November 21, 2024

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Korean tech behemoth Samsung Electronics won a “large-sum taxpayer” award from the government on March 4 for paying more than US$6 billion in taxes in 2017 thanks to its booming chip business, the Finance Ministry said.

Samsung, the world’s leading memory chipmaker, was honored for paying 6.8 trillion won (US$6.04 billion) in corporate income taxes for the fiscal year 2017. Samsung was the country’s top corporate taxpayer.

Another Korean chip giant, SK hynix also received the award by paying 2.2 trillion won in taxes.

Samsung and SK hynix posted stellar earnings in 2017 as the robust global chip market bolstered their bottom lines.

The ministry said Hana Bank, which was the country’s No. 3 corporate taxpayer by paying 600 billion won, and 13 other companies also won the award that goes to companies paying taxes of 100 billion won or more.

In addition, 1,089 “exemplary taxpayers” were honored during a ceremony in Seoul to mark the 53rd Taxpayer’s Day, the ministry added.

By Ram Garikipati and newswires (ram@heraldcorp.com)