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Samsung Heirs to Sell $1.8 Billion of Samsung Group Shares to Pay for $10.7 Billion Tax Bill
15th October 2021 | Hong Kong
Samsung heirs have signed a trust agreement with the largest bank in Korea Kookmin Bank to sell $1.8 billion of Samsung Group affiliates’ shares to pay for their $10.7 billion inheritance tax from $22 billion estate. The heirs and family of Samsung including current Vice-Chairman of Samsung Electronics Lee Jae-Yong, will be paying inheritance tax of around $10.7 billion (12 trillion won) for inheriting around $22 billion estate from the late Samsung Chairman Lee Kun-Hee who died in October 2020. South Korea has one of the world’s highest inheritance tax rates with tax rate at 50%, and more if the estate has a controlling interest in a company.
“ Samsung Heirs to Sell $1.8 Billion of Samsung Group Shares to Pay for $10.7 Billion Tax Bill “
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Filing & Trust Deal to Sell Samsung Shares
Korea Economic Daily: According to Samsung Electronics Co. and the company’s public filing to the Financial Supervisory Service (FSS) on Oct. 10, the deceased chairman’s wife Hong Ra-hee and two daughters Lee Boo-jin and Lee Seo-hyun signed a trust deal with the country’s leading Kookmin Bank of the KB Financial Group to sell shares of the Samsung affiliates including the electronics unit.
Related:
- Samsung Heir Lee Jae-Yong Receives Parole, Samsung to Invest $205 Billion & Hire 40,000 in 3 Years
- Samsung Group Heir Lee Jae-yong Released from Jail on Parole, $11 Billion Personal Fortune
- Samsung Heirs Lee Jae-Yong and Family to Pay $10.7 Billion in Inheritance Tax from $22 Billion Estate
- Singapore: Need for Tax on Wealth, Inheritance, Estate & Property
- Singapore Central Bank MAS Reply on 15% Tax rate and Impact on Singapore as a Financial Centre
- OECD: 130 Countries Representing 90% of Global GDP Agree to 15% Corporate Tax Rate
- United States Billionaires Tax Leak, Top 25 Pays 3.4% in Tax Rate from $401 Billion Fortune
- G7 Nations Agree to Corporate Tax of at Least 15%, Hong Kong, Singapore & Switzerland Prepare for Change
- Hong Kong Private Equity Funds to Have 0% Tax for Carried Interest
- Former Prime Minister of Malaysia Najib Razak Faces Bankruptcy Notice for $408 Million in Unpaid Taxes
- HSBC UK Faces $1.61 billion Lawsuit for Tax-Efficient Disney Films Investments
- South Korean Billionaire & Chairman of Kakao Kim Beom-Su to Give More than Half His $10 Billion Fortune Away
- South Korea E-Commerce Giant Coupang IPO on NYSE, Rises 41% on Day 1
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