The family of former Samsung Chairman, Lee Kun-hee, has revealed that they are going to pay around $10.8 billion in inheritance tax for donating to the state. They are also going to donate their vast art collection to state curators.
Reuters reported on the matter saying that this tax will not be paid in a single instance. The company plans to pay this tax over the course of 5 years in a total of 6 installments. The first installment will be paid this month.
The executives will pay almost $900 million to help improve public healthcare in the country. Around $450 million will also be donated to fund South Korea’s first specialist hospital for infectious diseases.
For those unaware, Samsung Chairman Lee Kun-hee died at the age of 78 on 25th October 2020. He left Samsung at a valuation of around $23 billion and is credited for transforming it into one of the world’s biggest companies to date. Samsung is not only known for its smartphones, but is also one of the biggest players in the semiconductor, electronic displays, and other markets.
Samsung has continued to hold its position as one of the top 3 smartphone makers in the world for years and also has a major name in memory chips.