Yoo Yeon-Seok Faces 4.8 Million Penalty For Tax Evasion Post Audit Into His Forever Entertainment Agency
Korean star Yoo Yeon-Seok has been slapped with a heavy fine for allegedly unpaid income tax. The actor, who recently delivered the hit K-drama When The Phone Rings, found himself embroiled in the tax evasion trouble on March 14 with a penalty amounting to 7 billion KRW (around $4.8 million).
According to Korean media, the National Tax Service after an intensive tax audit, notified the 40-year-old actor who promised to cooperate and expressed his position that he will actively explain it in accordance with the due process.
CBS No Cut News reported that Yoo Yeon-Seok would be imposed a fine, including income tax. He was subjected to an additional tax imposition in the wake of the audit that included a detailed investigation into the finances of his Forever Entertainment agency where he serves as CEO.
Reports stated that the actor had filed for a follow-up tax review in January claiming “differing interpretations and applications of tax laws”. How team is now “actively seeking to reduce the tax amount during the review process.”
Yoo Yeon-Seok’s agency statement
Yoo Yeon-Seok’s agency King Kong by Starship said in a statement, “This issue stems from differences in opinions between tax agents and tax authorities on the interpretation and application of the tax law, and is waiting for the tax authorities to notify them after a pre-taxation review. It is not currently finalised and notified, and we will actively explain issues related to legal interpretation and application in accordance with due process.”
“This issue has been caused by personal income tax on the income of the corporation that actor Yoo Yeon-seok has developed and produced YouTube content as an extension of his entertainment activities and operated for the purpose of additional business and restaurant businesses based on it, as tax authorities have interpreted it as an income tax payment target rather than corporate tax,” the agency said. “Actor Yoo Yeon-seok has made fulfilling his sincere tax obligations a top priority, and will continue to thoroughly comply with relevant laws and procedures as a member of the people and fulfill his responsibilities,” it added.
Mimansa Shekhar author
A cinema nerd appreciating everything old school, Mimansa loves exploring behind-the-scenes world of movies and its histrionics, be it the black n whi…View More
