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Apple evades USD70m in taxes in China, says official report

Apple Inc.’s computer subsidiary in China failed to pay CNY452 million (more than USD70 million) in due taxes by the end of 2013, an official accounting inspection report showed on Wednesday.

Apple Computer Trading (Shanghai) Co. Ltd. included maintenance costs into pre-tax deductions, wracking up the giant deficit, the Ministry of Finance (MOF) said in the report. But the company has paid back the taxes and CNY65 million in late fees.

The firm also under-reported CNY8.8 billion of revenue and CNY3.45 billion of costs and overstated CNY5.35 billion of profit, the report showed.

(Source: Shanghai Daily)

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