Samsung Family Settles Record 12 Trillion Won Inheritance Tax

The family of the late Samsung Group Chairman Lee Kun-hee has fully paid 12 trillion won (approximately $9 billion) in inheritance taxes, the largest such payment since the founding of South Korea. The payment, made in installments over several years, covers the assets inherited from Lee, including shares in Samsung Electronics and other affiliates, as well as his art collection. The tax settlement marks the end of a lengthy process that began after Lee's death in 2020. The family had previously pledged to donate a significant portion of the art collection to public museums and to contribute to social causes. This record tax payment is expected to ease public concerns about tax avoidance by the wealthy and set a precedent for inheritance tax enforcement in South Korea.