Samsung family to pay $10.8 billion in inheritance tax

Samsung's founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to medical research to help them pay a massive inhe

Samsung's founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to medical research to help them pay a massive inheritance tax following last year's death of chairman Lee Kun-Hee. The Lee family, including his wife and three children, expects to pay more than 12 trillion won (USD 10.8 billion) in taxes related to inheritance, Samsung said Wednesday. This would be the largest-ever amount in South Korea and more than three times the country's total estate tax revenue for last year. The family plans to divide the payment in six installments over five years, while making the first payment this month.