Samsung Electronics and SK hynix did not pay corporate taxes last year as they both recorded operating losses due to the downturn in the semiconductor industry.

According to Samsung Electronics’ business report released on April 23, the company recorded an operating loss of 11.52 trillion won (US$8.37 billion) last year based on separate financial statements.

As a result, Samsung Electronics did not pay the corporate taxes that were due by the end of March this year. It has been reported that Samsung Electronics not paying corporate taxes is the first time in 52 years, since 1972.

According to separate financial statements, SK hynix recorded an operating loss of 4.67 trillion won last year. However, based on consolidated financial statements, the operating losses increased to 7.73 trillion won. Consequently, SK hynix also did not pay corporate taxes in March.

However, when considering the corporate tax payment schedule, the amount collected by the government from Samsung Electronics and SK hynix this year may not be zero. This is because domestic companies typically make advance payments, also known as interim payments, of corporate taxes for the current year. Usually, they pay half of the corporate tax for the current year as an interim payment in August and settle the remaining half in March of the following year.

Editor：Vicky

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