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Samsung heirs to pay over $10 billion in tax, donate Monet, Picasso artworks

South Korea has stringent inheritance tax laws and high rates, resulting in a hefty bill for the family, including Samsung Electronics vice-chairman Lee Jae-Yong, who is currently in jail for bribery, embezzlement and other offences.

April 28, 2021 / 01:11 PM IST
South Korea has stringent inheritance tax laws and high rates, resulting in a hefty bill for the family (Image: CNBCTV18)

South Korea has stringent inheritance tax laws and high rates, resulting in a hefty bill for the family (Image: CNBCTV18)

The heirs to South Korea's Samsung group announced their plans to pay more than $10 billion in death duties on April 28 -- one of the world's biggest-ever inheritance tax settlements -- including donating Picasso and Monet artworks.

Lee Kun-hee, the late Samsung Electronics chairman, was the country's richest man when he died last October at age 78 after being hospitalised for years, leaving an estimated 22 trillion won ($19.6 billion) in assets.

South Korea has stringent inheritance tax laws and high rates, resulting in a hefty bill for the family, including Samsung Electronics vice chairman Lee Jae-Yong, who is currently in jail for bribery, embezzlement and other offences.

Lee's family "expects to pay more than 12 trillion won in taxes related to inheritance, which is more than half of the value of the late Chairman's total estate," Samsung said in a statement.