**Samsung Heirs Agree to Record $10.8 Billion Inheritance Tax Payment**
(Samsung’s Lee Family to Pay Record Inheritance Tax)
The family of the late Samsung Electronics Chairman Lee Kun-hee will pay the largest inheritance tax in South Korean history. The payment totals approximately 12 trillion won, or $10.8 billion USD. This follows Lee Kun-hee’s death in October 2020. His heirs include his wife Hong Ra-hee, son and Samsung Electronics Vice Chairman Lee Jae-yong, and two daughters.
South Korea imposes high inheritance taxes. The top rate is 50%. The massive size of Lee Kun-hee’s estate triggered this enormous tax bill. His holdings included significant stakes in Samsung Electronics, Samsung Life Insurance, and Samsung C&T.
The family submitted their inheritance tax return to South Korean authorities. They confirmed the payment plan. The family will pay the tax in six installments over five years. The first installment is due this month. They will pay the remaining tax by April 2026.
The family plans to fund the payment partly by borrowing against their shares. They may also sell some non-core assets. Selling significant portions of their Samsung shares directly is unlikely. Such sales could weaken their control over the Samsung Group.
The payment process is complex. It involves multiple companies and asset types. The family expressed their commitment to fulfilling this obligation. They stated this respects the wishes of the late chairman.
(Samsung’s Lee Family to Pay Record Inheritance Tax)
This tax payment is unprecedented globally. It far exceeds previous large inheritance taxes paid elsewhere. It highlights the immense wealth controlled by South Korea’s major family-run conglomerates, known as chaebols. The Lee family’s wealth stems largely from Samsung Group. Samsung Group is South Korea’s largest conglomerate. It dominates the global memory chip and smartphone markets. The tax payment represents a significant transfer of wealth to the South Korean government. The government stated the funds will support public welfare programs.