(Yonhap)
The Samsung family has fully paid the 12 trillion won ($8.12 billion) inheritance tax on the estate of the late Lee Kun-hee over a five-year period.
According to industry sources on Sunday, the bereaved family—including Samsung Electronics Co. Chairman Jay Y. Lee, Leeum Museum of Art Honorary Director Hong Ra-hee, Hotel Shilla Co. President Lee Boo-jin, and Samsung C&T Corp. President Lee Seo-hyun—recently finalized the five-year installment payment plan that began after filing the inheritance tax in April 2021.
The total tax amount of 12 trillion won is unprecedented not only in Korea but also by global standards. It exceeds the country’s total inheritance tax revenue for 2024.
Revenue from the inheritance tax payments is expected to support public spending in welfare, healthcare, and social infrastructure.
(Yonhap)
Separately from the tax payments, the Samsung family has continued philanthropic efforts aligned with the late chairman’s vision of contributing to humanity.
In 2021, the family donated 700 billion won to the National Medical Center to support construction of a central infectious disease hospital, scheduled to open in Seoul’s Jung District in 2030 as a national response hub for emerging diseases.
Another 300 billion won donated to Seoul National University Hospital has supported treatment for children with cancer and rare diseases, benefiting about 28,000 patients over the past five years.
The family has also expanded contributions in the cultural sector. In 2021, it donated about 23,000 artworks collected by Lee over his lifetime to institutions including the National Museum of Korea and the National Museum of Modern and Contemporary Art. The collection is estimated to be worth up to 10 trillion won.
Known as the Lee Kun-hee Collection, it has helped boost visitor numbers at the National Museum of Korea at home. The collection is also on an international tour, starting with an exhibition at the Smithsonian Institution’s National Museum of Asian Art in Washington D.C. in November last year, followed by stops at the Art Institute of Chicago and the British Museum.
Earlier this year, at an event marking the U.S. exhibition, Jay Y. Lee underscored the commitment of late Samsung founder Lee Byung-chull and chairman Lee Kun-hee to preserving Korea’s cultural heritage.
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