Samsung heirs to pay over $10 billion, donate Picasso and Monet artworks to settle tax bill- Know-how Information, Novi Reporter
Agence France-PresseApr 28, 2021 13:45:51 IST
The heirs to South Korea’s Samsung group introduced their plans to pay greater than $10 billion in demise duties Wednesday – one of many world’s greatest ever inheritance tax settlements – together with donating Picasso and Monet artworks. Lee Kun-hee, the late Samsung Electronics chairman was the nation’s richest man when he died final October at age 78 after being hospitalised for years, leaving an estimated 22 trillion received ($19.6 billion) in belongings.
South Korea has stringent inheritance tax legal guidelines and excessive charges, leading to a hefty invoice for the household, together with Samsung Electronics vice chairman Lee Jae-yong, who’s at the moment in jail for bribery, embezzlement and different offences.
Lee’s household “expects to pay greater than 12 trillion received in taxes associated to inheritance, which is greater than half of the worth of the late Chairman’s complete property,” Samsung mentioned in a press release.
“The inheritance tax cost is among the largest ever in Korea and globally,” it added, saying the Lee household can pay it off in six instalments beginning this month.
The belongings embody shareholdings in Samsung Electronics, Samsung Life and Samsung C&T, in addition to actual property, in line with the assertion.
The late chairman additionally left a trove of antiques and artworks reportedly price 2 to three trillion received.
Round 23,000 items from Lee’s assortment can be donated, Samsung mentioned, together with 14 gadgets classed as Nationwide Treasures that can be showcased on the Nationwide Museum of Korea.
Works by artists Marc Chagall, Pablo Picasso, Paul Gauguin in addition to Claude Monet, Joan Miro and Salvador Dali can be donated to the Nationwide Museum of Trendy and Up to date Artwork, it added. Stories say the artwork donations will cut back the household’s tax legal responsibility.
One other 1 trillion received can be donated to well being causes, half of it to be spent on constructing the South’s first specialist infectious illnesses hospital.
Samsung – whose flagship subsidiary is among the many world’s greatest smartphone and pc chip makers — is by far the most important of the family-controlled empires generally known as chaebols that dominate enterprise in South Korea, the world’s Twelfth-largest financial system.
The conglomerate is essential to the South’s financial well being – its general turnover is equal to a fifth of the nationwide gross home product.
The late chairman’s eldest son and the group’s de facto chief, Lee Jae-yong was jailed in January over a sprawling corruption scandal that introduced down former president Park Geun-hye.
He’s present process a separate trial over inventory manipulation, which critics say was key to making sure a easy succession of energy inside the conglomerate.
Lee apologised final Might for some governance points on the group, pledging to make sure “there can be no extra controversy over the succession” and that he wouldn’t enable his youngsters to take over from him on the agency.