A Foxconn subsidiary in China was the first to be caught up in a tax and land-use probe of its parent’s operations in the country, with local tax authorities fining the unit CNY20,000 ($2,009) for a minor accounting issue, Bloomberg reported.
The news agency stated Foxconn Industrial Internet in the city of Wuhan was fined for overstating R&D expenses in 2021 and 2022.
Local media reported in late October the government had started a tax audit and review of Foxconn’s use of land in four provinces.
The move was criticised for being politically motivated and perhaps as a warning to Apple, which faces uncertainty in China following a ban on the use of iPhones for official business by central government agencies.
Foxconn is a key supplier for Apple and employed more than 1 million people in China at its peak, including up 350,000 workers at its iPhone assembly plan in Zhengzhou, the capital of east-central Henan province.
The post Foxconn China unit fined for minor accounting error appeared first on Mobile World Live.
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