Samsung family to pay tax bill in paintings
The heirs of the late Samsung Group chair Lee Kun-hee’s $27 billion fortune yesterday revealed how they plan to pay one of the largest inheritance taxes in history. The average inheritance tax for OECD countries is 15%, but South Korea has one of the world’s highest rates – it’s 50% once the amount exceeds 3 billion won (A$3.5 million). So over the next 5 years, Lee’s family will pay tax authorities more than 12 trillion won (A$14 billion) over 6 instalments. They are also donating 23,000 artworks – including pieces by Pablo Picasso, Marc Chagall and Claude Monet – and giving 1 trillion won towards medical research. The Lee family has been in the public eye a lot in recent times – Lee’s son Jay was sent to prison on corruption charges earlier this year.
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