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Corporate quasi tax higher than nat'l, local taxes

Posted August. 10, 2000 02:04,   


Payment of quasi tax for various endowments, allotments, assignments, deposits, contributions, and object tax by domestic companies last year is known to be 1.2 times higher than their payment of national tax and 20 times higher than local tax. The Federation of Korean Industries revealed on August 10 that according to its investigation of 210 companies engaged in manufacturing, trade and distribution, their payment of quasi tax last year averaged 74.5 billion and 66.87 million won, an increase of 22.2% from 1998. This corresponds to an average of 4.1billion won per company for various endowments, contributions to national defense, relief funds, political contributions, donations to charity, contributions to academia, culture, religion and social organizations. For public works, each company paid an average of 436.44 million won, an increase of 18.2% from last year. Out of this amount, 34% is accounted by payments for environment-related works and 19% for hiring the physically disabled. An average of 322 million won per company has been contributed for social security, an increase of 25%, and average payment for employment insurance reached 1.4billion and 7.7million won, a sharp increase of 103% from 1998.