Samsung heirs complete $8.1B inheritance tax, setting example

May 3 (Asia Today) -- The family of Lee Jae-yong has completed payment of about 12 trillion won ($8.1 billion) in inheritance taxes over five years, marking the largest such payment in South Korean history.

The tax bill stems from an estimated 26 trillion won ($17.7 billion) estate left by the late Lee Kun-hee. Despite the immense financial burden, the family fulfilled the obligation in six installments, setting a precedent in the business community for tax compliance and social responsibility.

The total payment exceeds South Korea's 2024 inheritance tax revenue of 8.2 trillion won ($5.6 billion) by about 50%.

Inheritance proceedings began after Lee Kun-hee's death in October 2020. In April 2021, family members - including Lee Jae-yong, Hong Ra-hee, Lee Boo-jin and Lee Seo-hyun - filed their tax returns with the National Tax Service, stating that paying taxes is a fundamental duty of citizens and pledging full compliance.

Individually, Hong paid 3.1 trillion won ($2.1 billion), Lee Jae-yong 2.9 trillion won ($2.0 billion), Lee Boo-jin 2.6 trillion won ($1.8 billion) and Lee Seo-hyun 2.4 trillion won ($1.6 billion). Family members, except Lee Jae-yong, sold shares in major affiliates to finance the payments, while he relied on dividends and personal loans.

Samsung said the funds flowing into state finances will support welfare, healthcare and social infrastructure, adding that the greatest beneficiaries of Lee Kun-hee's achievements are the public.

Beyond tax payments, the family has continued philanthropic efforts reflecting the late chairman's philosophy of contributing to humanity. In 1987, Lee Kun-hee emphasized corporate social responsibility, calling for companies to contribute beyond economic growth.

In April 2021, the family donated 700 billion won ($475 million) to the National Medical Center to strengthen infectious disease response. Of that, 500 billion won ($339 million) will fund construction of South Korea's first dedicated infectious disease hospital, while 200 billion won ($136 million) will support research infrastructure and programs. The 150-bed facility, scheduled to open in Seoul by 2030, will handle treatment, training and clinical research on emerging and high-risk diseases.

The family also donated 300 billion won ($204 million) to Seoul National University Hospital for pediatric cancer and rare disease treatment, research and infrastructure. As of late last year, about 28,000 patients had benefited from the program.

In the cultural sector, the family donated more than 23,000 artworks, including national treasures, to the state beginning in 2021. The collection was estimated at around 10 trillion won ($6.8 billion) at the time. The "Lee Kun-hee Collection" exhibitions have attracted about 3.5 million visitors across 35 shows in South Korea between 2021 and 2024.

The first overseas exhibition, held in Washington in November last year, drew about 80,000 visitors and was attended by U.S. government and business figures, contributing to South Korea's cultural profile.

An industry official said the Samsung family demonstrated a clear example of noblesse oblige by returning wealth accumulated through corporate growth to society, adding that Lee Kun-hee fulfilled his commitment to national contribution through both taxes and philanthropy.

-- Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260504010000289

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This story was originally published May 4, 2026 at 1:50 PM.