Bloomberg: Samsung Electronics Chairman Li Jianxi will face a $7 billion estate tax

[TechWeb] May 23 news, according to Bloomberg reported that since a heart attack in 2014, Samsung Electronics Chairman Lee Kin-hee has lost his ability to act, the media often speculate about his health. After Lee Kin-hee's death, his heirs will face nearly $7 billion in inheritance tax, which could complicated the Lee family's control of Samsung.

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Samsung Electronics denied rumors about Lee Kin-hee, saying he was in stable condition and did not use equipment to support his life. After his death, his family will pay the tax payable.

With a net worth of about $15 billion, his heirs may have to sell some of their inheritance to pay the estate tax, according to the Bloomberg billionaire index, which would dilute the Lee family's stake in Samsung.

Korean law stipulates that inheritance of more than $2.5 million in inheritance is subject to a 50% inheritance tax. Among the members of the Organization for Economic Cooperation and Development, South Korea’s estate tax rate ranks second, second only to Japan. The US estate tax rate is 40%, but an inheritance tax is payable for inheritance of more than $22 million.

The Samsung Empire has 62 companies worth more than $300 billion. Although Lee Kin-hee is a major shareholder in some companies, including a 4.2 percent stake in Samsung Electronics, it is still not enough to give him control of the group. (little fox)

Bloomberg Samsung Electronics Chairman Lee Kin-hee heir face $70 billion inheritance tax

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