China fines Apple iPhone assembler Foxconn $2,800 amid major tax probe

The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse
Foxconn has been hit with a 20,000 yuan ($2,800) fine from Chinese authorities who said the Apple iPhone assembler overstated its expenses.
Venus Feng and Diana Li for Bloomberg News:
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Chinese tax authorities handed out a 20,000 yuan ($2,800) fine to a Foxconn Technology Group subsidiary for overstating expenses while Beijing is pursuing a broader probe into the iPhone maker’s operations.
The Foxconn Industrial Internet Co. unit in the central Chinese city of Wuhan was fined by a local tax authority over its accounting of research and development expenses in 2021 and 2022, according to the state-run National Center for Public Credit Information.

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MacDailyNews Take: We’ll see what happens with the broader probe, but this first fine should be manageable for Foxconn.