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Apple urges India to revise tax law that could hinder its expansion plans

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Apple is lobbying the Indian government to amend an income tax law that could expose the company to billions in additional taxes over equipment ownership, according to sources familiar with the matter. The U.S. tech giant seeks to ensure it is not taxed for owning high-end iPhone assembly machinery used by its contract manufacturers, such as Foxconn and Tata, as it ramps up production in India.

The push comes as Apple expands its footprint beyond China, where it traditionally owns production equipment but faces no tax liability. Under India’s 1961 Income Tax Act, however, such ownership would create a “business connection,” potentially subjecting Apple’s global iPhone profits to Indian taxes.

Executives have held discussions with Indian officials in recent months to seek changes to the law, warning that current regulations could stall future growth. “If the legacy law is changed, it will become easy for Apple to expand … India can become more competitive globally,” one industry source said.

India’s government is cautiously reviewing Apple’s request, balancing its need for foreign investment with the protection of its taxation rights. A senior official said talks are ongoing, calling it “a tough call,” but added that India “needs investments” and aims to find a workable solution.

Analysts note that specialized iPhone assembly equipment can cost billions of dollars — far beyond what local manufacturers can finance — underscoring the urgency of Apple’s appeal. The lobbying highlights the stakes as India seeks to position itself as a global smartphone manufacturing hub while maintaining fiscal sovereignty.

TSMC Q3 revenue jumps 30% on AI-fueled chip demand, beats forecasts

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TSMC, the world’s largest contract chipmaker, posted a 30% year-on-year surge in third-quarter revenue, driven by the global boom in artificial intelligence demand. The company’s performance outpaced analyst expectations, reaffirming its dominance in the semiconductor supply chain that powers AI leaders like Nvidia and Apple.

Revenue for the July–September period reached T$989.92 billion ($32.47 billion), surpassing the T$973.26 billion consensus estimate from 22 analysts compiled by LSEG SmartEstimate. The figure landed in the midpoint of TSMC’s July guidance of $31.8 billion–$33 billion, according to its previous earnings call.

The strong result underscores how AI-related chip demand is offsetting slower sales of consumer electronics such as smartphones and tablets. TSMC’s cutting-edge chips are essential for powering advanced AI systems and high-performance computing, both of which have fueled a new growth cycle for the company.

TSMC’s Taipei-listed shares have climbed 34% year-to-date, outpacing the broader Taiwan index’s 18.5% gain. Analysts expect the company’s October 16 earnings report to include a revised full-year outlook, likely reflecting continued AI-driven momentum.

The upbeat results mirror a wider surge across Taiwan’s tech sector: Foxconn, Nvidia’s largest server manufacturer, also posted record-high third-quarter revenue, signaling sustained strength in the AI hardware supply chain.

Apple asks suppliers to ramp up iPhone 17 production after strong demand

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Apple has instructed suppliers to increase production of the entry-level iPhone 17 by at least 30%, after stronger-than-expected pre-orders last weekend, according to The Information. The move indicates that more consumers are opting for the $799 standard model over the premium Pro versions, which start at $1,099.

Apple reportedly asked Luxshare Precision, one of its two main Chinese assemblers alongside Foxconn, to boost daily output of the iPhone 17 by about 40%. The company has not commented on the report.

The surge in demand for the lower-cost iPhone comes as Apple seeks to revive growth in its flagship product line. The new lineup includes the thinner iPhone Air, part of Apple’s effort to lure buyers in a sluggish upgrade cycle. Notably, the iPhone 17 incorporates screen and camera upgrades once exclusive to the Pro models, narrowing the performance gap with higher-priced versions.

Analysts say the trend highlights growing price sensitivity among consumers, particularly in China and other key markets. While strong sales of the entry model may help Apple protect its market share, they could also pressure profit margins, as buyers shift away from Apple’s traditionally higher-margin Pro devices.