More than two out of five among Korea's top-ten business group-affiliated listed companies saw their corporate tax decline due to their sluggish business performance. The total amount of corporate tax paid by these companies, however, increased thanks to the "Samsung Electronics effect."
According to industry sources on March 19, the amount of corporate taxes paid by 87 listed affiliates of the nation's top-ten business groups for the fiscal year 2016 totaled 9.82 trillion won. The figure is up 2.5 percent or 239 billion won from 9.58 trillion won a year ago.
By group, Samsung Group paid corporate tax of 4 trillion won, up 39.1 percent from a year before. Following Samsung were GS with 163 billion won up 203.5 percent year on year, Hanwha with 223 billion won, up 68.6 percent. Lotte and POSCO also saw their corporate tax payment rise 25.3 percent and 23.7 percent, respectively, to 700 billion won and 468 billion won.
In contrast, SK and Hyundai Motor group reported a decline of 63.8 percent and 19.4 percent, respectively, to 820 billion won and 2.3 trillion won.
South Korea’s top financial regulator will cut reserve requirements by half for insurance firms’ cross-border infrastructure assets from as early as June, paving the way for domestic insurers to boost overseas alternative investments. The Financial Supervisory Service (FSS) is working&hellip
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