Over 1 Million Corporations Filed Corporate Tax Returns Last Year... But 37% Reported Losses

Total Tax Burden Amounts to 81.6 Trillion Won... Down 6.2 Trillion Won from Previous Year

Last year, the number of corporations filing corporate tax returns exceeded 1 million for the first time. Among them, 63% were profitable corporations, while 37% reported losses.

According to the National Tax Service on the 24th, the number of corporations that filed corporate tax returns in 2023 was 1,031,000, an increase of 49,000 from 982,000 in 2022, surpassing 1 million for the first time.

The total corporate tax burden amounted to 81.6 trillion won, a decrease of 6.2 trillion won compared to 87.8 trillion won in 2022.

Among the 1,031,000 corporations that filed corporate tax returns last year, 652,000 (63.2%) reported profits, an increase of 37,000 (6.0%). Corporations reporting losses numbered 379,000 (36.8%), up by 12,000 (3.2%).

Status of Increase and Decrease in the Number of Corporations Reporting Corporate Tax Surplus and Deficit (2019~2023).

Looking at the corporate tax filing status by industry, manufacturing accounted for the largest share of the total tax burden (81.6 trillion won) with 32.2 trillion won (39.5%). This was followed by finance and insurance with 16.3 trillion won (20.0%), and services with 7.8 trillion won (9.6%).

By company type, the total tax burden of 2,464 listed corporations (including KOSPI and KOSDAQ listed) was 28.9 trillion won, accounting for 35.4% of the total. Meanwhile, 1,028,000 unlisted corporations bore 52.7 trillion won (64.6%).