Apple To Raise Prices Of Apps In Europe, Asia

(RTTNews) - Tech giant Apple Inc (AAPL) is set to raise prices of apps and in-app purchases on its App Store from next month in some countries in Europe, Asia and South America.

"As early as October 5, 2022, prices of apps and in-app purchases (excluding auto-renewable subscriptions) on the App Store will increase in Chile, Egypt, Japan, Malaysia, Pakistan, Poland, South Korea, Sweden, Vietnam, and all territories that use the euro currency," Apple announced in a blog.

"In Vietnam, these increases also reflect new regulations for Apple to collect and remit applicable taxes, being value added tax (VAT) and corporate income tax (CIT) at 5% rates respectively," the statement added.

Although the company didn't reveal any specific reason behind this decision, it is likely to offset weak local currencies against the dollar. The percentage hike varies across regions. For example, prices in South Korea have been hiked by 20-25%, in Japan, they have been raised by 30-35% and in regions that use Euro, the hike is around 8-10%.