The family of the late tycoon Wang Yung- ching has paid a total of NT$11.9 billion (US$371 million) in inheritance tax, the highest amount ever paid in Taiwan, the Taipei National Tax Administration said Wednesday. Dubbed the 'God of Management, ' the founder of the Formosa Plastics Group died at the age of 91 on Oct. 11, 2008 in New Jersey while on an inspection tour of Formosa's U.S. facilities. In 2008, Forbes rated Wang the 178th richest person in the world and the second wealthiest in Taiwan, with an estimated net worth of US$5.5 billion. The Taipei tax authorities told Wang's family in late July to pay inheritance tax totaling NT$11.9 billion. Wang's family members first paid NT$2.2 billion, including 365 plots of land owned by Wang that were valued at NT$690 million, and bonds, stocks and dividends. They paid the remaining NT$9.7 billion to a bank account designated by the tax administration Wednesday, just one day ahead of the Sept. 30 deadline. Ling Chung-yuan, director of the Taipei National Tax Administration, said that the central government set its 2010 inheritance tax target at NT$13.8 billion, and collected NT$8.4 billion in this tax category in the first half of this year. With payment from Wang's family, the government's inheritance tax revenue will far exceed its target, he 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. 