The number of companies that filed corporate taxes gained 49,000 over the year to 1,031,000 in 2023, surpassing 1 million for the first time, according to the National Tax Service.
Of the total, the number of companies generating profits increased 37,000 to 652,000 last year, while those suffering losses rose 12,000 to 379,000.
The tax agency collected 81.6 trillion won (58.7 billion U.S. dollars) in corporate taxes in 2023, down 6.2 trillion won (4.5 billion dollars) compared to the previous year.
It was attributed to lower corporate earnings, especially among large firms, affected by the economic downturn.
Manufacturers took the largest share of the total corporate tax collection at 39.5 percent, trailed by the finance and insurance sector with 20.0 percent and the service industry with 9.6 percent.
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