Samsung Founding Family to Pay More Than $10.8 Billion Inheritance Tax

The founding family of South Korean electronics giant Samsung Electronics Co Ltd announced on Wednesday that they would pay more than 12 trillion won ($10.8 billion) in inheritance tax and donate tens of thousands of the family’s massive art trove following last year’s death of chairman Lee Kun-Hee.

Lee was known for transforming Samsung into the largest and most prominent smartphone and memory chip manufacturer in the world. 

The late chairman, who passed away at 78 on Oct. 25, 2020, left behind an estate that was valued at approximately 26 trillion won.

In a statement, the company said that the inheritance tax bill is priced more than 50 percent of the value of the late Lee’s total estate, prompting authorities and the public to watch closely over it due to its potential to weaken the controlling share of the family in the tech firm.

The amount is deemed as the largest-ever inheritance tax bill ever issued in the country.

Samsung Electronics said that the family plans to pay the bill over a period of five years in six installments, starting this month.

The company also announced that a massive portion of the late chairman’s personal art trove – approximately 23,000 artworks – would be donated to various state curators in South Korea.

“It is our civic duty and responsibility to pay all taxes,” the family said in a statement.

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