The Samsung owner family, including Hong Ra-hee, former director of the Leeum Museum of Art, will sell more than 2 trillion won of shares in affiliates to pay inheritance tax on the inheritance received from the late Samsung Electronics Chairman Lee Kun-hee.
According to the Financial Supervisory Service’s electronic disclosure and News 1 on the 9th, former manager Hong signed a disposition trust contract with KB Kookmin Bank for 1994,1860 shares of Samsung Electronics (0.33% of common shares of Samsung Electronics) on the 5th of this month.
Samsung Electronics explained that it was for ‘inheritance tax payment’ when announcing Hong’s trust contract for the disposal of securities. The contract period is from October 5, 2021 to April 25, 2022. When converted based on the closing price of the stocks on the 8th (71,500 won), the value of the stocks sold reaches 1.425.8 trillion won.
On the same day, Hotel Shilla President Lee Boo-jin also had 1.5 million,9430 shares of Samsung SDS (242.2 billion won based on the closing price on the 8th), Lee Seo-hyeon, chairman of the Samsung Welfare Foundation, 3,459,940 shares of Samsung Life (247.3 billion won), and 1,59,430 shares of Samsung SDS (2422) KRW billion), signed a trust contract to pay inheritance tax. The value of the stock to be disposed of this time is worth a total of 2.157.5 trillion won as of the closing price on the 8th.
Previously, the Samsung family, including former director Hong, Samsung Electronics Vice Chairman Lee Jae-yong, President Lee Boo-jin, and Chairman Lee Seo-hyun, had deposited some of their stocks in the court for the arrears of inheritance tax, including Samsung Electronics, Samsung C&T, Samsung SDS, and Samsung Life Insurance. This is the first time a trust contract has been signed for Vice Chairman Lee Jae-yong did not sign a trust contract to sell the stock.
The Samsung owner family’s disposition of shares in affiliates is to pay over 12 trillion won in inheritance tax, and it is estimated that the inheritance tax alone on shares in major affiliates such as Samsung Electronics, Samsung Life, Samsung C&T, and Samsung SDS alone will reach 11 trillion won.
Among Chairman Lee Kun-hee’s 25 trillion won stock property, the value of the shares inherited by Mrs. Hong Ra-hee is about 7 trillion won. Each has inherited a share of the value.
According to the current Inheritance Tax and Gift Tax Act, the highest tax rate of 50% is applied on a gift amount exceeding 3 billion won, and if the deceased is the largest shareholder or a related person, a 20% premium is imposed on the stock valuation. It is estimated that this Samsung owner family inheritance tax was calculated at the rate of 50% of the top tax rate, a 20% premium, and 3% of the self-reporting deduction rate.
The Samsung family used the arrears payment system to pay the inheritance tax in installments, and by April 30, the deadline for filing the inheritance tax, first paid 2 trillion won, one-sixth of the 12 trillion won, and the rest five times by 2026. It is planned to be distributed over
An official from the business community said, “Even if management rights are weakened due to the high inheritance tax burden, it seems that they will have no choice but to sell their shares.
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Source: 경제 by www.segye.com.
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