PhonePe CEO reveals company paid Rs 8,000 crore in taxes for shifting base to India
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Fintech firm PhonePe on Wednesday said it had to pay Rs 8,000 crore in taxes for shifting its domicile to India and is also likely to incur an accumulated loss of Rs 7,300 crore, an amount that could have been offset against future profit. The local laws related to shifting of domicile by businesses are not "not progressive", according to the decacorn firm. A decacorn is a company that has a valuation of more than USD 10 billion.