China fines iPhone maker Foxconn US$2,800 amid major tax probe

The move came as China looks into the Apple supplier’s tax affairs in the southern provinces of Guangdong and Jiangsu. — Reuters

Beijing: Chinese tax authorities handed out a 20,000 yuan 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 (FII) 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 Centre for Public Credit Information.