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Apple is lobbying India to amend a decades-old tax law that could expose the company to billions of dollars in taxes on equipment it owns inside local iPhone factories, Reuters reports.
Apple is reportedly urging the Indian government to modify provisions in the Income Tax Act of 1961 to ensure it is not taxed simply for owning high-value manufacturing machinery supplied to its contract manufacturers, including Foxconn and Tata Electronics. The issue is a potential obstacle to Apple’s expansion in the…
