[ad_1]
The total value of the shares held by President Lee was approximately 18,963.3 billion won, and for the heirs to inherit the shares under current law, about 11.360 billion won must be paid to the state. This was recorded as the highest amount of inheritance tax in the history of national companies.
The last day the shares were traded while President Lee, who died on Sunday, October 25, was alive on Friday, October 23. As of this date, the value is calculated as the average of the prices of the shares traded during the four months, including the two immediately preceding months and the two following months. The amount of inheritance tax is also determined by the average closing price of the shares from August 24 to December 22, which falls within this period.
The shares of the main Samsung subsidiaries owned by Chairman Lee Kun-hee are 249,273,200 shares (4.18%) of Samsung Electronics, 610,900 preferred shares of Samsung Electronics (0.08% participation), 5.27,733 shares of Samsung C&T (2.88%) and Samsung Life Insurance 4151. 9,180 shares (20.76%) and 9701 shares (0.01%) of Samsung SDS.
The average amount of stock transactions from August 24 to December 22 calculated by the business community is Samsung Electronics 62,394 won, Samsung Electronics Preferred stock 55,697 won, Samsung SDS 173,048 won, Samsung C&T 11,4681 won, Samsung Life Insurance. It’s 6,276 won, etc. Altogether, the valuation of Samsung shares held by Chairman Lee Kun-hee is approximately 18.96 trillion won. Under current law, inheritance tax is calculated by applying a deduction rate for voluntary declaration of 3% to the basic value of the shareholding, a premium of 20% to the majority shareholder and a maximum tax rate of 50%. If this is calculated, the amount of the inheritance tax is approximately 11.360 billion won.
This is the amount of inheritance tax limited to Samsung shares held by President Lee. If the calculation includes real estate such as President Lee’s Yongin site and his home in Hannam-dong, as well as other bonds and cash assets, the inheritance tax could increase by several trillion won or more.
The heirs of President Lee Kun-hee’s immediate family, including former President of the Leeum Hong Ra-hee Art Museum, Lee Jae-yong, Vice President of Samsung Electronics, Lee Bu-jin, President of Hotel Shilla, and Lee Seo- hyun, president of the Samsung Welfare Foundation, must file and pay inheritance tax before April 2021. Heirs pay all inheritance tax in cash at once and apply 1.8% annual interest to pay one sixth part of the total amount up front when they report to the estate, and then pay the remaining five-sixths in installments over the next five years. You can choose one of the annuity payments that suits your circumstances.
The business community’s attention is focused on how the heirs inherit the shares left by President Lee and to whom the shares are inherited.
