South Korea’s richest family announces healthcare donations as well as inheritance tax bill

The family of late Samsung patriarch Lee Kun-hee has pledged billions of dollars in healthcare spending and art donations and vowed to pay $11bn in one of the world’s biggest-ever inheritance tax bills.

Following Lee’s death in October, South Korea’s most powerful family was given six months to tell tax officials how they would deal with the estate of the country’s wealthiest man, including a 60 per cent inheritance tax bill on his $20bn fortune.

In a rare public statement on Wednesday, the family noted that the tax bill was “equivalent to three to four times the [South Korean] government’s total estate tax revenue last year”.

The family also announced a suite of philanthropic donations, including hundreds of millions of dollars for child cancer treatment, an infectious diseases hospital and vaccine research.

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