- Samsung’s Lee household has discovered a strategy to minimize their large $ 10.78 billion property tax invoice.
- The lees unload a treasure of 23,000 artistic endeavors, together with Picassos and Dalis.
- The artwork, valued at round $ 1.8 billion, will probably be donated to South Korean Nationwide Museums.
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Household of late Samsung Electronics chairman Lee Kun Hee donates treasure trove of round 23,000 artistic endeavors to South Korean museums to chop a wholesome sum of giant tax invoice they owe discharge inside 5 years.
The artwork assortment consists of items by Salvador Dalí, Pablo Picasso and Jean-Michel Basquiat, and can go to a number of nationwide museums throughout the nation.
Based on Guardian, the household’s assortment consists of masterpieces by Korean artists Park Soo-keun, Lee Jung-seop and Kim Whan-ki, in addition to priceless collectibles.
Yonhap news reported that the artwork assortment was valued at round 2 trillion gained (or $ 1.8 billion).
“The late President Lee’s assortment of antiques, Western work and works by Korean artists – roughly 23,000 items in whole – will probably be donated to nationwide organizations in recognition of his ardour for the gathering and his perception that “You will need to go on our cultural heritage to new generations,” the conglomerate mentioned in an announcement seen by Yonhap.
Yonhap Information wrote that the artwork assortment additionally accommodates cultural artifacts from the Goryeo (918-1392) and Joseon (1392-1910) dynasties. This consists of the Joseon period panorama portray “Inwangjesaekdo” by Korean painter Jeong Seon, a chunk that was designated a nationwide treasure in 1984.
Artwork website ARTnews mentioned two Korean museums would probably profit from the donation. Greater than 20,000 items will go to the Nationwide Museum of Korea in Seoul and a few 1,200 items will probably be donated to the Nationwide Museum of Fashionable and Modern Artwork. The MMCA instructed ARTnews that it’ll maintain an exhibition showcasing the reward assortment, titled “Masterpieces from Lee Kun-hee’s Assortment,” with doable visits to museums in South Korea and even to overseas.
The lees had been slapped with a tax bill of 12 trillion won (about $ 10.87 billion), a document quantity in South Korea – as a result of the nation has an inheritance tax price of fifty%. Based on BBC, this proportion is the second highest on the earth, after Japan, which sets its inheritance tax at 55%.
Nikkei Asia reported that Lee’s spouse and three youngsters mentioned they had been comfortable to foot the tax invoice in a uncommon public assertion.
“It’s our civic responsibility and accountability to pay all taxes,” they mentioned, noting that “the fee of inheritance tax is without doubt one of the largest ever paid in Korea and the world.” The household didn’t point out how the Patriarch’s shares could be divided and whether or not any half could be bought.
The truth that the Patriarch’s heirs are compelled to pay such an enormous tax invoice isn’t any shock, as a result of Lee Kun Hee held South Korea’s richest man title for 12 years.
The Samsung household is South Korea’s largest chaebol, or family conglomerate, and Lee’s dying in October final 12 months on the age of 78 throws some uncertainty over how the household would foot the invoice, and whether this would affect the family’s long-standing influence or dilute their stake in the business.
Based on The Wall Street Journal, the Lee clan additionally intends to donate greater than $ 900 million to their philanthropic efforts – which can go in direction of constructing medical amenities in South Korea and serving to youngsters with most cancers and uncommon ailments. . Lees is not going to be taxed for this donation both.