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Samsung Electronics expected to pay $15 bln in taxes this year

Consumer Electronics 09:26 February 11, 2019

SEOUL, Feb. 11 (Yonhap) -- Samsung Electronics Co. is expected to pay 16.8 trillion won (US$15 billion) in corporate taxes this year, up 20.1 percent from a year earlier due to its record earnings, its regulatory briefing showed Monday.

The South Korean tech giant is expected to cough up 28.6 percent of its operating profits, which reached an all-time high of 58.9 trillion won in 2018, according to its consolidated financial statement.

The estimated tax amount is the highest amount ever for the company, 2.4 times the number from 2015 and over 14 times from 2009, its past reports showed. The amount of its corporate tax will be confirmed in April.

The record high tax was attributable to its all-time high operating profits fueled by the memory sector boom last year, coupled with a revised tax code.

The government has raised the maximum tax rate from 22 percent to 25 percent for companies with over 300 billion won of taxable income.

Samsung paid 16.8 trillion won in corporate tax globally last year, with 70 percent of the amount collected by the Korean government. Its sales ratio in the Korean market stood at around 10 percent of the total in 2017.

Samsung Electronics Co.'s office in southern Seoul is shown in this photo taken Jan. 8, 2019. (Yonhap)

ejkim@yna.co.kr
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