Tim Cook and co., are negotiating for the apple setup in Bengaluru. Apple was unhappy with the taxes which were levied on it if they setup their own manufacturing company in India. But government is looking forward to cut their taxes and give concession for Apple to setup their make in India project. Bengaluru is the place where Apple wants to setup their manufacturing Unit.
India Looking Forward for Apple Make in India Negotiation:
Trade Minister Nirmala Sitharaman said if India were to agree to any concessions, they would likely apply to all smart phone manufacturers, and not just Apple. Apple’s request to import and sell refurbished mobile phones in the market has been refused by the government. Apple is betting big on the India market, where it currently holds a minuscule 2% market share, what with slowing growth numbers in the developed markets like US and China.
Apple in previous case has also asked for tax breaks and Indian government didn’t accept it. But because of its downfall in other markets, Apple Inc., may accept for the rules which Indian government levy on it. In August 2015, Apple was found to be the recipient of illegal tax breaks amounting to a sizeable sum and had been ordered to pay back $14.5 billion by the EU commission.
For More Updates: Follow PressKS