The billionaire heirs of the Samsung family unveiled the total size of their colossal tax bill from inheriting the assets of the late Lee Kun-hee.
Heirs of the Lee family announced their plans to pay one of the largest inheritance tax bills in history with a transferal of 12 trillion Korean won ($11 billion) – more than half of the late patriarch’s $21 billion in fortunes left behind.
«It is our civic duty and responsibility to pay all taxes,» the family said in a statement last week.
At a 60 percent levy on inherited shares alongside 50 percent on real estate and other assets, South Korea is home to one of the highest inheritance tax rates in the world. Under the law, payment is allowed to be made over five years.
Payment Plan
The announcement underlined intentions to donate 1 trillion won for medical facilities and around 23,000 works of art.
The Lee family is believed to have a private collection with a total value of $2.7 billion – including those made by renowned artists like Claude Monet and Pablo Picasso – but will have to also pay inheritance taxes if they are not given away.
The family has yet to disclose how it will split the late Lee’s stake mostly made up of shares from four Samsung units.
