New Delhi: Apple is lobbying India's government to modify its income tax law to ensure the company is not taxed for ownership of high-end iPhone machinery it provides to its contract manufacturers, an issue seen as a hurdle to its future expansion, sources say.
The push coincides with Apple's growing India presence as it diversifies beyond China. Counterpoint Research says iPhone's share in the Indian market has doubled to 8 per cent since 2022. And while China still accounts for 75 per cent of global iPhone shipments, India's share has quadrupled to 25 per cent since 2022.
India is the world's second-largest mobile market. Apple's contract manufacturers Foxconn and Tata have pumped in billions of dollars to open five plants, but millions of those expenses go into acquiring pricey machin