Seoul: Corporate taxes paid by Samsung Electronics Co. and SK hynix Inc. reached a combined 11.2 trillion won (US$8.1 billion) in the first half of this year, driven by the ongoing semiconductor supercycle, according to financial data released on Sunday.

According to Yonhap News Agency, data from the Repository of Korea's Corporate Filings, managed by the Financial Supervisory Service, indicated that Samsung Electronics paid 3.99 trillion won in corporate taxes, while SK hynix contributed 7.22 trillion won during the first half. This combined amount reflects a 167 percent increase from the previous year and marks the second-highest first-half total on record. The record for the first half was set in 2019 when the companies paid 15.63 trillion won, following the memory chip boom of 2018.

Typically, companies settle corporate taxes in March for the preceding fiscal year concluding in December, and in August for interim first-half profits. Market analysts anticipate further increases in corporate tax payments from Samsung Electronics and SK hynix, as both companies reported significant first-half operating profits of 146.7 trillion won and 98.2 trillion won, respectively, compared to 11.4 trillion won and 16.7 trillion won the previous year.

Additionally, forecasts suggest that Samsung Electronics and SK hynix are on track to achieve annual operating profits of 385 trillion won and 266 trillion won, respectively, by 2026.