{"id":26138,"date":"2024-07-30T11:11:30","date_gmt":"2024-07-30T03:11:30","guid":{"rendered":"https:\/\/ljdevice.com.tw\/?p=26138\/"},"modified":"2024-07-30T11:11:30","modified_gmt":"2024-07-30T03:11:30","slug":"india-cuts-import-tax-smartphones-boost-apple","status":"publish","type":"post","link":"https:\/\/ljdevice.com.tw\/en\/india-cuts-import-tax-smartphones-boost-apple\/","title":{"rendered":"India cuts import tax on smartphones in boost for Apple"},"content":{"rendered":"

July 23, 2024<\/p>\n

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NEW DELHI, July 23 (Reuters) – India announced it will cut import duty on mobile phones and some key parts to 15% from 20%, a move that will directly benefit Apple\u00a0(AAPL.O), opens new tab<\/a>, which still imports its high-end smartphones into the country despite increasing local production.<\/div>\n
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.”<\/div>\n
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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.<\/div>\n
Although Apple has boosted its local production in India through contract manufacturers such as Foxconn\u00a0(2317.TW), opens new tab<\/a>\u00a0and India’s Tata Group, it still imports some of its high-end Pro and Pro Max iPhone models into the country.<\/div>\n
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Apple “will directly benefit … they (also) have some models for which PCBAs are still being imported,” said Shah.<\/div>\n
The move will also “alleviate import duties for new players entering the market. It’s a gamechanger for them,” he added.<\/div>\n
Other manufacturers such as Samsung\u00a0(005930.KS), opens new tab<\/a>\u00a0would also benefit, but to a lesser degree as the majority of their smartphones are locally made, said a source with direct knowledge of the matter.<\/div>\n
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Apple and Samsung did not immediately respond to a request for comment.<\/div>\n
Apple has a 6% share of India’s smartphone market, according to Counterpoint.<\/div>\n
India’s deputy IT ministry in January\u00a0privately<\/a>\u00a0argued for a reduction on import taxes on mobile phones, saying the country risks losing out to China and Vietnam in the race to become a major smartphone export hub and must “act fast” to lure global companies with lower tariffs, Reuters has reported.<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Source:India cuts import tax on smartphones in boost for Apple | Reuters<\/a><\/div>\n
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July 23, 2024<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[609],"tags":[],"class_list":["post-26138","post","type-post","status-publish","format-standard","hentry","category-industrial-news"],"_links":{"self":[{"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/posts\/26138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/comments?post=26138"}],"version-history":[{"count":2,"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/posts\/26138\/revisions"}],"predecessor-version":[{"id":26141,"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/posts\/26138\/revisions\/26141"}],"wp:attachment":[{"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/media?parent=26138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/categories?post=26138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ljdevice.com.tw\/en\/wp-json\/wp\/v2\/tags?post=26138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}