The Lee family, including his wife and three children, expects to pay more than 12 trillion won 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.
Giving away the late chairman's vast collection of masterpieces could help smoothen the payment as his family wouldn't need to pay taxes on donated artworks. The Lee family will also donate 1 trillion won to help fund infectious disease research and treatment for children with cancer and rare illnesses.
Source: Entertainment Trends (entertainmenttrends.net)
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