The founding family of the Samsung Group has finished paying inheritance taxes totaling around 12 trillion won ($8 billion) on the assets left by the late Chairman Lee Kun-hee, according to industrial sources in South Korea today.
One of the biggest inheritance tax burdens in South Korean history came to an end with these payments, which were supposed to be made over a five-year period beginning in 2021. The sources claim that Lee Jae-yong, the only son of the late chairman, and other heirs used dividend income, additional group-affiliate shares, and other financing methods to meet the tax burden.
His sisters Lee Boo-jin, CEO of Hotel Shilla, and Lee Seo-hyun, President of Samsung C&T, are the other heirs, along with his mother Hong Ra-hee, honorary director of the Leeum Museum of Art. The family pledged to pay in accordance with the law and their values when they filed the inheritance tax return, noting that paying taxes is a fundamental civic obligation.
The family has received around 4 trillion won in dividends from Samsung affiliates since Lee Kun-hee’s death in 2020. When past dividends are taken into account, it is estimated that the family paid more than 6 trillion won in taxes. Additionally, the financial strain of securing the funds was mitigated by the rise in the share prices of major group affiliates, such as Samsung Electronics.
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