Samsung Electronics announced today (28th), "The survivors plan to pay more than 12 trillion won in inheritance tax, which is more than half of the total estates, such as Samsung Life, Samsung Electronics, and Samsung C&T, and real estate left by the late Chairman Lee Kun-hee." .
He added, "This is the highest level of inheritance tax payments ever made in Korea as well as in the world." He added, "This is three to four times the amount of the inheritance tax revenue of our government last year."
The value of the inherited property of Chairman Lee's shares of affiliates has been confirmed to be 18.93 trillion won.
The inheritance tax amount for this is KRW 11.40 trillion.
This is a figure obtained by sequentially applying the maximum shareholders premium rate of 20%, the maximum tax rate of 50%, and the voluntary declaration deduction rate of 3%.
The remaining inheritance tax amount of 1 trillion won was levied on estates such as real estate.
The'Inheritance Tax Lee Kun-hee' paid by the bereaved family members such as Jae-Yong Lee, Vice Chairman of Samsung Electronics, is more than 10 times the highest inheritance tax in Korea.
Earlier, at the end of November 2018, the heirs of the late Chairman Koo Bon-moo, including LG Group Chairman Koo Kwang-mo, reported an inheritance tax of KRW 9215 billion on shares of LG Corp. and LG CNS.
It is known that Cho Yang-ho, who passed away in 2019, and Chairman Cho Won-tae, the heir of Hanjin Group Chairman, are also paying 270 billion won in installments.
The inheritance tax reported by the bereaved family of Lotte Group Chairman Shin Gyeok-ho, who died last year, is not known in detail, but only the inheritance tax on domestic assets of KRW 270 billion, including KRW 270 billion in the amount of KRW 270 billion in shares of domestic stocks such as Lotte Holdings. It is estimated to be in billions of won.
Compared to the predecessors, this'Lee Kun-hee's inheritance tax' is 680 times the amount of 17.6 billion won in the inheritance tax notice on the inheritance of the founder, Chairman Lee Byung-cheol.
Even at the time, the'Lee Byung-cheol inheritance tax' was the largest ever.
In May 1988, heirs such as Chairman Lee Kun-hee reported an inheritance tax of KRW 27.3 billion and an inheritance tax of KRW 15 billion.
Since it is not enough to pay the enormous inheritance tax of 12 trillion won at once, the survivors are expected to utilize the annuity pension system, which pays the inheritance tax in six installments starting from the end of this month.
The additional interest rate for installment payments was 1.8% per year until last year, but decreased to 1.2% per year last month.
The heirs of LG and Hanjin's family pay the inheritance tax by dividing it into an annuity payment system.
In contrast, SDJ Corporation Chairman Shin Dong-joo is known to have paid the inheritance tax at the same time.
In order to pay the inheritance tax in installments, the heirs must provide stocks or real estate as collateral to the customs office, or submit a tax guarantee insurance policy from a guarantee insurance institution or a tax payment guarantee from a bank.
Cultural properties are tax-free, and donations such as contributions to public interest groups are excluded from the calculation of inheritance tax.
Foreign assets can be deducted domestically if you paid the inheritance tax abroad.
(Photo = Yonhap News)