China Fines iPhone Maker Foxconn $2,800 Amid Major Tax Probe
- China is investigating Apple partner over tax and land issues
- Foxconn founder Terry Gou is bidding for Taiwan’s presidency
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Chinese tax authorities handed out a 20,000 yuan ($2,800) fine to a Foxconn Technology Group subsidiary for overstating expenses while Beijing is pursuing a broader probe into the iPhone maker’s operations.
The Foxconn Industrial Internet Co. unit in the central Chinese city of Wuhan was fined by a local tax authority over its accounting of research and development expenses in 2021 and 2022, according to the state-run National Center for Public Credit Information.