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Samsung Group heirs to pay US$ 10.7 bil. in inheritance tax and donate US$ 900 mil. and 23,000 pieces of art Updated: 2021-04-28 10:11:48 KST

A lot of eyes in South Korea have been focused on how the family of Samsung's late founder will pay taxes on the tens of billions of dollars they inherited from the country's richest man when he was alive.
For more on this, Bae Eun-ji is on the line.
Eun-ji, give us the details.

Sure Mark.
The late Samsung Chairman Lee Kun-hee, who was the country's richest man left behind assets estimated to be worth nearly 27 billion U.S. dollars.
Samsung Group announced the details on how the heirs will pay the inheritance tax just an hour ago.
The late chairman's assets include stocks worth about 17 billion dollars as well as a sizeable chunk of property holdings, his art collection and cash.
The Lee family is to pay more than 10.7 billion U.S. dollars in inheritance taxes.
This is by far the highest amount imposed on a South Korean company.
Samsung will also make a charitable donation of 900 million U.S. dollars to build a medical center for infectious diseases and to treat children with cancer.
The family will also donate a large collection of artwork consisting of 23-thousand pieces to state-run museums.
As for paying the taxes, the Lee family has chosen to pay in installments.
So under the current tax law, they will be paying one-sixth of the tax, which is nearly 1.8 billion dollars by this Friday and will pay the rest over the next five years at an interest rate of 1.2 percent per year.
The group did not provide specific details on how the family will spilt the fortune yet.
But industry sources have been saying that considering the succession of the Samsung Group most of the shares will be inherited by the current Samsung Electronics Vice Chairman Lee Jae-yong, the late chairman's son.
Back to you Mark.
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