The family of Taiwan’s second-richest man, late tycoon Wang Yung-ching, is due to pay a record $T14.7 billion ($645 million) in inheritance tax, according to AsiaOne.

Mr Wang, who started from scratch to build Taiwan’s largest conglomerate Formosa Plastics, left more than $T60 billions to his family, said the Taipei-based China Times.

The report cited unnamed sources as saying Mr Wang’s family met with their lawyers and accountants last week to discuss the huge tax payment ahead of an end-March deadline.

Mr Wang, revered as the “god of management” in Taiwan, died in October 2008 in the United States at the age of 91. He founded Formosa Plastics Corporation in 1954, building it into a business empire with interests ranging from petrochemicals and oil refining to semiconductors, biotechnology and hospitals.