Accordingly as the Walmart-Flipkart deal received a nod from the Competition Commission of India, the government of India will gain a windfall tax collection of $2 billion or Rs 13,000 crore, and according to a report it may be recalled that much before the deal was officially announced by both the parties, the Indian Income Tax authorities wrote a soft communication to both of them raising the issue, explaining that there will be tax implications in the deal and that if either Walmart or Flipkart.
Meanwhile Walmart took its time to respond to this letter but it eventually did, confirming that it believes in complete compliance with local regulations in all the countries that it operates in and that it will abide by the Indian laws as well. Presently it is learnt that Walmart will now issue cheques to the different stake holders after retaining the tax component and issue the certificates to them after remitting it to the government.
Moreover the sellers like SoftBank have also
reconciled to receiving the net amount from Walmart after tax deductions. Furthermore
it its case the liability could be in the region of $600 million and SoftBank
alone would gain around 60% on the amounts it had invested in Flipkart.
136 people died after a ferry capsized on Lake Victoria, Tanzania Accordingly many are missing and it is feared that more than 200 people in total may have drowned. Rescue efforts resumed on Friday after being halted overnight. As per report the MV Nyerere ferry overturned near Ukara Island on its way from Bugorora. Meanwhile it is thought the overloaded vessel tipped over when crowds on board moved to one side as it docked.
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