Finance

Lee family to pay over $10 billion inheritance tax

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A Samsung flag (R) and South Korean national flag flutter at the company’s Seocho building in Seoul on April 28, 2021.

JUNG YEON-JE | AFP via Getty Images

SINGAPORE — The family of Samsung Electronics’ late chairman announced Wednesday they will be paying off a massive inheritance tax bill of more 12 trillion Korean won (about $10.78 billion).

The inheritance tax payment is one of the largest in the history of South Korea and globally — “equivalent to three to four times the Korean government’s total estate tax revenue last year,” Lee Kun-hee’s family said in a statement.

“As provided for under the law, the Family plans to pay the full amount of the inheritance tax over a period of five…



Source cnbc.com

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