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The Samsung family pays a historic Rs 77,300 crore in inheritance tax—the highest in the history of South Korea.

Seoul: In South Korea, the Samsung family paid an impressive and record-breaking amount of 77,300 crore (or about 9.2 billion) as an inheritance tax.

The huge tax bill is connected to the estate of late Samsung chair Lee Kun-hee, who died in 2020. His son and Samsung Electronics Vice Chairman Lee Jae-yong, along with other family members, have now cleared the biggest inheritance tax bill in the country’s history.

This payment highlights the huge transfer of wealth in one of the largest business empires in the world. The heavy taxes on inheritance that are imposed on a conglomerate (chaebol) by South Korean law often compel a conglomerate company to sell off assets or borrow money to meet its obligations.

The payment of back taxes to pay the payouts is being seen as a big move towards smoothing leadership succession at Samsung. Although the Samsung Group is experiencing heavy drain-out, the Lee family still maintains a firm grip on the company, which is still ruling international markets in semiconductors, smartphones, and electronics.