Samsung family mulls selling family art collections and stocks as collateral to pay inheritance tax PUBLISHED BY
The family of Lee Kun-hee, Korean industrialist and Samsung Group chairman who died in 2020, is scrambling to meet the huge inheritance tax bill of around $12 billion that they have to pay soon.
The bill results from South Korea’s 60 percent inheritance tax, the highest in the OECD and is a reflection of the wealth of the uber-rich in the country.
The Samsung Group or the family have made it clear how they intend to meet the tax liability. According to analysts, the payments are likely to be spread across five years under a complex structure that will reshape the family’s fortunes. The family and the company have assured that they will meet the liability and account for the payments made.