Jakarta, CNBC Indonesia – If anyone pays sky-high taxes, it will be the family of late Samsung Boss Lee Kun-Hee. Reportedly the inheritance tax reached US $ 10.8 billion or Rp155.6 trillion.
No wonder the tax is up to trillions. Because during his lifetime, Lee Kun-Hee is estimated to have a fortune of US $ 23.4 billion, including shares in Samsung and affiliated companies worth US $ 17 billion.
Lee Kun-Hee shares in Samsung Electronics with 4.18% and 0.08% reference shares, according to local media reports. In addition, he also reportedly owns 20.76% of Samsung Life Insurance Co Ltd, 2.88% of Samsung C&T, and 0.01% of Samsung SDS Co Ltd.
Reportedly, that figure alone is like three or even four times the total South Korean property tax revenue in 2020.
“As stipulated in the law, the family plans to pay the full inheritance tax for five years, starting April 2021. It is our civil duty and responsibility to pay all taxes,” Lee Kun-Hee family said as quoted by CNBC International, Tuesday (3 / 5/2021).
One country that imposes a high inheritance tax is South Korea. The government will impose a 50% tax if the wealth of the deceased is less than 3 billion Won.
In addition, the local government has also decided to limit the amount of assets that are passed on to the generations below.
The family did not provide further information on how they paid the tax. But according to sources from Reuters, the results of their discussion will use shares in affiliated companies as collateral for loans.
They have also donated 1 trillion won in anticipation. Donations were used to improve public health, while the rest built South Korea’s first infectious disease hospital.
Lee Kun-Hee is known to have died on October 25, 2020. Currently, Samsung’s chair is occupied by his son, Jay Y. Lee.