The family behind South Korean giant Samsung has completed the payment of an inheritance tax worth 12 trillion won ($8 billion), the largest such payment in the country's history, the BBC writes.
President Lee Jae-yong and other family members, including his mother Hong Ra-hee and sisters Lee Boo-jin and Lee Seo-hyun, paid the sum in six installments over the past five years.
The amount is linked to the legacy left by the company's former chairman Lee Kun-hee, who died in October 2020.
Samsung is the largest chaebol (family business) in South Korea, with operations spanning the fields of electronics, heavy industry, construction and financial services.
Lee Kun-hee left a fortune of 26 trillion won, including stocks, property and art collections.
At the time, the family stated that “paying taxes is a natural duty of citizens.”
Samsung confirmed on Sunday that the final installment had been paid, noting that the amount was equivalent to about one and a half times the country's total inheritance tax revenue for 2024.
At 50%, South Korea's inheritance tax is among the highest in the world.
How the fee was handled was closely watched by investors because it could have affected the Lee family's ability to retain control of Samsung.
