Taxes paid to foreign countries by top 10 companies, 43% of domestic corporate taxes

Last year, taxes paid by the top 10 companies in income to foreign countries exceeded 40% of corporate taxes paid in Korea.

According to the data submitted by the National Tax Service to Cha Kyu-geun of the Cho Kuk Innovation Party, the tax paid by Korean corporations to foreign countries last year was 7.64 trillion won, the highest ever.

Among them, the foreign tax paid by the top 10 companies based on the amount of income is 3.5 trillion won, which is 42.7% of the corporate tax paid in Korea.

The share of foreign tax paid by the top 10 companies against domestic corporate taxes is rising rapidly to 14.7% in 2021 and 32.6% in 2022.

The increase in trade barriers due to global protectionism is attributed to the increase in the number of Korean companies building direct production systems overseas.