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On Sunday, the Indian government unveiled a policy allowing foreign firms to furnish machinery to their contract manufacturers in designated regions for a five-year span, free from tax liabilities. This fresh regulation offers notable perks to Apple. Specifically, when importing equipment for its contract manufacturing facilities situated in India's customs-bonded areas, Apple will be exempt from customs duties and other taxes for a five-year period. These taxes will become payable only when the finished products are introduced into the domestic market. Should the products be primarily earmarked for export, no supplementary taxes will be imposed. This initiative is set to ease the initial financial strain on contract manufacturers and is expected to incentivize foreign-invested companies to set up high-end manufacturing units in India.
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