India reluctant to give special tax incentives to Apple to make iPhones
India is resisting Apple Inc`s demand for tax incentives to make iPhones in the country, with the trade minister saying on Thursday that New Delhi may not make exceptions for the US tech giant.
Apple wants to open its own stores in India but has been asked by the government to locally source at least some of the components, as part of Prime Minister Narendra Modi`s bid to boost manufacturing in the country.
ALSO READ: Won’t give into Apple’s demand for tax concessions, Govt says
Apple has sought tax concessions, including lower import and manufacturing duties, to make iPhones locally, according to a government official familiar with the situation.
Trade Minister Nirmala Sitharaman said if India were to agree to any concessions, they would likely apply to all smart phone manufacturers, and not just Apple.
Smartphone component maker Wistron Corp, which counts Apple Inc among its customers, has applied for permission to expand its plant in Bengaluru, a regional government official told Reuters on Monday.
Apple declined to comment.
ALSO READ: Apple to cut iPhone production by 10% in Q1 of 2017: Report
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Looking for short term investment ideas? Analysts suggest buying these 2 stocks for potential gain; check targets
Power of Compounding: How long it will take to build Rs 5 crore corpus with Rs 5,000, Rs 10,000 and Rs 15,000 monthly investments?
SCSS vs FD: Which guaranteed return scheme will give you more quarterly income on Rs 20,00,000 investment?
Rs 3,500 Monthly SIP for 35 years vs Rs 35,000 Monthly SIP for 16 Years: Which can give you higher corpus in long term? See calculations
07:46 PM IST