Samsung family pays off record $8bn inheritance tax bill
Summary
The Samsung family in South Korea has finished paying an $8 billion inheritance tax, the largest in the country's history. This tax is linked to the estate of the late Samsung chairman Lee Kun-hee, who passed away in 2020.Key Facts
- The Samsung family paid 12 trillion won (about $8 billion or £6 billion) in inheritance tax.
- The payment was made in six parts over five years.
- The tax is based on the estate of Lee Kun-hee, who died in October 2020.
- Lee Kun-hee’s estate is worth about 26 trillion won and includes shares, property, and art.
- Samsung is South Korea’s largest family-owned business, involved in electronics, heavy industry, construction, and finance.
- The total tax paid equals about 1.5 times South Korea’s total inheritance tax revenue for 2024.
- The Lee family’s net worth is now over $45 billion, boosted by increased demand for Samsung’s computer chips used in AI technology.
- Samsung also makes smartphones and TVs, and is one of the world’s top tech companies.
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