[Asia Economy Reporter Kim Young-eun] As the inheritance tax imposed on the late Samsung Chairman Lee Kun-hee's estate is expected to exceed 10 trillion won, the largest ever in South Korea, a petition titled "Please abolish Samsung inheritance tax" has also been posted. The petitioner argued for the complete abolition of the inheritance tax, citing Samsung's achievements.
On the 26th, a petition titled "Please abolish Samsung inheritance tax" was posted on the Blue House National Petition Board.
The petitioner stated, "Chairman Lee Kun-hee, who led and supported our country under the name of Samsung, has passed away. He was someone who worked for our country," adding, "However, our country intends to take 10 trillion won out of the 18 trillion won estate as inheritance tax. Does this make any sense?"
He continued, "If a company like Samsung collapses, our country will suffer a huge blow," and "That 18 trillion won is all money earned after paying taxes. What kind of country takes taxes twice?"
He concluded the petition by saying, "Please think about Samsung as well," and "Samsung worked for our country, but can't our country do something like this for Samsung?" As of 1:50 PM on the 27th, the petition had received 4,710 endorsements.
The value of shares in major listed companies such as Samsung Electronics and Samsung Life Insurance held by Chairman Lee during his lifetime reached approximately 18.24 trillion won based on the closing price on the 26th. Assuming all these assets are inherited by the bereaved family, the inheritance tax rate could reach up to 60%.
Inheritance tax applies a top rate of 50% on taxable assets exceeding 3 billion won. However, if the deceased was the largest shareholder or a related party, a 20% premium is added to the stock valuation. Calculated this way, the inheritance tax imposed on Chairman Lee's estate is estimated to be about 10.9 trillion won.
In the political sphere, opinions on the inheritance tax are divided. Former Future United Party lawmaker Na Kyung-won wrote on her Facebook on the 26th, "We need to start a rational discussion about the inheritance tax rate," and criticized, "It is questionable whether the political circles, who rushed to threaten 'pay the inheritance tax properly' upon hearing the obituary, are seriously addressing this issue."
On the other hand, Democratic Party lawmaker Park Yong-jin appeared on CBS Radio's 'Kim Hyun-jung's News Show' the same day and explained, "Inheritance tax is typically on money inherited without personal effort, so it is not one's own money but the father's money," adding, "Although one might feel regretful thinking 'It's 10 billion won, but why can I only receive 5 billion won,' from others' perspectives, it is unearned income as 5 billion won of new money is gained without any effort. By our society's standards, it is unearned income."
He further stated, "I have no intention of cracking down on Samsung regarding inheritance tax payment," but emphasized, "We must no longer allow evasion through loopholes and privileges without social consensus. Please stop thinking about this issue as privileges, special favors, cheating, or illegality as was done before, and consider new approaches."
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