Tech
Apple Lobbying Centre To Relax Income Tax Laws
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SUMMARY
The Income Tax Act, 1961 treats foreign ownership of manufacturing equipment as a “business connection”, which makes Apple’s iPhone profits liable for taxes in India
In recent months, Apple executives have held talks with Indian officials to tweak the law so that the company is not taxed for owning iPhone machinery it provides to contract manufacturers
Meanwhile, a senior Indian official reportedly said that discussions on the matter were ongoing, adding that it is a “tough…
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