Samsung spent $13.6 billion in taxes globally in 2017: Report

Indo-Asian News Service
Samsung is expected to showcase its new type of notebook display — a 4K OLED panel — for 13.3-inch, 14-inch and 15.6-inch laptop models

South Korean tech giant Samsung Electronics spent $13.6 billion (15 trillion won) to pay taxes around the globe in 2017 €" a 70 percent increase from a year earlier, 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 percent of the amount posted last year, with other Asian countries accounting for 10 percent.

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

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

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

Industry watchers said 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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