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Apple assembler Foxconn hit with politically motivated China tax probe
Monday, October 23, 2023 12:56 pm

Major Apple assembler Foxconn is facing a tax probe in China, two sources close to Foxconn confirmed on Monday, saying they believed it was disclosed by a Chinese Communist Party-controlled paper for political reasons tied to Taiwan’s upcoming elections.

Yimou Lee and Ben Blanchard for Reuters:

On Sunday, China’s state-backed Global Times tabloid said some of Foxconn’s key subsidiaries in China were the subject of tax audits and that China’s natural resources department had conducted on-site investigations on land use by Foxconn enterprises in Henan and Hubei provinces and elsewhere.

The two sources, who declined to be named due to the sensitivity of the matter, said several companies which they did not name had been audited by Chinese authorities in recent months, but they believed only Foxconn’s probe was made public for political reasons.

The sources highlighted the audits come less than three months ahead of Taiwan’s presidential election and amid Foxconn’s drive to expand production outside China.

Foxconn’s founder Terry Gou, who stepped down as company chief in 2019, is standing as an independent for president.

MacDailyNews Take: Ah, the machinations of the morally bankrupt.

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https://macdailynews.com/2023/10/23/apple-assembler-foxconn-hit-with-politically-motivated-china-tax-probe/