Jakarta –
Big boss of Samsung Lee Kun-hee passed away on Sunday (26/10) yesterday. The family, in this case the heirs, must pay a number of taxes to the South Korean government (South Korea).
The richest person in South Korea is estimated to have a wealth of US $ 20.7 billion, equivalent to Rp. 302.22 trillion (exchange rate Rp. 14,600 / US $). Most of the wealth was obtained from his stake in four units Samsung.
From there, the heirs are required to pay around US $ 10 billion in taxes or equivalent to Rp.146 trillion. Chief Executive Officer of the Analysis Company, Chung Sun-Sup, said heirs were unlikely to sell shares to finance the tax. Speculation has emerged that Samsung Group companies will increase dividends to help with the payments.
“The sale of shares can create problems because it reduces the family’s control over the group. No conglomerate will do it. Instead, most of them choose to make cash payments for five years. Cash can be prepared through means such as dividends or salaries,” Chung was quoted as saying. from Bloomberg, Monday (26/10/2020).
While Samsung Electronics declined to comment on how the family plans to pay and share the wealth. It said all taxes related to inheritance would be paid in a transparent manner as required by law.
Lee’s ownership includes 4% ownership in the world’s largest smartphone, television and memory chip maker and 21% in Samsung Life Insurance Co., which owns the second largest share of Samsung Electronics.
His only son, Jay Y. Lee, has been running the company since his father had a heart attack in 2014. If he inherits all shares in Samsung Electronics and Samsung Life Insurance, he is said to be able to use dividends and personal expenses to prepare tax payments.
“It is uncertain how much cash assets the family has now, but dividend income will not be sufficient to cover tax costs. Therefore, it is very likely that the family will rely on personal financing,” said Jongwoo Yoo, analyst at Korea Investment & Securities.
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