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Samsung Heirs Reveal Plan to Pay Their $11 Billion Tax Bill (2)

April 28, 2021, 7:22 PM

Samsung Group’s billionaire heirs outlined a long-awaited plan to pay one of the largest inheritance-tax bills in history, a more than 12 trillion won ($11 billion) transfer of assets that will take place over several years.

The family of Lee Kun-hee, who died last year, revealed the size of the total bill, along with its intention to donate 1 trillion won for medical facilities and approximately 23,000 works of art. Under South Korea law, the heirs are allowed to make the tax payment over five years.

Lee Kun Hee, center, in 2013.
Photographer: SeongJoon Cho/Bloomberg

“It is our civic duty and responsibility to pay all taxes,” the ...

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