The heirs of the Samsung Group will have to pay nearly 11 billion U.S. dollars in inheritance taxes by far the highest amount ever imposed on a South Korean company.
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 when he passed away in October last year.
The assets include stocks worth about 17 billion dollars as well as a sizeable chunk of property holdings, his art collection as well as cash.
Samsung will also make a charitable donation of 900 million U.S. dollars over a 10-year period to build a medical center for infectious diseases and to treat children with cancer and rare illnesses.
The family will also donate a large collection of artwork consisting of 23-thousand pieces to state-run museums.
If the heirs were to inherit the artwork instead of donating, then taxes would need to be paid.
The collection even includes 60 pieces that the South Korean government designated as treasures and even national treasures.
The culture minister said this is the largest collection ever donated to the country.
"The National Museum of Korea will open the collection to the public in June and will also showcase a separate collection in October next year, consisting of the late Chairman's most valuable pieces."
As for the taxes, Samsung announced Wednesday that the Lee family has chosen to pay in installments.
Under the current tax law, they will pay one-sixth of the tax, which is nearly 2 billion dollars, by Friday April 30th 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.
But industry sources speculate 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.
Bae Eun-ji, Arirang News.