The family of the late tycoon, Wang Yung-ching, has fully paid the huge bill of 11.9 billion NT dollars in inheritance tax, marking the highest in Taiwan's history.

Once rated as the 178th richest person in the world by Forbes Magazine, Wang, the founder of the Formosa Plastics, passed away in 2008.

The Taipei National Tax Administration assessed a record inheritance tax of 11.9 billion NT on Formosa Plastics founder Wang Yung-ching's estate, and the payment deadline passed on Thursday.

Wang's heirs applied to make a first payment of 2.2 billion NT in the form of land, bonds, securities, and cash in August, which the TNTA approved.

The TNTA then issued a tax payment slip to the family for the remaining balance of 9.7 billion NT and set the payment deadline on September 30th. The family paid the remaining amount in cash on September 29th.

While the TNTA cannot reveal any details on the case, the government's inheritance tax revenues were estimated to be 13.8 billion NT this year.

Prior to the Wang family's payment, the government had received 8.4 billion NT so far this year.

The inheritance taxes on the estates of Inventec founder Sayling Wen and former YFY Paper Chairman Ho Shou-shan were less than 5 billion NT.

As the government is facing financial difficulties, the Wang family's inheritance tax payment will no doubt help the national treasury.