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Flipkart Deal: Walmart May Pay $2 bn Withholding Tax
July 10, 2018
According to a media report, global retail leader Walmart might pay nearly $2 billion withholding tax to India’s tax authorities to proceed with the Flipkart deal. It follows its earlier big announcement to acquire 77% equity of Indian ecommerce leader Flipkart for $16 billion.
Since Flipkart is registered in Singapore, the deal with Walmart will also take place there, it’s believed. However, Walmart still has to pay taxes because Flipkart is essentially an “Indian” asset.
Photo credit: Walmart Corporate on Visual Hunt /CC BY
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