The family behind South Korean conglomerate Samsung has completed payment of a record inheritance tax bill totaling 12 trillion won (about $8bn), marking the largest such settlement in the history of South Korea.
Chairman Lee Jae-yong, along with family members including his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, paid the amount in six installments over five years.
The tax obligation stems from the estate of former chairman Lee Kun-hee, who died in October 2020. His fortune was estimated at around 26 trillion won, including shares, real estate and valuable art collections.
Samsung confirmed that the final installment has now been paid, with the total amount equivalent to roughly one and a half times South Korea’s total inheritance tax revenue for 2024. With a tax rate of about 50%, the country maintains one of the highest inheritance tax levels globally.
The settlement was closely monitored by investors due to concerns it could affect the family’s control over the conglomerate. However, Samsung’s leadership structure remains unchanged.
Part of the late chairman’s estate, including artworks by Pablo Picasso and Salvador Dalí, was donated to institutions such as the National Museum of Korea.
The family’s combined wealth now exceeds $45bn, driven in part by rising demand for semiconductors linked to the global expansion of artificial intelligence. This has boosted the market value of Samsung Electronics, a key arm of the group.
Founded in 1938 by Lee Byung-chul, Samsung has grown into South Korea’s largest chaebol, with operations spanning electronics, construction, heavy industry and financial services.
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Samsung family completes record inheritance tax
The family behind South Korean conglomerate Samsung has completed payment of a record inheritance tax bill totaling 12 trillion won (about $8bn), marking the largest such settlement in the history of South Korea. Chairman Lee Jae-yong, along with family members including his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, paid the amount in six installments over five years. The tax obligation stems from the estate of former chairman Lee Kun-hee, who died in October 2020. His fortune was estimated at around 26 trillion won, including shares, real estate and valuable art collections. Samsung confirmed that the final installment has now been paid, with the total amount equivalent to roughly one and a half times South Korea’s total inheritance tax revenue for 2024. With a tax rate of about 50%, the country maintains one of the highest inheritance […]
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