Samsung Sales Surge As Family Move To Pay $2.1B In Inheritance Tax
Samsung Electronics claims that the company is expected deliver sales of $83.74 billion, up 9 percent from a year ago, this will be good news for the family of late Samsung Group Chairman Lee Kun-hee who have to sell approximately A$2.19 billion dollars’ worth of shares in the Samsung Group Companies to pay inheritance taxes.
South Korea has some of the highest inheritances taxes in the world with the family set to sell 19.9 million shares in Samsung Electronics.
Hong Ra-hee, the widow of the late business tycoon who died in October last year, plans to sell 19.9 million shares in Samsung Electronics Co., which were estimated at 1.4 trillion won as of Friday ‘s closing price, according to the regulatory filing.
The latest sales for Samsung Electronics, who have benefited from a surge in demand for their goods during COVID lockdowns, is a record for the Company.
According to Samsung’s earnings guidance, its operating profit during the July-September period increased 27.94 percent on-year.
Lee Kun-hee was South Korea ‘s richest man, left assets estimated to be worth around A$30 billion, including stocks valued at A$7 billion.
He was survived by his wife, son Jae-yong and two daughters — Boo-jin and Seo-hyun.
Jae-yong has recently been released from prison and is now back running the Samsung Group.
In April, the Samsung family members said they plan to pay around 12 trillion won in inheritance tax over the next five years.
The South Korean tech giant’s earnings improved on swift sales of semiconductors and smartphone products, industry sources said.
More details of Samsung Electronics’ performance will be revealed during the company’s earnings call, scheduled for Oct. 28.
Samsung Electronics stock remained relatively unchanged in early Friday trading, despite the company’s positive earnings report.
As of noon today, the stock price of Samsung Electronics was down less than 1%.