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Samsung expects to spend 28.6% of last year's operating profit on corporate tax payments. Samsung's consolidated financial statements show that its operating profit reached 58.9 trillion won in 2018, the highest in history. The estimated tax is also the highest in Samsung's history, 2.4 times the company tax paid by Samsung in 2015 and more than 14 times the company tax paid by Samsung in 2009. Samsung's specific corporate tax will be determined in April.
Samsung's record corporate tax stemmed from record operating profits and amendments to South Korea's tax law. Last year's boom in the memory chip industry pushed Samsung to record profits. The Korean government has raised the maximum tax rate for enterprises with taxable income exceeding 300 billion won from 22% to 25%.
Last year, Samsung paid a global corporate tax of 16.8 trillion won, 70% of which was collected by the Korean government. In 2017, Samsung's sales in Korea accounted for about 10% of its total sales. (Author/Xiaoyu)