Samsung heirs to pay file $13 billion in tax, will donate Picasso artwork to settle invoice

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On Wednesday, the heirs of South Korea’s Samsung company revealed plans to pay greater than $10 billion USD (about $12.3 billion CAD) in loss of life taxes, together with contributing Picasso and Monet artworks, in one of many world’s largest-ever inheritance tax settlements.

Late Samsung Electronics Chairman Lee Kun-Hee was South Korea’s richest particular person when he died final October at 78. He left behind an estimated 22 trillion received ($24 billion CAD) in belongings. South Korea’s strict inheritance tax legal guidelines (50 p.c) and excessive tax charges have resulted in a hefty invoice for the heirs, together with Samsung’s Vice Chairman, Lee Jae-Yong, who’s presently serving a jail sentence for embezzlement, bribery and different offences.

According to native legislation, the Lees have as much as 5 years to pay the inheritance tax in full, which they plan to do in six installments, the primary of which is due this month, mentioned Samsung in an announcement. This inheritance tax invoice is the nation’s highest-ever at 12 trillion received ($13.3 billion CAD). “It is our civic duty and responsibility to pay all taxes,” mentioned the Lee household within the assertion.

The late chairman left behind a set of antiques and artworks estimated to be price between two and three trillion received ($2 to $3.3 billion CAD). According to Samsung, about 23,000 items from this assortment will likely be donated, together with 14 National Treasures to be displayed on the National Museum of Korea. The assortment consists of works from artists like Marc Chagall, Pablo Picasso, Paul Gauguin, Claude Monet and extra.

In addition to paintings, the household will donate 1 trillion received ($1.1 billion CAD) to well being causes, with 50 p.c of the cash to be spent on constructing the nation’s first specialist infectious illnesses hospital.

Samsung promised to repay the inheritance tax although it didn’t specify how precisely the heirs will give you such a big sum.

According to Mike Cho, a enterprise professor at Korea University in Seoul who has lengthy researched generational management transfers amongst South Korea’s largest conglomerates, the Lee household’s first cost different will likely be to promote some Samsung inventory and purchase a mortgage. In distinction, subsequent funds could also be funded solely by dividend payouts from the household’s Samsung holdings.

Source: Reuters

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