Samsung's Lee Family To Pay More Than $10.8 Billion Inheritance Tax

The family of late Samsung Electronics Chairman Lee Kun-hee said on Wednesday they will pay over 12 trillion won ($10.8 billion) in inheritance tax for his estate and donate his vast private art collection to state curators. Reuters reports: Lee, who is credited with transforming Samsung into the world's largest smartphone and memory chip maker, died on Oct. 25 with an estate local media valued at around 26 trillion won. The inheritance tax bill -- one of the largest-ever in South Korea and globally -- has been closely watched due to its potential to dilute the family's controlling stake in Samsung. The family said it planned to pay the bill over five years in six installments, starting this month. 'It is our civic duty and responsibility to pay all taxes,' the family said in a statement released by Samsung. Analysts have said the family is likely to use loans and dividends from both their own and Lee's shares to pay the tax.

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