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Walmart Inc. has said that it will comply with all the tax demands arising from its purchase of a stake in India’s e-commerce leader, in a press conference.
Walmart Chief Executive Officer Doug McMillon was present in an event in New Delhi where he said to the press, “Our intent is, whether looking backwards related to our acquisition here or looking forward, we will be compliant with whatever the tax rules are.”
The biggest retail group in the world had earlier bought a 77 per cent stake in Flipkart Online Services Pvt. in a deal valuing the company at around $21 billion.
McMillon said that the company plans to run its retail outlet business and online retail in the nation separately for some time and will explore the option of implementing Flipkart’s payments ecosystem, including the PhonePe application in other countries as well.
In the previous month, Walmart Deposited Rs. 7,439 crores tax, on payments it made to buy-out shares of 10 major shareholders of Flipkart.
According to Walmart’s international, it has a reach that spreads across 6,360 stores in more than two dozen countries from Argentina to Zambia. Walmart’s international business accounts for less than a 1/4th of Walmart’s total revenue, down from almost 30 per cent five years ago.
