ICHEON, May 8 (Korea Bizwire) — SK hynix revealed yesterday that the company had paid 190 billion won in local corporate taxes this year to the government of Icheon in Gyeonggi Province, home to its headquarters and factory.
This is a more than fivefold increase from 35.2 billion won in taxes paid last year.
Local corporate tax is based on earnings tabulated at the end of December each year and must be reported and paid within four months.
After paying 10.7 billion won in taxes to the Icheon city government in 1996, SK hynix did not pay local taxes due to losses until 2015, when the company was able to bounce back from the red.
Boasting record-breaking sales of 3.1 trillion won and net profits of 1.6 trillion won last year, the local corporate tax paid by SK hynix far exceeded its most recent three years’ worth of taxes combined.
Moreover, the taxes paid by SK hynix this year accounted for approximately 85 percent of taxes paid by all corporations to Icheon.
H. S. Seo (firstname.lastname@example.org)