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Apple benefits as India cuts import tax on smartphones
Tuesday July 23, 2024. 02:57 PM , from Mac Daily News
India has lowered import duties on mobile phones and components from 20% to 15%. This decision is a win for tech giants like Apple, which heavily relies on imports for its high-end iPhones. While Apple has been boosting local production in India, this tariff cut will further reduce costs and potentially lead to lower prices for consumers.
Reuters: Presenting the annual budget for 2024/25 in parliament on Tuesday, India’s finance minister Nirmala Sitharaman said import tax on mobile phones, printed circuit board assembly (PCBA) and mobile chargers is in the “interest of consumers.” Almost 10-12% of the Apple iPhones are imported each year into India and a 5% reduction in tax on the devices will result in a $35-50 million annual benefit to Apple, said Neil Shah, a co-founder at Hong Kong-based Counterpoint Research. Although Apple has boosted its local production in India through contract manufacturers such as Foxconn and India’s Tata Group, it still imports some of its high-end Pro and Pro Max iPhone models into the country. Apple “will directly benefit… they (also) have some models for which PCBAs are still being imported,” said Shah. Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. MacDailyNews Take: Great news for Apple which, according to Counterpoint, currently has a 6% share of India’s smartphone market. Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you! Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post Apple benefits as India cuts import tax on smartphones appeared first on MacDailyNews.
https://macdailynews.com/2024/07/23/apple-benefits-as-india-cuts-import-tax-on-smartphones/
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