Apple is pressing India to tweak a decades-old income tax rule so it won’t be taxed for owning pricey iPhone assembly machines. 🤔
This move comes as Apple ramps up its presence in the world’s second-largest mobile market. Counterpoint Research reports that iPhone’s share in India has jumped to 8% since 2022, and India now handles 25% of global iPhone shipments—up from 6% just two years ago—while the Chinese mainland still accounts for 75%. 📈
- Billions on the line: Apple could face extra levies if New Delhi doesn’t update a 1961 law on foreign-owned equipment.
- Local investment: Foxconn and Tata have sunk billions into five new plants, but expensive machinery is a major hurdle.
- Policy push: High-level talks are underway with Indian officials to smooth the path for Apple’s future growth.
Experts warn that without a legal update, Apple might have to change its business model or pay hefty taxes—both of which could slow down its expansion plans. A source in the industry says, “If the legacy law is changed, it will become easy for Apple to expand … India can become more competitive globally.” 🌏
For young investors, tech enthusiasts, and students keeping an eye on global markets, this policy shift could redefine India’s role in the smartphone race. Will India seize the opportunity to attract more high-end manufacturing? Stay tuned! 🚀
Reference(s):
Apple lobbies India to change tax law seen hindering its expansion
cgtn.com
