SK Hynix coughs up 85 percent of Icheon’s tax

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SK Hynix coughs up 85 percent of Icheon’s tax

Published: 07 May. 2018, 19:58

SK Hynix, Korea’s second-largest semiconductor manufacturer, said Monday that it has paid 190.3 billion won ($176 million) in corporate income tax to the Icheon government in Gyeonggi Province where the company’s production plant is located.

That’s more than five times the 35.2 billion won it paid last year.

Additionally, it is more than the local corporate income taxes it has paid in the last three years combined, which totaled 106.1 billion won.

SK Hynix’s tax accounts for 85 percent of the 221.4 billion won taxes that the Icheon government has collected so far this year.

The company paid 84.9 billion won in taxes to the Cheongju government in North Chungcheong Province where its other semiconductor plant is located. This payment was 4.7 times more than the 18 billion won it paid a year ago.

The Korean semiconductor manufacturer has been enjoying record-breaking performance.

The company last year reported 30.1 trillion won in revenue with operating profit at 13.7 trillion won and net profit of 10.6 trillion won. Revenue was up 75 percent year-on-year while operating profit surged 319 percent. Net profit increased 260 percent.

By Lee Ho-jeong