- Samsung’s Lee Household has discovered a solution to pare down their large $10.78 billion inheritance tax invoice.
- The Lees are unloading a treasure trove of 23,000 artwork items, together with Picassos and Dalis.
- The artwork, value some $1.8 billion, shall be donated to South Korean nationwide museums.
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The household of late Samsung Electronics chairman Lee Kun Hee is donating a treasure trove of round 23,000 artwork items to South Korean museums, to shave a wholesome sum off the large tax invoice they should repay inside 5 years.
The artwork assortment contains items from Salvador Dalí, Pablo Picasso, and Jean-Michel Basquiat, and can go to a number of nationwide museums within the nation.
Based on the Guardian, the household’s assortment contains masterpieces by Korean artists Park Soo-keun, Lee Jung-seop, and Kim Whan-ki, and beneficial collector’s objects.
Yonhap Information reported that the artwork assortment has been valued at round 2 trillion received (or $1.8 billion).
“The late Chairman Lee’s assortment of antiques, Western work, and works by Korean artists – roughly 23,000 items in whole – shall be donated to nationwide organizations in recognition of his ardour for accumulating and his perception within the significance of passing on our cultural heritage to new generations,” the conglomerate stated in a press release seen by Yonhap.
Yonhap Information wrote that the artwork assortment additionally incorporates cultural artifacts from the Goryeo (918-1392) and Joseon (1392-1910) dynasties. This contains the Joseon-era panorama portray “Inwangjesaekdo” by Korean painter Jeong Seon, a chunk that was designated as a nationwide treasure in 1984.
Artwork web site ARTnews reported that two Korean museums are more likely to profit from the donation. Greater than 20,000 items will go the Seoul’s Nationwide Museum of Korea, and a few 1,200 items shall be donated to the Nationwide Museum of Fashionable and Up to date Artwork. The MMCA informed ARTnews that it could be organizing an exhibition highlighting the present assortment, titled “Masterpieces of Lee Kun-hee’s Assortment,” with potential excursions to museums round South Korea and even internationally.
The Lees have been slapped with a $12 trillion received (round $10.87 billion) tax invoice, a document quantity in South Korea – because the nation has a 50% inheritance tax charge. Based on the BBC, this share is the world’s second-highest, after Japan, which pegs its inheritance tax at 55%.
Nikkei Asia reported that Lee’s spouse and three youngsters stated they have been glad to pay the tax invoice in a uncommon public assertion.
“It’s our civic obligation and accountability to pay all taxes,” they stated, noting that “the inheritance tax fee is likely one of the largest ever in Korea and globally.” The household didn’t point out how the patriarch’s inventory holdings could be divvied up, and whether or not any a part of it could be bought.
The patriarch’s heirs being made to pay such a large tax invoice is not any shock, as Lee Kun Hee held the title of South Korea’s richest man for 12 years.
The Samsung household is South Korea’s largest chaebol, or family-run conglomerate, and Lee’s demise in October final 12 months on the age of 78 forged some uncertainty over how the household would pay the invoice, and whether or not it could have an effect on the household’s long-standing affect or dilute their stake within the firm.
Based on the Wall Road Journal, the Lee clan additionally intends to donate greater than $900 million to their philanthropic efforts – which can go to constructing medical services in South Korea and serving to youngsters with most cancers and uncommon illnesses. The Lees will even not be taxed for this donation.