Apple Japan hit with $98 million in back taxes- Nikkei
Reuters
Published Dec 26, 2022 01:06PM ET
Updated Dec 26, 2022 11:10PM ET
TOKYO (Reuters) -Apple Inc's Japan unit is being charged 13 billion yen ($98 million) in additional taxes for bulk sales of iPhones and other Apple (NASDAQ:AAPL) devices to foreign tourists that were incorrectly exempted from the consumption tax, the Nikkei newspaper said.
Citing unidentified sources, the Nikkei reported on Tuesday that bulk purchases of iPhones by foreign shoppers were discovered at some Apple stores with at least one transaction involving an individual buying hundreds of handsets at once.
Japan allows tourists staying less than six months to buy items without paying the 10% consumption tax, but the exemption does not apply to purchases for the purpose of resale.
Apple Japan is believed to have filed an amended tax return, according to Nikkei.
In response to a Reuters' request for comment, the company only said in an emailed message that tax-exempt purchases were currently unavailable at its stores. The Tokyo Regional Taxation Bureau declined to comment.
The iPhone maker's Chief Executive Officer Tim Cook visited Japan earlier this month and announced that the company had invested more than $100 billion in its Japanese supply network over the last five years.
($1 = 132.9000 yen)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.