Samsung chairman Lee Kun-hee passed away on October 25 at the age of 78, and the late chairman left behind a fortune in stocks and assets worth billions of dollars. Today, December 22, the exact value of Lee’s shares was calculated and came to 22.1 trillion won ($19.9 billion) according to The Korea Herald citing Korea Exchange.
Stock values were set based on the average closing prices of stocks over the four-month period beginning August 24 and ending December 22. According to the report, Lee’s heirs will inherit stocks with a total value of 18.96 trillion won ($17 billion), however, local tax rules enforce a maximum tax rate of 50% on inherited stocks with a value of over 3 billion ($2.7 million). The largest stakeholder is also supposed to pay 20% inheritance tax.
The highest inheritance tax in the nation’s history
All things considered, the inheritance tax for all the shares left behind by the late chairman was calculated at a value of 11 trillion won ($9 billion) which, according to local reports, represents Korea’s highest-ever taxation for individuals. Lee Kun-hee was instrumental to Samsung’s incredible success and the rich legacy left behind is proof of that.
Local media reveals that the late chairman’s heirs can choose to pay the inheritance tax over the next five years, assuming they file an inheritance tax report and pay the tax authorities one-sixth of the inherited value.