Samsung Family Pays Off Record $8bn Inheritance Tax Bill
The Lee family paid the tax in six installments over five years, avoiding large sales of Samsung holdings as chip demand lifted its wealth.
- On Sunday, the Samsung family completed payment of a 12 trillion won inheritance tax for late chairman Lee Kun-hee, marking the largest settlement in South Korean history.
- The 26 trillion won estate left by Lee included major shareholdings, real estate, and a blue-chip art trove featuring works by Pablo Picasso and Salvador Dali.
- Chairman Lee Jae-yong, his mother Hong Ra-hee, and sisters Lee Boo-jin and Lee Seo-hyun settled the obligation over six installments across five years while maintaining control of the conglomerate.
- AI-Fueled demand for computer chips pushed Samsung Electronics' share price higher, allowing the family's combined net worth to more than double to $45 billion without large-scale asset disposals.
- Equivalent to roughly one and a half times South Korea's total inheritance tax revenue for 2024, the payment cements the Lees' status as Asia's third-wealthiest family under Chairman Lee Jae-yong.
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The family behind South Korean tech giant Samsung paid 12 trillion won (about $8 billion) in taxes
Samsung Heirs Finish Paying an Eye-Popping Tax Bill
Samsung's ruling family just wrapped up what amounts to the tax bill of a lifetime. Samsung said Sunday that former chairman Lee Kun-hee's heirs have finished paying a 12 trillion won ($8 billion) inheritance tax, settling South Korea's largest-ever such tab over six installments across five years. The bill stemmed...
A total of eight billion dollars (166 billion crowns). This is the amount paid by the heirs of Samsung, the largest family business in South Korea. The family paid it off over several years. In this East Asian country, they have one of the highest inheritance taxes in the world, at 50 percent.
The settlement of the estate left by the late Samsung Electronics Chairman Lee Kun-hee has been completed after five years. Samsung announced on the 3rd that the bereaved family, including Chairman Lee Jae-yong, has fully paid 12 trillion won in inheritance tax. This tax, levied on stocks (valued at approximately 19 trillion won), real estate, and artwork at the time of Chairman Lee's passing in 2020, was the highest level of inheritance tax in …
Largest inheritance tax payment since the founding of the nation… Simultaneous social contributions encompassing healthcare and culture… A commitment to 'cultural preservation' passed down from the founder… Contributing to enhancing the status of K-culture. The Samsung family has fully paid the 12 trillion won inheritance tax on the estate of the late Chairman Lee Kun-hee over a period of five years.
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