Walmart Inc has confirmed that it had already paid the Indian government most of the nearly $1 billion in tax owed after digital payments company PhonePe shifted its headquarters from Singapore to India.
It was said, “Walmart has already paid most of the 78 billion rupees ($943.01 million) that was incurred as a capital gains tax after PhonePe investors sold their stake in the Singapore entity and invested in the Indian entity following the domicile change.”
Walmart bought a controlling stake in Flipkart in 2018, giving it ownership of PhonePe. The company has already completed the separation of PhonePe from Flipkart, and would remain a majority stakeholder in both the companies.
Walmart and other PhonePe investors would have to pay nearly $1 billion after its domicile change. A PhonePe spokesperson has confirmed that Walmart and other investors paid the capital gains tax bill, adding it was the “right long-term strategy.”
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