South Korea's corporate tax registrations reach record high amid sectoral differences
Date
6/25/2024 9:06:05 AM
(MENAFN) Recent data released by the South Korean Tax Administration revealed a significant uptick in the number of companies registering for corporate taxes over the past year, reaching a record 1.03 million, marking a notable 4.99 percent increase compared to the previous year. This milestone signifies the first time that the number of registered companies surpassed the one million mark in South Korea.
Among the registered companies, those reporting profits saw a notable rise, with their numbers increasing by 6 percent to a total of 652 thousand. Conversely, the count of companies recording losses also saw a moderate uptick, rising by 3.2 percent to 379 thousand.
Analysis of sectoral trends reveals interesting dynamics. Sectors such as real estate, food, and entertainment witnessed an upsurge in the number of profitable companies, while others like healthcare and retail trade experienced a rise in the count of loss-making entities.
Furthermore, the data highlighted the broader economic context, indicating a 3.2 percent annual increase in the number of companies reporting losses, attributed to the prevailing economic slowdown. Despite the growth in registered companies, the total corporate tax collection saw a slight decline, totaling 81.6 trillion won (USD58.69 billion) compared to the previous year's figure of 87.8 trillion won.
These figures underscore the varied performance across sectors within the South Korean economy, reflecting the complex interplay of economic factors and industry-specific dynamics influencing corporate profitability and tax obligations.
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