Woowa Brothers, the operator of food delivery platform Baedal Minjok, recorded the highest corporate tax-to-revenue ratio among foreign-affiliated companies in South Korea, paying more than 5% of its revenue in corporate taxes.
According to a survey released on the 11th by CEO Score Daily and its affiliated CEO Score research institute, which examined corporate tax expenses and donations of 1,583 foreign companies, Woowa Brothers posted the highest three-year average tax ratio at 5.0%. The company's corporate tax-to-revenue ratio stood at 4.3% in 2022, 6.4% in 2023, and 4.2% in 2024, consistently exceeding the industry average throughout the period.
Woowa Brothers' revenue grew 46.7% from 2.9471 trillion won in 2022 to 4.3226 trillion won in 2024, while its corporate tax payments increased 43.7% from 127.6 billion won to 183.4 billion won over the same period.
Following Woowa Brothers, companies with the highest tax-to-revenue ratios included Lina Life Insurance (3.6%), MetLife Insurance Korea (1.9%), Apple Korea (1.5%), Novelis Korea (1.4%), Kumho Tire (1.1%), and Singway Korea (1.1%).
The three-year average corporate tax-to-revenue ratio for foreign companies stood at just 1.1%, with significant disparities across revenue brackets. Companies with revenue below 1 trillion won recorded 1.8%, while those in the 1 trillion to 3 trillion won range posted 1.5%. Notably, large foreign companies with revenue exceeding 3 trillion won averaged only 0.4%, revealing a clear trend of declining tax burdens as company size increases.
