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 Extortion: Apple China hit with $10 million fine after underpaying taxes

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RR Phantom

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Extortion: Apple China hit with $10 million fine after underpaying taxes Vide
PostSubject: Extortion: Apple China hit with $10 million fine after underpaying taxes   Extortion: Apple China hit with $10 million fine after underpaying taxes Icon_minitimeSun Sep 13, 2015 3:37 am
On Wednesday Apple's CEO Tim Cook proudly proclaimed that the company's market in China had grown by 75 percent in the past year. Unfortunately though, not all news from the People's Republic has been positive this week.

Extortion: Apple China hit with $10 million fine after underpaying taxes 8a143a9bbb86b9a295934712e4a3413d

On Thursday, Xinhua News Agency, the country's official press publication, reported that the Minister of Finance ordered Apple to cough up 452 million yuan ($71 million) that the company failed to pay in tax in 2013. It added that the Californian tech giant has paid a 65 million yuan ($10 million) fine in addition to the tax money owed.

According to Xinhua, Apple's Chinese subsidiary had improperly listed its revenues and costs in 2013, understating them by 8.8 billion yuan ($1.4 million) and 3.4 billion yuan ($532,000) respectively. It also inflated its posted profits by 5.4 billion yuan ($846,000).
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