Industrial sources in South Korea said the founding family of Samsung Group has completed inheritance tax payments totaling around 12 trillion won ($8 billion) related to the estate of late Chairman Lee Kun-hee.
The payments were scheduled over a five-year period beginning in 2021. Moreover, the completion marks the end of one of the largest inheritance tax settlements in South Korean history.
According to the sources, Lee Jae-yong, the late chairman’s only son, and other heirs funded the payments through additional share sales in group affiliates, dividend income, and other financing measures. Additionally, the heirs include his mother, Hong Ra-hee, honorary director of the Leeum Museum of Art, and his sisters Lee Boo-jin, CEO of Hotel Shilla, and Lee Seo-hyun, President of Samsung C&T.
Upon filing the inheritance tax return, the family stated it would pay in line with the law and principles, noting that tax payment is a natural duty of citizens.
Dividend Income and Market Gains Supported Funding
Since Lee Kun-hee’s death in 2020, the family has received nearly 4 trillion won in dividends from Samsung affiliates. Furthermore, estimates suggest the family paid more than 6 trillion won in taxes, including dividends previously accumulated.
Additionally, higher share prices across major group affiliates, including Samsung Electronics, helped ease the funding burden over the payment period.
Estate Valuation and Tax Burden
Lee Kun-hee left an estate valued at around 26 trillion won, comprising shares, real estate, and art collections. As a result, the inheritance tax liability was estimated at 12 trillion won, ranking among the largest ever imposed in South Korean history.
