Lee Kun-hee's inheritance tax alone 12 trillion won 'record high'... 60% of estate returned to society

Among Global Entrepreneurs, Record High Payment... 700 Billion KRW for Infectious Disease Specialized Hospital Construction
300 Billion KRW for Children with Pediatric Cancer and Rare Diseases... 'Lee Geonhee Collection' Donated to National Institutions
Installments Scheduled Six Times Over Five Years Starting This Month

Late Chairman Lee Kun-hee of Samsung

[Asia Economy Reporter Kim Hyewon] The Samsung family will pay more than 12 trillion won in inheritance tax upon receiving the legacy of the late Samsung Chairman Lee Kun-hee. This is the largest amount of inheritance tax ever paid by domestic and international businesspeople. Additionally, they will donate 1 trillion won for medical activities aimed at overcoming infectious diseases, childhood cancer, and rare diseases, and will donate over 23,000 pieces of personal art collections. Nearly 60% of Chairman Lee’s legacy will be returned to society.

On the 28th, the family of Chairman Lee announced part of the inheritance details based on this content. First, the family plans to pay more than 12 trillion won in inheritance tax, which is over half of the total legacy including shares in affiliates such as Samsung Life Insurance, Samsung Electronics, Samsung C&T, and real estate left by Chairman Lee. This is the highest level of inheritance tax payment not only in Korea but also worldwide. It is also about three to four times the inheritance tax revenue of our government last year. The specific inheritance share ratio for Samsung Electronics Vice Chairman Lee Jae-yong and others was not disclosed this time. The family plans to pay the inheritance tax in six installments over five years starting this month through the installment payment system. The family stated, "Paying taxes is a natural duty of citizens and something that must be done."

The family decided to continuously carry out various social return projects in accordance with Chairman Lee’s will, who repeatedly emphasized ‘corporate social responsibility and coexistence efforts’ during his lifetime. After building Samsung into a global company, they reaffirmed their determination to practice another form of ‘patriotic service.’ This will be done through medical contributions and art donations.

The family generously donated 700 billion won to respond to infectious diseases, which have emerged as the greatest threat to humanity, such as COVID-19, and to build related infrastructure. Of this, 500 billion won will be used to build the ‘Central Infectious Disease Specialized Hospital,’ Korea’s first infectious disease specialized hospital. Two hundred billion won will be used to expand infrastructure for infectious disease response, including the construction of a state-of-the-art research institute under the National Institute of Infectious Diseases affiliated with the Korea Disease Control and Prevention Agency, the establishment of necessary equipment, and support for research on infectious disease vaccines and treatments. Separately, 300 billion won will be provided to support children suffering from childhood cancer and rare diseases. Over 11,000 cases (more than 23,000 pieces) of personal art collections will return to the public. Chairman Lee’s collection, which includes many designated cultural assets such as national treasures, ancient artworks, world-renowned Western paintings, and modern art works by famous domestic artists, will be donated to national institutions and others.

A Samsung official said, "This inheritance tax payment and social return plan was not decided suddenly but is a continuation of the spirit that has been passed down over time."

This content was produced with the assistance of AI translation services.