Apple set to benefit as India proposes tax exemption extension till 2041: Report

Apple stands to benefit from India’s proposal to extend key tax exemptions for foreign companies supplying machinery and components to contract manufacturers until March 31, 2041, as the iPhone maker continues to scale up production in the country.

The proposed draft of amendments to the Income-tax Bill was accessed and reported first by Reuters. The draft would give multinational companies greater tax certainty by ensuring that supplying manufacturing equipment to Indian contract manufacturers does not expose their broader business income to Indian taxes.