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US-based iPhone maker Apple to meet Indian officials to seek tax concessions

iPhone maker Apple will on Wednesday meet Commerce and other ministries' officials to seek tax concessions for setting up stores in India.

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New Delhi, Jan 26, 2017: The US-based iPhone maker Apple will on Wednesday meet Commerce and other ministries’ officials to seek tax concessions for setting up stores in India.

Apple officials on Tuesday met Commerce Minister Nirmala Sitharaman to discuss “the issues”.

“They (Apple) are putting their demands and the government has to consider. It has to take 360 degree view, as others (foreign companies) are already here. They want some tax concessions and all,” sources in the Commerce Ministry told IANS.

“In this case maybe they are asking for more and let’s see how it goes.”

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“They (Apple) met the minister (Sitharaman) yesterday (Tuesday). Both the parties discussed the issues. Today (Wednesday) they are meeting all the other ministry officials. Nothing is being talked about. They have a list of demands that will be shared,” the source added.

However, the ministry officials believe the process is rudimentary as of now as there are still several stages to go and a consensus needs to be reached from all ministries involved.

“It is very rudimentary as of now. There are several stages to go. They will meet the officials, make a presentation, tell what they want. The government has to decide what has to be given what is not to be given. These are simple meetings going on,” sources told IANS.

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“It is not DIPP (Department of Industrial Policy and Promotion) alone but several ministries in it. It all depends on how things move. There needs to be a consensus from everyone,” the source said.

Apple had last year applied for tax concessions and relaxation in domestic sourcing norm which were rejected by the Finance Ministry.

But with the tweaking of the Foreign Direct Investment (FDI) rules, the US company is hoping to be lucky this time.

Last year Apple’s demands were rejected because of the rules but since then there has been a change in the policy, the source said.

–IANS

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Apple could acquire the entertainment company, Netflix

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Apple could acquire the entertainment company, Netflix
Apple could acquire the entertainment company, Netflix. IANS

San Francisco, Jan 1, 2018: Contrary to the reports of Apple launching a video subscription product in 2018 to counter Netflix, analysts from Citi have said that the iPhone maker could possibly buy the entertainment company by taking advantage of US President Donald Trump’s corporate tax cut.

According to Citi analysts, Jim Suva and Asiya Merchant, there is a 40 per cent likelihood that Apple will acquire Netflix. Under the new taxing rules, the tech giant will be able to repatriate about $220 billion in cash to the US.

“The firm has too much cash — nearly $250 billion — growing at $50 billion a year. This is a good problem to have,” Suva and Merchant were quoted as saying.

“Historically, Apple has avoided repatriating cash to the US to avoid high taxation. As such, tax reform may allow Apple to put this cash to use. With over 90 per cent of its cash sitting overseas, a one-time 10 per cent repatriation tax would give Apple $220 billion for mergers and acquisitions (M&A) or buybacks,” they added.

A report in business insider said that iTunes has been a huge hit for the company, but viewers have migrated increasingly to services like Netflix, Amazon or Hulu to watch their favourite shows leaving Apple struggling to offer a compelling TV or movie offering.

In September 2017, reports poured in that Apple might lease the Culver Studios in California as it plans to pour $1 billion into TV and movie productions.

The battle for best movie scripts and television projects intensified between tech giants in the Silicon Valley. Google-owned YouTube is already producing original television series and Amazon has won Oscars for “Manchester by the Sea” show.

The iPhone maker has already hired top Hollywood talent Sony duo Jamie Erlicht and Zack Van Amburg to lead its Hollywood push and is reportedly developing a new TV show that will star Reese Witherspoon and Jennifer Aniston. (IANS)

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