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.
The Lee family said it will pay the bill in six instalments over the next five years, starting in April 2021.
According to the newswire, the family has been looking into using shares in affiliated companies as collateral for personal loans to pay part of the bill and avoid selling Samsung holdings.
