Apple fined $98 million in additional taxes in Japan

Apple fined $98 million in additional taxes in Japan

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Japan has asked apple inc AAPL Pay 13 billion yen (US$98 million) in additional taxes for bulk sales of iPhones and other Apple devices to foreign tourists.

What happened?: Bulk sales of iPhones and Apple devices have been erroneously exempted from consumption tax, according to Tokyo authorities. reported Nikkei Asia.

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According to the publication’s unidentified sources, bulk purchases of iPhones by overseas buyers have been spotted at some Apple Stores, with at least one transaction involving a buyer buying hundreds of phones at once.

Apple didn’t respond immediately gasoline gas Request for comments.

Learn more about Benzinga’s coverage in Europe and Asia at the following this link.

Japanese law allows foreign visitors staying less than six months to buy products without paying the 10% consumption tax. However, the exemption does not apply to bulk purchases made for resale purposes.

The Japanese arm of the Cupertino-based tech giant is believed to have filed an amended tax return, the report said, adding that it voluntarily stopped offering tax-free shopping in June.

This came after Apple’s CEO Tim cook visited the epicenter of Japan’s semiconductor industry earlier this month and said its investment has exceeded more than $100 billion in the Asian nation’s utility grid over the past five years.

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