US retail giant Walmart has paid the taxes associated with the relocation of PhonePe’s headquarters to India.
Following the acquisition of parent company Flipkart by Walmart, digital payments company PhonePe relocated its headquarters from Singapore to India.
According to reports, the bill is the result of the relocation and the increased value of PhonePe. According to some reports, Walmart Inc. and other PhonePe shareholders were hit with nearly USD 1 billion in capital gains tax after the digital payments company relocated its headquarters to India.
Related video: Walmart receives a $1 billion tax bill for relocating PhonePe’s headquarters to India (WION)
Walmart faces a $1 billion tax bill as a result of relocating PhonePe’s headquarters to India.
“We can confirm the tax has been paid,” Walmart said in response to an email from PTI. However, no specifics were provided by the company.
PhonePe, a FinTech platform, announced in October of last year that it had relocated its headquarters from Singapore to India.
All PhonePe Group businesses and entities were transferred and consolidated under PhonePe Pvt Ltd – India as part of this.
Bentonville, based in the United States, completed the acquisition of a 77% stake in Flipkart in 2018, becoming the majority owner of the Indian e-commerce company.
PhonePe was founded in December 2015 and has grown to become one of India’s largest payment apps, enabling digital inclusion for both consumers and merchants. With 400 million registered users, PhonePe now has one in every four Indians.
Bentonville, based in the United States, completed the acquisition of a 77% stake in Flipkart in 2018, becoming the majority owner of the Indian e-commerce company.
PhonePe was founded in December 2015 and has grown to become one of India’s largest payment app, enabling digital inclusion for both consumers and merchants. With 400 million registered users, PhonePe now has one in every four Indians.
