Samsung heirs donate art works to settle US$10.8b inheritance tax

Samsung’s founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to medical research to help them pay a massive inheritance tax following last year’s death of chairman Lee Kun Hee, AP reports

The Lee family, including his wife and three children, expects to pay more than 12 trillion won (US$10.8 billion) in taxes related to inheritance, which is more than half the wealth Lee held in stockholdings and real estate, Samsung said Wednesday.

This would be the largest amount in South Korea and more than three times the country’s total estate tax revenue for last year. The family plans to divide the payment in six installments over five years, while making the first payment this month.

“It is our civic duty and responsibility to pay all taxes,” the Lee family said in a statement. They had until Friday to report the extent of the inheritance and payment plans to tax authorities.

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