Samsung Told by Korean Tax Man to Use Apple-Topping Cash
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Aug. 21 (Bloomberg) -- Samsung Electronics Co. is sittingon a cash pile 58 percent bigger than Apple Inc.’s war chest.The tax man has a message for South Korea’s biggest company:“Use it or lose it.”
The government of President Park Geun Hye this monthpublished initial plans for a 10 percent tax on what it says areexcessive fund hoards that should either be spent on wages andinvestment or distributed to shareholders. The levy, which needslawmakers’ approval, could affect Samsung, which had theequivalent of $60 billion in cash and short-term investments atthe end of June. Apple had $38 billion, Bloomberg data show.