AI-Summary – News For Tomorrow
Apple is lobbying India to amend its income tax law to avoid being taxed on ownership of specialized iPhone manufacturing machinery provided to its contract manufacturers. Apple argues it shouldn’t be taxed on equipment it technically owns but doesn’t directly use or profit from within India. This tax issue is perceived by Apple as a significant obstacle to further expanding its iPhone production and operations within the country, making a legislative fix crucial for future growth plans.
News summary provided by Gemini AI.
Apple is lobbying India’s government to modify its income tax law to ensure the company is not taxed for ownership of high-end iPhone machinery it provides to its contract manufacturers, an issue seen as a hurdle to its future expansion, sources say.
