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China Conducts Tax Audit, Land Use Probe On Taiwan-based Foxconn; Share Price Slides – Times Now Feedzy

 

Foxconn is the subject of tax audits in China at its key subsidiaries (Pic: Shutterstock)

Foxconn China news: Foxconn, the major Apple iPhone supplier based in Taiwan, has come under scrutiny in China as its key subsidiaries face tax audits, suspected of breaching laws and regulations, according to reports in Chinese state media.

China’s natural resources department has also conducted on-site investigations into the land use of Foxconn enterprises in provinces like Henan and Hubei, Reuters reported citing the Chinese nationalist tabloid, the Global Times. The specifics and timing of these investigations were not detailed.

In response, Foxconn’s parent company, Hon Hai Technology Group, affirmed its commitment to legal compliance worldwide. The company stated, “Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn). We will actively cooperate with the relevant units on the related work and operations.”

Zhang Wensheng, deputy dean of the Taiwan Research Institute of Xiamen University, emphasized that these audits and investigations are standard procedures applicable to any enterprise suspected of violating laws and regulations. He further noted that Foxconn’s subsidiaries are expected to cooperate fully and, if violations are found, they should acknowledge the errors, accept penalties, and undertake corrective measures, Reuters reported.

Following the report in Chinese state media regarding the tax audits and land use probes, shares of Taiwan’s Foxconn experienced a drop of approximately 3 per cent in early trading on Monday.

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

 

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