Walmart Inc. has told the Indian tax authorities that it is ready to pay all the taxes that will be due after it finalises the US $ 16 billion deal which gives the US-based retail giant a majority stake in India-based e-commerce marketplace Flipkart.
As per the reports by a leading media house, the Indian tax authorities had informed the world’s biggest retailer about the country’s provisions and that department is ready to answer any queries that the retailer has in terms of the nation’s policies.
Notably, Walmart announced two months back that it was buying 77 per cent stake in home-grown e-retailer Flipkart, a deal that still awaits the approval of Competition Commission of India (CCI), India’s anti-trust regulatory body and clearances from the tax authorities.
Recently, the American-retailer witnessed a huge outrage from small retailers of the nation, as CAIT (The Confederation of All India Traders) hosted protests along with the traders across the country, claiming that Walmart is violating the Foreign Direct Investment (FDI) policy.
A Walmart spokesperson was quoted as saying by a media house that “Walmart takes its legal obligations very seriously, that includes the payment of taxes to governments where ever we work. We will continue to work with Indian tax authorities to respond to their inquiries.”
Furthermore, the retail giant claims to provide support to local manufacturers by sourcing from small and medium suppliers, farmers and businesses run by women. It at present operates 21 cash-and-carry stores in India.
