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One of the largest IHT payments on record, globally
The family of the late chair of Samsung electronics, Kun-hee Lee, said they will pay around KRW12trn ($10.8bn, £8bn, €9bn) in inheritance tax for his estate.
They will also donate Lee’s vast private art collection to South Korean state curators, newswire
Reuters reported.
When he died on 26 October 2020, his estate was valued at around KRW26trn. South Korea’s inheritance tax rate is one of the highest in the world – only second to Japan’s – at 50%.
The inheritance tax bill has been closely watched because it could potentially diminish the family’s controlling stake in Samsung, and is set to be one of the largest inheritance bills ever.
Jack Ma Returns Sponsor Spotlight 01/23/21
(ATR) The founder of worldwide Olympic sponsor Alibaba is returning to the public eye after dropping out of sight in late October.
Jack Ma speaking this week at an online conference. (YouTube)
Jack Ma appeared in an online conference for school teachers organized by his charitable organization this week.
There’s been no explanation for the reason Ma dropped out of sight three months ago.
Speculation says Ma is taking a low profile after critical comments about the Chinese banking system and government scrutiny of ANT, another company launched by Ma that is China’s largest online payment system.