South Korea's Samsung president, Lee Kin-hee, died at the age of 78, according to Yonhap news Monday morning.
In the Forbes 2020 South Korean rich list released on July 9, Samsung president Li Jianxi's wealth topped the list, reaching $17.3 billion; his son, Samsung Vice President Lee Jae Rong, ranked fourth with a wealth of $6.7 billion.
According to a previous report issued by Ernst & young, South Korea ranks among the world's top tax payers, with the highest tax rate higher than 45% in France and 40% in Britain and the United States, which is equal to Germany and Switzerland. The minimum tax rate is 18%, reaching more than US $25 million, and the maximum tax rate is 50%.
According to this calculation, after Li Jianxi's death, his heirs may face an estate tax of $7.6 billion. Previously, foreign media speculated that paying a huge inheritance tax may complicate the control of the Li family over SamSung group.
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Link to the original text:Sina Technology