Samsung Electronics leads top corporate taxpayers in 2015

Published : Mar 30, 2017 - 10:44 Updated : Mar 30, 2017 - 10:44

Tech giant Samsung Electronics Co. said the largest corporate tax in South Korea in 2015, with the top 10 taxpayers accounting for about 24 percent of the total corporate tax revenue, data showed Thursday.

Samsung Electronics, the flagship of South Korea's leading conglomerate Samsung Group, paid 3.2 trillion won ($2.87 billion) in taxes in 2015, taking up 7.1 percent of the total revenue, according to the data by the National Assembly Budget Office.

(Yonhap)

No. 1 carmaker Hyundai Motor Co. followed with 1.4 trillion won, trailed by state power monopoly Korea Electric Power Corp. with 1.2 trillion won, chip behemoth SK hynix Inc. with 980.8 billion won, and state nuclear operator Korea Hydro and Nuclear Power Co. with 900.1 billion won.

Samsung Electronics and Hyundai Motor alone accounted for 10.2 percent of the total corporate tax revenue in 2015.

Rounding out the top 10 were leading chemicals maker LG Chem Ltd. (725.3 billion won), top auto parts firm Hyundai Mobis Co. (684.6 billion won), No. 2 automaker Kia Motors Corp. (568.7 billion won), top discount store chain E-Mart (458.3 billion won) and the biggest mobile carrier SK Telecom co. (413.1 billion won).

The top 10 companies paid a combined 10.6 trillion won in taxes in 2015, accounting for 23.5 percent of the total corporate tax revenue estimated at 45 trillion won for that year.

Of the 10 largest taxpayers, seven companies made the list for two years in a row, while KEPCO, E-Mart and SK Telecom were new entrants.

In contrast, leading steelmaker POSCO, which was the fifth-largest corporate taxpayer the previous year, and two large lenders -- Shinhan Bank and KB Kookmin Bank -- missed the top 10 list. Shinhan ranked ninth in 2015, with KB Kookmin placing 10th.

According to data by the finance ministry, the country's corporate tax revenue came to 52.1 trillion won in 2016, up 15.7 percent from the previous year, bolstered by major companies' improved earnings. (Yonhap)