News Summary

• 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.
• Indian law currently treats such ownership as creating a "business connection", effectively making the company's global ‌iPhone‌ profits taxable in India.
• In China, Apple operates under a different model.
• The company buys the specialized machinery required to assemble iPhones and provides it to its manufacturing partners without becoming liable for local corporate tax.
• In India, the same practice could trigger significant tax exposure under existing law.