Input 2020.12.23 14:46
The inheritance tax on the shares of the late Chairman Lee was confirmed at 11.38.8 billion won on the 22nd. This is the result of assigning an effective tax rate of 58.2% to the average market price calculated by taking the average of the closing price from August 24 to the day before, two months before and after October 25, when the deceased died.
The families’ stakes by affiliates are different. As of last year, Vice Chairman Lee is the largest shareholder of Samsung C&T, holding 3,268,500 shares (17.08%). In addition, Samsung SDS owns 71,16555 shares (9.2%), Samsung Electronics 42,200,150 shares (0.7%), and Samsung Life Insurance 120,000 shares (0.06%).
Hong Ra-hee, former director of Leeum Museum of Art, owns 54,163,600 shares (0.91%) of Samsung Electronics. Lee Bujin Hotel Shilla (008770)The president and the chairman of the Samsung Welfare Foundation, Seo-Hyun Lee, have 10.45 million Samsung C&T shares (5.47%) and Samsung SDS 301,8859 shares (3.90%), respectively.
The Korea CXO Research Institute, which specializes in corporate analysis, expected to consider ways to cover part of the inheritance tax using dividends received so far by families. The dividend received by late Chairman Lee from Samsung Electronics, Samsung Life Insurance, and Samsung C&T (including the former Samsung C&T) over the past 20 years from 2000 to last year exceeded 2.5 trillion won.
Of these, it was found that only Samsung Electronics, which inherits the most, received a dividend of over 1.6 trillion won. If the dividends received by Mrs. Hong and the family of Chairman Lee are combined, the scale exceeds 3 trillion won. It is analyzed that it is highly likely to be used as a major source of inheritance tax, considering that dividends have been reinvested to increase wealth.
Kang Song-cheol, a researcher at Shinhan Financial Investment, said, “The easiest way for the Samsung owner family to raise money for inheritance tax is to expand dividends.” He added, “Assuming a 20~30% increase in dividends compared to this year, Samsung Electronics’ dividends can increase to 1700~1900 won per share per year after next year.”
Moreover, it is reported that Samsung Electronics plans to additionally pay special dividends next year, apart from regular year-end dividends, to shareholders who hold stocks by the 28th. Samsung Electronics announced that it will return 50% of the free cash flow generated for three years from the following year in 2017 to 2020 to its shareholders.
If Samsung Electronics pays a special dividend of 1,000 won per common share, the chairman’s family will receive an additional 340 billion won. The dividend for the late Chairman Lee’s stock alone is estimated to exceed 800 billion won, and the total dividend for the shares owned by the family will reach 1 trillion won.
“There is a growing atmosphere that special dividends can be expanded more than expected in that the shareholders can make their wallets thicker, and families can raise separate funds that are not included in the scope of inheritance,” said Yoosun CXO Research Institute director. Said.
Samsung C&T is also expected to expand its dividend. In fact, at the beginning of this year, Samsung C&T announced strengthening shareholder-friendly policies, such as increasing dividends and canceling treasury shares. If the dividends of subsidiaries holding shares, including Samsung Electronics, increase, such as special dividends, a significant increase in dividends is expected naturally.
Samsung Life Insurance also announced that it will increase its dividend payout ratio this year from 37% last year in its latest 3Q earnings announcement. Samsung Life Insurance also announced that it will gradually increase its dividend payout ratio within 50% of ordinary income for three years from last year.