Taiwanese semiconductor giant TSMC subjected to tax investigation in China – Agenzia Nova
The Department of Natural Resources also reportedly launched investigations into Foxconn’s use of land resources
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The shares of the semiconductor giant Taiwan Semiconductor Manufacturing Company (TSMC) fell as much as 3 percent today in response to media reports that the company was subjected to tax audits in China. According to what was exclusively reported yesterday by the “Global Times” newspaper, published by the Chinese Communist Party, Foxconn’s subsidiaries in various Chinese provinces – including Guangdong and Jiangsu – would have been subjected to tax controls.
The Natural Resources Department also reportedly launched investigations into Foxconn’s use of land resources in Henan and Hubei provinces. The newspaper did not provide further details on the findings, which so far have not been confirmed by the Chinese government.
In a note published yesterday, Foxconn reiterated that compliance with legal procedures is “a key principle of its operations”, saying it is ready to cooperate with the investigations. The company operates one of its main factories in the central metropolis of Zhengzhou, which assembles the majority of iPhones marketed by US-based Apple globally.
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