The Strategist

Inheritors of deceased Samsung's head will pay record taxes

10/26/2020 - 03:25

Inheritors of Lee Kun-hee, the head of Samsung who died last week, will be subject to record high taxes on inheritance.

Tax rules of South Korea state that assessed value of assets of those deceased must include a premium in the amount of 20% for the inheritance tax rate on shares listed to be calculated. 

Reuters notes that the tax on the inherited shares will amount to approximately 10.6T won (USD 9.4B).

Forbes lists the deceased Lee Kun-hee and his family among the world’s richest people, whose net wealth amounts to USD 12.6B.

Lee Kun-hee, Head of Samsung Electronics, passed away in a Seoul hospital, where he spent the last few years. His health problems were caused by a heart attack suffered in 2014.


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