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PhonePe shareholders have to pay $1 billion in taxes after shifting base to India

Walmart and other PhonePe shareholders will have to pay nearly $1 billion in tax after the digital payments company shifted its headquarters to India. The bill stems from the relocation and rise in value of PhonePe, which Walmart took majority ownership of after acquiring parent outfit Flipkart Online Services. Now separated from Flipkart and redomiciled from Singapore to India, the fintech firm is raising funds at a $12 billion pre-money valuation, triggering the hefty charge.

Why it’s important: PhonePe shifting base to Bangalore is an unusual move. It could be a precursor to the digital payments firm preparing for a listing. Moneycontrol

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