Apple evades $70m in taxes in China: Report
Apple Computer Trading (Shanghai) Co. Ltd in China failed to pay 452 million yuan (over $70 million) in due taxes by the end of 2013, an official accounting inspection report showed.
But the California-based tech company has paid back the taxes and 65 million yuan in late fees, state-run Xinhua news agency reported.
70M USD! sounds like a lot of money, but apple makes nearly 5M USD per hour profit, 70M is just peanuts for apple, I dont think they have done any illegal thing to save this money.
China can do anything to extract money.
Apple must relocate to business friendly country like India to regain it’s status…Chinese are no more attractive place because of volatile Economic environment.
Apple can shift manufacturing but China is a big market for Apple.
China is top 10 in terms of openess to foreign investment. India was on around 120s or 130s owing to corrupt politicians and babudom.
Indias political and tax environment is more volatile than of china, in china at least the govt is same. In india they try to change law retrospectively after supreme court issue judgement against the IT dept.
Did you create your own statistics!!! China is below 100 for openness! The reason companies were going to China was because of cheap labor and the 1.3B Chinese market!
Now in economic trouble all accusation will be made
grapes are sour we knew.Apples getting sour is is the new trend.
China won’t leave unless the amount is paid
N R Aggarwal
Evasion by Apple. In India termed as taxplanning in connivance with ITOs.