Samsung Electronics and SK hynix Paid W11 Trillion in Corporate Taxes in the First Half Alone

It was found that the corporate taxes paid by Samsung Electronics and SK hynix in the first half of this year exceeded W11 trillion. That is the second-largest amount ever for a first-half period. As earnings improvements driven by the semiconductor upturn last year were fully reflected in tax revenue, the two companies' operating profits rose sharply this year, raising expectations that their future corporate tax payments could set a new record.
According to semiannual and business reports submitted to the Financial Supervisory Service's Data Analysis, Retrieval and Transfer System (DART) on the 30th, Samsung Electronics and SK hynix paid W398.76 billion and W722.07 billion in corporate taxes in the first half, respectively, for a combined W1.12083 trillion. On a combined basis, that is up W717.7 billion, or 167%, from W419.06 billion in the same period last year.
That also makes it the second-largest first-half figure on record, after W1.26614 trillion in the first half of 2019.
For about 2,600 companies affiliated with conglomerates subject to disclosure, excluding small and medium-sized firms, the corporate tax paid as an interim prepayment in August is calculated by making a provisional settlement of first-half results.
Under this standard, Samsung Electronics and SK hynix posted first-half operating profits of W14.67 trillion and W9.82 trillion, respectively, up roughly 6 to 13 times from W1.14 trillion and W1.67 trillion a year earlier. Their full-year operating profits are also expected to rise to W43.5 trillion and W47.2 trillion, respectively, about 6 to 9 times higher than last year. As a result, analysts expect both the August interim payment and next March's corporate tax payment for this year to break record highs again.
[email protected] Lim Su-bin Reporter