Seoul: Samsung’s founding family will donate thousands of rare artifacts, including Picasso and Dallis, and billions of dollars for medical research to help pay the hefty inheritance tax after Chairman Lee Kun Hee’s demise last year.
Samsung said on Wednesday that Lee’s family consists of his wife and three children, and he has to pay more than US $ 10.8 billion as inheritance tax. This amount is three times the total wealth tax of South Korea last year. The Lee family had planned to pay this amount in six installments over the next five years and also paid the first installment this month.
Paying taxes to the Lee family is necessary to increase their control over Samsung’s business. Some analysts say that this process may result in a change in the formation of the entire group. In this case, donating a large part of the property will make it easier to pay, as there will be no need to pay taxes on the donated artifacts.
