Caught up in Panama
Apple’s favourite business partner appears to have caught up in an accusaion that it is following the fruity cargo cult’s habit of hiding income in off-shore operations.
Foxconn was not one of the outfits which was named and shamed by the recent Panama Leak. But the outfit has been accused of evading taxes worth up to US$22.86 billion by investing in Panama.
Foxconn has threatened any magazines making the claim and said that it reserves its right to file lawsuits against media for “making rumours.”
The company is following Apple’s policy of saying that it has always obeyed the law and paid $1.482 billion in taxes in Taiwan last year.
Conducting trades and investments via overseas subsidiaries has always been a necessary mechanism for international trading, but Foxconn always reports related investments in its financial results, the company claimed.
