December 2, 2023

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Foxconn faces tax audit, land use investigation – Chinese state media

Foxconn faces tax audit, land use investigation – Chinese state media

A woman drives past the Foxconn logo outside the company’s building in Taipei, Taiwan on November 9, 2022. REUTERS/Ann Wang/File Photo Obtaining licensing rights

BEIJING, Oct 22 (Reuters) – Foxconn Technology Group (2317.TW), Apple Inc’s (AAPL.O) biggest iPhone supplier, has been subjected to tax audits at some of its key subsidiaries on suspicion of violating laws and regulations, China said. According to official media reported on Sunday.

The Chinese Natural Resources Administration also conducted field investigations into Foxconn’s land use in Henan, Hubei provinces and other places, according to the exclusive report published by the nationalist newspaper Global Times. He did not clarify the details or timing of the investigations.

Foxconn did not immediately respond for comment outside normal business hours.

Zhang Wensheng, deputy dean of the Taiwan Research Institute at Xiamen University, told the Global Times in an interview that tax audits and land use investigations conducted by relevant departments stem from any enterprise suspected of violating laws and regulations, and it was a normal procedure.

“Foxconn’s subsidiaries are obligated to actively cooperate with audits and investigations, and if there are indeed violations of laws and regulations, they must admit mistakes, accept penalties and step up correction,” Zhang said.

(Reporting by Ethan Wang and Bernard Orr – Preparing by Muhammad for the Arabic Bulletin) Editing by Lincoln Feast.

Our standards: Thomson Reuters Trust Principles.

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