Certain investments or strategies may offer tax advantages, while others could result in higher taxliabilities. Certified Public Accountant (CPA) CPAs specialize in tax planning and accounting.
NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. Just on taxes, right? So, there's potential that capital gains taxes come down maybe this year, maybe next year. Robert Dodd -- Analyst Can you hear me? Dwayne Louis Hyzak -- Chief Executive Officer Yeah. Robert, can you hear us?
Tax Considerations Be mindful of tax implications related to your goals. Certain investments or strategies may offer tax advantages, while others could result in higher taxliabilities. Certified Public Accountant (CPA) CPAs specialize in tax planning and accounting.
NAV is defined as total assets minus total liabilities and is also reported on a per share basis. The question there is, I think, you've discussed it before, one of the possibilities eventually could be a fee cut there in connection with other things. There are currently tax rules that sunset in '25. Thanks for the question.
Income tax expense rose by 111% year on year to 9.7 billion renminbi, driven by operating profit growth and increased withholding tax provision. And, you know, we certainly believe that that is the case in China, that longevity is an asset rather than a liability, just as it is in the luxury goods industry.
Servicing generated 301 million in pre-tax income, although bear in mind the gain from the trust collapse contributed 67 million. I'm going to start on Slide 7 and talk about servicing where we generated a record 301 million in pre-tax operating income this quarter. Now, let's turn to Slide 12.
A lawyer can also advise you on legal issues such as liability, tax implications, and intellectual property rights, ensuring that you are not unknowingly giving up any valuable assets or assuming any unwanted liabilities. Consider Cost Legal fees can add up quickly, so it is important to consider cost when choosing a lawyer.
Additionally, this strategy offers tangible benefits to the company, including enhanced productivity, a stronger employer brand and potential financial incentives like tax benefits. Consider offering traditional and Roth options to provide flexibility in future tax treatment. This includes a study of your company culture.
And moreover, the old scheme, the way it's implemented, created some loopholes for companies who were supposedly importing B2C items at zero import tax rate in the country. So, the way we think about it is that if anything, the new scheme will actually increase taxes for everyone. How you are thinking about the feestructure?
This quarter, given the seasonal impact of tax refunds, we saw a small sequential increase in our payment rates, largely driven by higher credit quality segments. Offsetting these improvements was higher interest-bearing liability cost, which increased 263 basis points to 4.04% and reduced net interest margin by 215 basis points.
We believe that by peering offerings and simplifying our feestructure, we're going to incentivize our clients to deepen their relationships with us. Embedded in these results are divestiture-related impacts of approximately $214 million after tax, primarily driven by the Taiwan consumer business sale. billion of revenues.
However, to be clear, we did not make any material changes to our feestructure in Q4. And the blended average fee rate that you see reported is simply due to mix shift on our platform. First, we released a noncash tax valuation allowance of $121 million. Now turning to subscription and services revenue.
The biggest difference for those institutions and high-net-worth individuals is taxes. Most hedge fund strategies are tax-inefficient. Large, not even tax deferred, just tax exempt entities that can put that money to work without worrying about Uncle Sam? Is that, is that right? Ted Seides : That’s right.
GAAP net income of $148 million increased by $13 million year over year, even after lapping a sizable tax benefit in the prior-year quarter. Could you talk about some of the drivers behind it, where you're investing some of the impacts of the feestructure, contra revenue, and you have restaurants flowing through the business?
Beginning in Q1 2025, we will also be excluded from adjusted EBITDA the payroll taxes related to stock-based compensation. million of payroll taxes related to stock-based compensation in 2024. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
The other driver of affordability for us is obviously our own feestructure. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. We had 1 million business customers placing orders in the last year. The Motley Fool recommends Instacart.
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