Samsung: Why goment go collect $10b tax on $17.3b inheritance wey Lee Kun-hee leave for im heirs

Lee Kun-Hee, chairman of South Korea's largest group Samsung speaking at a press conference

Getty Images
Lee Kun-hee die, leave im family with big money and big money palava

Imagine say you don inherit one of di biggest fortunes for di world. Na how to spend am go be your issue as per top much money geng.

But if you be di heirs to di rich man for South Korea, your wahala na inheritance tax.

You see Samsung Electronics oga, Lee Kun-hee wey die for October bin leave about $17.3 billion as im net worth so now, di kontri don knack dem with $10b in taxes.

Dis na as di kontri get 50% inheritance tax bill and only get six months on how dem go pay di gbese.

So wetin be dia plan?

Start to dey dash dia belongings

One pair of hands offers presents to another

Getty Images

Di first way you go fit reduce tax gbese on top your head, na to reduce di tins wey goment go fit tax.

And Lee family don find easy way to run dat parole, as at now di family don dash out plenti of di expensive artworks wey dem bin owe.

Dem don carry am give di National Museum of Korea and other cultural organisations.

Tori be say dem get ova 20,000 pieces of artworks and even Pablo Picasso work dey inside.

But e neva end for dia, as di family say dem also carry hundreds of millions of dollars give for child cancer treatment, infectious disease hospital and vaccine research.

E go reduce dia inheritance but e go also reduce taxes dem.

Pay small-small

A chopping board with a hundred dollar bill cut into pieces

Getty Images

At 50%, South Korea’s inheritance tax rate na di second highest for world. And by di family estimation go cost dem over 12 trillion won ($10.8 billion).

Forbes magazine sa na only like 200 pipo or families for dis world get dat kain money.

But di Lee Family comot for inside statement say dem go pay am as e be dia responsibility but e no mean say dem go just drop di full money at once sha.

Di family say dem go pay in instalments for five years as dis money reach wetin dia goment collect for estate taxes for di whole of last year.

Dis plan go also help so di Samsung company go still be family business.

Get in loans

Huge piles of Korean currency

Getty Images

Investors dey chook eye put dis mata wella on top how much of di company di family go own afta dese taxes.

Dis na because di Korean economy dey run by third-big family owned businesses like Samsung wey dem dey call Chaebols. E no easy say normal pesin go fit own part of di companies but dis tax issue fit open door.

Anoda kasala wey di family dey face now be say dia present oga, Lee Jae-yong dey prison because of bribery for two years and six months.

But tori be say di family don get enough personal loans wia dem fit pay dia tax gbese so Jae-yong go fit land di company.

And also, Samsung Electronics bin post 6.3% rise in first-quarter net profits on Thursday because of rise in sale of smartphones and work-from home practices around di world.