The family that owns South Korea’s Samsung has completed a record-breaking $8 billion inheritance tax payment.
Lee Jae-yong and his family made the payment over five years in installments. The tax was on the estate of former leader Lee Kun-hee, estimated at 26 trillion won. Inheritance taxes in South Korea can reach up to 50 percent, making this payment the largest in the country’s history.
The family donated some of the inheritance, including works by Pablo Picasso and Salvador Dali, to museums. Samsung remains one of the world’s largest technology companies, making smartphones, televisions, and high-end chips.
