Taxes
Heirs to German Industrial Fortune Face $6 Billion Tax Bill
- Payment may be largest in German history, magazine reports
- Billionaire Heinz Hermann Thiele unexpectedly died in February
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The heirs of billionaire Heinz Hermann Thiele may owe German authorities more than 5 billion euros ($6 billion) in inheritance taxes, potentially the largest such bill in the country’s history, according to ManagerMagazin.
Thiele’s assets were supposed to be folded into a foundation to reduce tax risks, but that wasn’t set up at the time of his unexpected death in February, the magazine reported Thursday, citing unidentified people close to the family.