Monday, August 2, 2021

Samsung family will donate rare artifacts to tackle inheritance

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Seoul. Samsung’s founding family will donate thousands of rare artifacts, including Picasso and Dalís, and billions of dollars to medical research to help pay for a hefty inheritance tax following the death of chairman Lee Kun Hee last year.

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Samsung said on Wednesday that Lee is survived by his wife and three children, and has to pay more than US$10.8 billion in inheritance tax. This amount is three times South Korea’s total wealth tax last year. The Lee family had planned to pay this amount in six installments over the next five years and also paid the first installment this month.

The Lee family is required to pay taxes in order to increase their control over Samsung’s business. Some analysts say that this process may result in a change in the formation of the entire group. Therefore, donating a large part of the property would be easier to pay, as there would be no need to pay taxes on the donated artefacts. (agency)

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