Walmart pays most of tax bill arising from shifting of PhonePe headquarters to India

NEW DELHI: US retail giant Walmart has paid the taxes arising from the shifting of the headquarters of PhonePe to India.

Digital payments company PhonePe, in which Walmart has a majority stake following the takeover of parent outfit Flipkart, had shifted its headquarters from Singapore to India.

According to reports, the bill stems from the relocation and increase in the value of PhonePe. Some reports also suggested that Walmart Inc and other PhonePe shareholders faced nearly USD 1 billion as capital gains tax after the digital payments company shifted its headquarters to India.