Walmart paid most of $1 bn tax for PhonePe's HQ shift: Report

Walmart reportedly paid most of the $1 billion tax it owed to the Indian government as PhonePe shifted its headquarters to India from Singapore. In 2018, Walmart bought a controlling stake in Flipkart which owned PhonePe. Being a majority stakeholder, Walmart incurred capital gains tax as PhonePe investors sold stakes in the Singapore entity and invested in the Indian entity.