Samsung Family Completes $12 Trillion Won Inheritance Tax Payment, Expands Public Giving

Samsung has finished paying 12 trillion won (about $12 trillion won) in inheritance taxes tied to the estate of late former chairman Lee Kun-hee, completing the payments over five years. The company and the bereaved family have also pursued public initiatives including support for infectious-disease response, pediatric cancer care and major art donations.
 
According to the business community on Saturday, Lee Jae-yong, Samsung Electronics chairman; Hong Ra-hee, honorary director of the Leeum Museum of Art; Lee Boo-jin, president of Hotel Shilla; and Lee Seo-hyun, president of Samsung C&T, reported the inheritance tax to the National Tax Service in April 2021. They used an installment-payment program to pay the tax in six installments over five years.
 
The 12 trillion won levy, assessed on the full estate including stakes in Samsung Electronics and other affiliates as well as real estate, is the largest inheritance tax bill since South Korea’s founding. It is about 50% more than the country’s total inheritance-tax revenue in 2024, which was 8.2 trillion won, and is described as rare globally for a single taxpayer case.
 
When filing the tax report, the family said, “Paying taxes is a natural duty of citizens,” and pledged to follow the process faithfully.
 
Separate from the tax payments, Samsung’s medical support projects are moving ahead. In 2021, Samsung donated 700 billion won to the National Medical Center to expand infectious-disease response infrastructure. Of that, 500 billion won was allocated to build the Central Infectious Disease Hospital, described as South Korea’s first specialized infectious-disease hospital. It is expected to open in 2030 and is to serve as a national hub for treatment of new and high-risk infectious diseases, training and clinical research.
 
A 300 billion won fund donated to Seoul National University Hospital, reflecting Lee Kun-hee’s interest in child care and welfare, is being used for children with cancer and rare diseases. Of the donation, 150 billion won was used for pediatric cancer diagnosis and treatment, 60 billion won for rare-disease treatment and 90 billion won for research infrastructure.
 
More than 23,000 artworks donated to the cultural sector expanded public access to art, the report said. Traditional works including 40 national treasures and 127 treasures were sent to the National Museum of Korea, while works by modern and contemporary artists such as Kim Whanki and Park Sookeun went to the National Museum of Modern and Contemporary Art.
 
At the time, the art community estimated the value of the donated works could reach up to 10 trillion won, calling it an unprecedented collection in both cultural and artistic terms.
 
From 2021 to 2024, the National Museum of Korea, the National Museum of Modern and Contemporary Art and others held 35 traveling exhibitions of the “Lee Kun-hee Collection,” drawing a cumulative 3.5 million visitors, the highest attendance recorded for an art exhibition series in South Korea.
 
Samsung has also used global touring exhibitions as a form of private cultural outreach. The first overseas stop, held at the Smithsonian’s National Museum of Asian Art in Washington in November last year, concluded successfully, the report said. A second exhibition is underway at the Art Institute of Chicago, and another is scheduled to open at the British Museum in October.
 
At a gala dinner in Washington in January, Lee Jae-yong said, “Even amid hardships such as the Korean War, founder Lee Byung-chul and former chairman Lee Kun-hee had a firm will to preserve Korea’s cultural heritage.” He added, “I believe this exhibition will help bring the people of the United States and Korea closer together.”