Corporate entertainment expenses top 8 trillion won

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Corporate entertainment expenses top 8 trillion won

Korean companies’ entertainment expenses rose nearly 9 percent in 2011 from a year earlier, exceeding the 8 trillion won ($7.52 billion) mark for the first time, government data showed yesterday.

A total of 460,614 local companies spent a combined 8.35 trillion won in entertainment expenses in 2011, up 8.97 percent from the 7.67 trillion won recorded in the previous year, according to the data by the National Tax Service.

The entertainment expenses were more than twice the 4.06 trillion won in donations made by the companies. It was the first time that corporate entertainment expenses and donations surpassed the 8 trillion won and 4 trillion won marks, respectively.

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