The former Samsung Electronics chairman, who was South Korea's richest person, died in 2020.
Lee Kun-hee's family is now selling billions worth of shares to pay inheritance taxes.
South Korea has a top inheritance tax rate of 50%, the world's second highest after Japan.
AdvertisementThe widow of the former Samsung Electronics chairman and her two daughters sold billions worth of shares to help pay off their inheritance tax, The Korea Times reported, citing industry sources.
But due to South Korea's top inheritance tax rate of 50% — the second highest in the world — the family was hit with more than 12 trillion won, which is now around $9 billion, in tax bills.
Persons:
Lee Kun, —
Organizations:
Samsung Electronics, Japan, Service, Korea Times, Business
Locations:
Korea