Samsung family pays off record $8bn inheritance tax bill

Key developments are emerging from the global stage. Samsung family pays off record $8bn inheritance tax bill 6 minutes ago Share Save Add as preferred on Google Osmond Chia Business reporter SeongJoon Cho/Bloomberg via Getty Images Lee Jae-yong, executive chairman of Samsung Electronics The family behind the South Korean corporate giant Samsung has completed its payment of a 12 trillion won (£6bn; $8bn) inheritance tax bill, the largest such settlement in the country's history. Chairman Lee Jae-yong and other members of the family, including his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, paid in six installments over the last five years. The bill is tied to the estate left by the firm's late chairman Lee Kun-hee, who died in October 2020.

Samsung is South Korea's biggest chaebol, or family-owned business, with operations spanning electronics, heavy industry, construction and financial services. Lee Kun-hee left a 26 trillion won fortune, including shares, property and art collections. Samsung confirmed on Sunday that the final payment had been made, noting that the sum is equivalent to roughly one and a half times the country's total inheritance tax revenue for 2024.

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The family said in a statement that "paying taxes is a natural duty of citizens". The Lee family has a combined net worth of more than $45bn, according to the Bloomberg Billionaires Index. Their wealth has more than doubled in the last year as demand for computer chips from the global artificial intelligence (AI) industry has helped drive up the stock market value of Samsung Electronics.

As well making computer chips, Samsung's technology operations include one of the world's largest smartphone makers and a major manufacturer of TVs. A son overlooked and a jailed tycoon: Inside Samsung's succession drama What's the point of buying the latest smartphone?

The development has drawn wide international attention, with diplomatic circles watching closely.