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Samsung spent USD 13.6 billion on taxes in 2017

The record-breaking amount posted last year nearly doubled from 7.8 trillion won posted in 2015. South Korean government accounted for 81 per cent of last year's amount.

Published: 18th June 2018 11:57 AM  |   Last Updated: 18th June 2018 11:57 AM   |  A+A-

Image for representational purpose only | AP

By IANS

SEOUL: South Korean tech giant Samsung Electronics spent $13.6 billion (15 trillion won) to pay taxes around the globe in 2017 -- a 70 per cent increase from the year before, the company's business report showed on Monday.

The record-breaking amount posted last year nearly doubled from 7.8 trillion won posted in 2015, Yonhap news agency reported.

Samsung Electronics said the South Korean government accounted for 81 per cent of the amount posted last year, with other Asian countries accounting for ten per cent.

The tech giant posted 239.6 trillion won in sales in 2017, up 18.6 per cent on-year. Its operating profit shot up 83.6 per cent over the cited period to 53.6 trillion won.

South Korea took up 13 per cent of the sales posted in 2017, followed by North and South America with 34 per cent.

Europe and the Commonwealth of Independent States accounted for 19 per cent and China held 16 per cent.

Industry watchers said that while Samsung Electronics had most of its sales overseas, it is still paying most of its taxes in South Korea as it is headquartered here.

The company spent 385.6 billion won for charity projects around the world in 2017, providing support to some five million beneficiaries, the report added.


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