Japan charges Apple with $98 MN additional tax for abuses of rules
Apple Inc’s Japan unit is being charged 13 billion yen ($98 million) in additional taxes for bulk sales of iPhones and other Apple devices to foreign tourists that were incorrectly exempted from the consumption tax, the Nikkei newspaper said.
Citing unidentified sources, the Nikkei reported on Tuesday that bulk purchases of iPhones by foreign shoppers were discovered at some Apple stores with at least one transaction involving an individual buying hundreds of handsets at once.
Japan allows tourists staying less than six months to buy items without paying the 10% consumption tax, but the exemption does not apply to purchases for the purpose of resale.
Apple Japan is believed to have filed an amended tax return, according to Nikkei.
In response to a Reuters’ request for comment, the company only said in an emailed message that tax-exempt purchases were currently unavailable at its stores. The Tokyo Regional Taxation Bureau declined to comment.
The iPhone maker’s Chief Executive Officer Tim Cook visited Japan earlier this month and announced that the company had invested more than $100 billion in its Japanese supply network over the last five years.
APPLE INC. TECHNICAL ANALYSIS DAILY CHART:
In daily chart Apple currently is trading in down channel. It is currently trading below 20&50 SMA.
RSI is in selling zone which shows bearishness. And stochastic is suggesting up trend.
Apple immediate support level is at 131.51 & resistance level is at 132.73
HOW TO TRADE IN THIS WEEK
Apple is trading in down channel; it will continue to trade downside until any trend reversal. So, remain bearish on it.