PhonePe paid Rs 8k cr tax to shift base to India: CEO

Fintech firm PhonePe on Wednesday said it had to pay Rs 8,000 crore in taxes for shifting its domicile to India and is also likely to incur an accumulated loss of Rs 7,300 crore, an amount that could have been offset against future profit.

The local laws related to shifting of domicile by businesses are not “not progressive”, according to the decacorn firm.

A decacorn is a company that has a valuation of more than $10 billion.

During a virtual session, PhonePe Co-Founder and CEO Sameer Nigam that due to the country’s existing rule around getting domicile, the employees have lost all incentives that were given to them through Employee Stock Ownership Plan (ESOP).