Reuters reports that a new draft amendment would extend by 10 years a tax break for foreign companies that supply machinery and equipment to contract manufacturers in India. Here are the details.
Apple could get a major tax boost in India
According to the report, India is moving to extend a tax break that is currently set to expire in 2031 until 2041. The exemption prevents foreign companies from becoming liable for Indian income tax simply because they own equipment used by contract manufacturers in the country.
Here’s Reuters:
The extended tax exemption will apply to manufacturers of mobile phones, tablets, laptops, hearing and wearable electronic devices, according to the draft bill that will have to be passed by the lower and upper houses of parliament.
