Industry

‘Walmart did not cut tax from Flipkart investors’

Walmart paid ₹7,439 crore tax on payments it made to buy out shares of 10 major shareholders of Flipkart but has not yet done so for another 34 who exited the Indian e-commerce company in the $16 billion deal, tax officials said.

As many as 44 shareholders of Flipkart, including SoftBank, had sold their holdings to Walmart.

“Of the 44 shareholders in Flipkart who have sold shares, Walmart has deposited taxes for only 10.

We have asked Walmart to explain the rationale followed while deducting or not deducting taxes from the shareholders,” a tax department official said.

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Printable version | Apr 1, 2020 4:03:32 PM | https://www.thehindu.com/business/Industry/walmart-did-not-cut-tax-from-flipkart-investors/article24962113.ece

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