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Samsung heirs take out massive loans to pay inheritance tax

Samsung heirs take out massive loans to pay inheritance tax
Posted : 2021-04-30 16:56
Updated : 2021-04-30 17:58
Late Samsung Electronics Chairman Lee Kun-hee, center, with his family members at the Consumer Electronics show held in Las Vegas in 2010. Courtesy of Samsung Group
By Kim Bo-eun
The widow and children of late Samsung Electronics Chairman Lee Kun-hee took out massive loans to pay the first portion of a 12 trillion won ($10.8 billion) inheritance tax, according to industry sources and media reports, Friday.
The family plans to pay the tax in six installments over the next five years, the first of which is due April 30. ....

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Samsung heirs to pay record $13 billion in tax, will donate Picasso art to settle bill

Samsung heirs to pay record $13 billion in tax, will donate Picasso art to settle bill
This inheritance tax bill is the country s highest ever
On Wednesday, the heirs of South Korea’s Samsung corporation revealed plans to pay more than $10 billion USD (about $12.3 billion CAD) in death taxes, including contributing Picasso and Monet artworks, in one of the world’s largest-ever inheritance tax settlements.
Late Samsung Electronics Chairman Lee Kun-Hee was South Koreaâs richest person when he died last October at 78. He left behind an estimated 22 trillion won ($24 billion CAD) in assets. South Korea’s strict inheritance tax laws (50 percent) and high tax rates have resulted in a hefty bill for the heirs, including Samsung’s Vice Chairman, Lee Jae-Yong, who is presently serving a prison sentence for embezzlement, bribery and other offences. ....

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