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Walmart paid Rs 7,439 crore tax on Flipkart deal; did not deduct taxes from 34 shareholders – Rakesh Nangia

Dear All

US-based retailer Walmart Inc. has paid ₹ 7,439 crore tax on payments it made to buy out shares of 10 major shareholders of Flipkart but hasn’t yet done so for another 34 who exited the Indian e-commerce company in the $16 billion deal, tax officials have said. As many as 44 shareholders of Flipkart, including significant ones such as SoftBank Group Corp., Naspers Ltd, venture fund Accel Partners LP and eBay Inc., had sold their holdings to Walmart. Of the 44 shareholders in Flipkart who have sold shares, Walmart has deposited taxes for only 10 funds and entities.

Rakesh Nangia, Managing Partner shares his views on aforementioned story for PTI.

(This news has been picked up by 492 other news publication like Economic Times, Business Standard, Livemint, Hindu Business Line, The HINDU and many more..)
Walmart paid Rs 7,439 crore tax on Flipkart deal; did not deduct taxes from 34 shareholders