The Samsung family has completed payment of about 12 trillion won in inheritance tax on the estate left by the late former chairman Lee Kun-hee.
Samsung Electronics said on the 3rd that heirs including Samsung Electronics Chairman Lee Jae-yong, Leeum Museum of Art Honorary Director Hong Ra-hee, Hotel Shilla President Lee Boo-jin, and Samsung C&T President Lee Seo-hyun have fully paid the inheritance tax on the late chairman's estate.
The inheritance process began after the late chairman passed away in Oct. 2020. At the time, the estate, including equity in affiliates such as Samsung Electronics and Samsung Life Insurance and real estate, was about 26 trillion won, and the inheritance tax was estimated at about 12 trillion won.
By heir, the reported inheritance tax burden was about 3.1 trillion won for Honorary Director Hong Ra-hee, about 2.9 trillion won for Chairman Lee Jae-yong, about 2.6 trillion won for President Lee Boo-jin, and about 2.4 trillion won for President Lee Seo-hyun.
The heirs applied for an installment payment plan to pay in six installments over five years. Accordingly, starting with the first payment in 2021, they completed all six inheritance tax payments through this year.
The 12 trillion won inheritance tax is the largest since the founding of the Republic of Korea. It is about 50% more than the approximately 8.2 trillion won in inheritance tax revenue collected by the state in 2024.
The company said that as these funds flowed into the national finances, a foundation was laid for use across various areas including welfare, health, and social infrastructure.
Samsung Electronics said, "We will continue to fulfill our social responsibility by carrying on the late Lee Kun-hee's philosophy of contributing to humanity."