According to local media reports on March 14, KST, actor Yoo Yeon Seok was penalized by the National Tax Service for alleged tax evasion, including unpaid income tax.
Yoo was recently subjected to an intense tax audit, which included a detailed probe into the finances of his one-man agency, Forever Entertainment, where he serves as the CEO. The audit resulted in the authorities imposing a hefty ₩7.00 billion KRW (about $ 4.82 million USD) additional tax on him. This is reportedly the largest known sum imposed on a celebrity since Honey Lee admitted to unintentionally committing tax evasion worth ₩6.00 billion KRW (about $ 4.13 million USD).
However, Yoo has objected to the audit results and has requested a reevaluation. His agency, King Kong by Starship also released an official statement addressing the issue.
According to King Kong, the issue arose from the difference in opinion between tax agents and authorities regarding the calculation of taxes rather than nonpayment. The statement clarified that the agency was waiting for a formal notification from the NTS after the review was carried out. The matter is currently in an in-between stage, and King Kong stated that they are preparing to clarify the issues better through due process.
Yoo Yeon Seok reportedly filed for a pre-assessment review in January, and his representatives stated that they intend to present all evidence during the review process to rectify the assessed amount. According to reports, Yoo’s team expects the amount to drop to ₩3.00 billion KRW (about $ 2.07 million USD) after the review.
Stay tuned for more updates.
