Walmart reportedly paid most of the tax for PhonePe moving to India
By MYBRANDBOOK
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.”
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Anil Agarwal
Anil Agarwal, the Founder and Chairman of Vedanta Resources Ltd., is r...
Icons Of India : ALOK OHRIE
Alok Ohrie leads Dell Technologies’ India business, overseeing Sales...
Icons Of India : MADHABI PURI BUCH
Madhabi Puri Buch is the first-female chairperson of India’s markets...
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...