Seoul, April 5 (NationPress) The Samsung Group's owning family is poised to finalize the payment of approximately 12 trillion won (around $8 billion) in inheritance taxes related to assets bequeathed by the late Chairman Lee Kun-hee later this month, as per industry insiders.

This payment, which has been arranged over a span of five years since 2021, signifies the conclusion of one of the most substantial inheritance tax responsibilities in South Korean history. It is anticipated to alleviate the financial strains on the family, potentially propelling Chairman Lee Jae-yong's ambition for a “New Samsung” growth initiative.

Lee Jae-yong, the only son of the late chairman, alongside other heirs, has managed the tax liability through a mix of share disposals in group affiliates, dividend revenues, and other financing strategies, according to the sources, as reported by Yonhap News Agency.

Other family members involved include his mother, Hong Ra-hee, who serves as the honorary director of the Leeum Museum of Art, and his sisters, Lee Boo-jin, the CEO of Hotel Shilla, and Lee Seo-hyun, the president of Samsung C&T.

Since the death of Lee Kun-hee in 2020, the family has accrued roughly 4 trillion won in dividends from Samsung affiliates. When considering previously accumulated dividends, over 6 trillion won is estimated to have been allocated towards settling the tax dues.

The rise in share prices of key affiliates, notably Samsung Electronics, has additionally contributed to mitigating the financial pressure associated with securing the necessary funds.

Upon his passing, Lee Kun-hee left behind an estate valued at around 26 trillion won, which includes stocks, real estate, and art collections. The resultant inheritance tax bill, projected at about 12 trillion won, ranks among the largest ever imposed in the nation.

Analysts suggest that the conclusion of these payments could signify a pivotal moment for the group, allowing it to transcend financial and governance restrictions linked to the inheritance process.

Samsung, which has been concentrating on both alleviating the tax burden and restructuring its corporate governance, is expected to ramp up investments and business reorganization in emerging growth sectors such as semiconductors, artificial intelligence, and biotechnology.

The optimistic outlook is further bolstered by robust earnings from the semiconductor sector and a reduction in legal uncertainties surrounding Lee Jae-yong over the past year.

"This year is particularly significant as the completion of the inheritance tax payments coincides with the resolution of legal risks and improved earnings at Samsung Electronics," stated Park Ju-gun, CEO of corporate analysis firm Leaders Index.

It remains uncertain whether Lee will present a comprehensive plan for the “New Samsung” initiative, he noted.