Samsung heir pay $11b inheritance tax while singapore scrap tax

[Eisenhut]

Meanwhile we scrap unheritance tax law at record speed when someone died

https://www.channelnewsasia.com/new...lions-donate-picasso-settle-tax-bill-14709108

BUSINESS
Samsung heirs to pay billions, donate Picasso works to settle tax bill
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Samsung heirs to pay billions, donate Picasso works to settle tax bill
Business
Samsung heirs to pay billions, donate Picasso works to settle tax bill
Former Samsung group chairman Lee Kun-Hee was South Korea's richest man when he died last
Former Samsung group chairman Lee Kun-Hee was South Korea's richest man when he died last October, leaving an estimated $19.6 billion in assets AFP/Jung Yeon-je
28 Apr 2021 12:07PM




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SEOUL: The heirs to South Korea's Samsung Group announced their plans to pay more than US$10 billion in death duties on Wednesday (Apr 28) - one of the world's biggest ever inheritance tax settlements - including donating Picasso and Monet artworks.

Lee Kun-hee, the late Samsung Electronics chairman was the country's richest man when he died last October at age 78 after being hospitalised for years, leaving an estimated 22 trillion won (US$19.6 billion) in assets.

South Korea has stringent inheritance tax laws and high rates, resulting in a hefty bill for the family, including Samsung Electronics vice chairman Lee Jae-yong, who is currently in jail for bribery, embezzlement and other offences.

Lee's family "expects to pay more than 12 trillion won in taxes related to inheritance, which is more than half of the value of the late Chairman's total estate," Samsung said in a statement.

"The inheritance tax payment is one of the largest ever in Korea and globally," it added, saying the Lee family will pay it off in six instalments starting this month.

The assets include shareholdings in Samsung Electronics, Samsung Life and Samsung C&T, as well as real estate, according to the statement.

 

[congo9]

Great, get them to come into Singapore and invest.
But if the scrapping of tax is such a great plan , why are business not investing in Singapore developing product , developing service or doing the highest end of R & D here ?? The reason is being if you allow tax evading people to shift their money here, they will just shift and keep their money here. They won't invest and set up shop. They will only set up trust funds. Likewise, they will set up a family office and buy up assets like a whole block of condo.

While this maybe good for Singapore, but the benefit does not flow downwards to common people. But the negative effects of it will surely filter down like cost of living and inflation creeps in. salary may not go up in tandem to the inflations.

 

[mojito]

Scare expose how much Looong ma fortune was.