Thu, Sep 30, 2010 - Page 12 News List

Tycoon’s family pays inheritance tax

STAFF WRITER, WITH CNA

The family of the late tycoon Wang Yung-ching (王永慶) has paid a total of NT$11.9 billion (US$371 million) in inheritance tax, the highest amount ever paid in the country, the Taipei National Tax Administration said yesterday.

The founder of the Formosa Plastics Group (台塑集團) died at the age of 91 on Oct. 11, 2008, in New Jersey, while on an inspection tour of the group’s US facilities.

In 2008, Forbes ranked Wang as the world’s 178th-richest person and the second-wealthiest in Taiwan, with an estimated net worth of US$5.5 billion.

Taipei tax authorities told Wang’s family in late July to pay the inheritance tax totaling NT$11.9 billion.

Wang’s family first paid NT$2.2 billion. The family paid the remainder NT$9.7 billion into a bank account assigned by the tax administration yesterday, one day before today’s deadline.

Joanne Ling (凌忠嫄), director of the Taipei National Tax -Administration, said the central government had collected NT$8.4 billion in inheritance taxes in the first half of this year, about 60 percent of its full-year target of NT$13.8 billion.

With the payment from the Wang family, the government’s inheritance tax revenue will far exceed its target, she said.

The Legislative Yuan lowered the inheritance tax from up to 50 percent to 10 percent in January, but the change did not apply to Wang’s family.

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