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Apple鈥檚 subsidiary fails to pay taxes
Print Edition
APPLE Inc’s computer subsidiary in China failed to pay 452 million yuan (US$71 million) in taxes by the end of 2013.
Apple Computer Trading (Shanghai) Co added maintenance costs into pre-tax deductions, wracking up the giant deficit, the Ministry of Finance said in a report. But the company has paid back the taxes and 65 million yuan in late fees.
The firm also under-reported 8.8 billion yuan of revenue and 3.45 billion yuan of costs and overstated 5.35 billion yuan of profit, the report showed.
The problem was disclosed along with violations of rules in other state-owned, private and foreign companies after the MOF inspected on accounting information for tens of thousands of firms across the country.
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