Apple Japan being fined $98M for not charging tourists consumption tax
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The Japanese unit of Apple (NASDAQ:AAPL) is being fined $98M in back taxes for not charging foreign tourists a consumption tax when they purchased the tech giant's products, including iPhones.
Japan allows tourists who are in the country less than six months to not pay the 10% tax, but it does not allow for purchases that are made with the purpose for resale. Sales transactions were discovered that included bulk purchases of iPhones, Nikkei Asia reported, citing sources.

The news outlet added that Apple (AAPL) may have filed an amended tax return.
Apple (AAPL) shares were modestly higher in premarket trading on Tuesday at $132.46.
Last week, investment firm Needham cut its revenue and earnings estimates for Apple (AAPL) for 2023, citing "weak iPhone demand" in China.