The heirs of Samsung will pay billions of dollars in taxes

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Late Samsung president, Lee Kun-hee

South Korean industry sources said on Sunday that the heirs of Samsung boss Lee Kun-hee will incur huge amounts of inheritance tax.

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He will be responsible for paying massive inheritance taxes, and Lee’s heirs, including his only son, Lee Jae Yong, his two daughters, Lee Bo Jin and Lee Seo-hyun, and his wife, Hong Ra Hee.

Kun Hee died, on Sunday, in a hospital in Seoul, at the age of 78, leaving behind in stock assets of 18 trillion South Korean won, equivalent to 15.9 billion dollars.

Late Lee owned 4.18% of leading Samsung Electronics, and 0.08% of the preferred company.

It also owns 29.76% of the shares of Samsung Life Insurance and 2.88% of the shares of Samsung S&T, the holding subsidiary of the conglomerate.

Its stake in Samsung SDS is estimated at 0.01%.

Industry sources estimate that the heirs will pay about 10 trillion won, or $ 8.83 billion, in inheritance tax only on equity assets.

Experts indicated that the family of the late Samsung president may choose to pay taxes over several years, under Korean law, which allows them to pay taxes in installments for a period of 5 years.

Source: “Yonhap”

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