Famous Korean Actor Hit With 7 Billion Won In Correction By Tax Authorities, Actor Requests Review

Actor Yoo Yeon Seok has addressed the issue of receiving a tax bill of 7 billion won [around $4,818,514], including income tax, from the National Tax Service.

On the afternoon of the 14th, Yoo Yeon Seok’s agency, Starship by King Kong, stated, “This issue stems from a difference in interpretation and application of tax laws between the tax representative and the tax authorities, and is currently at the stage where we are waiting for the notification from the tax authorities after undergoing a pre-tax judgment review. It is not a matter that has been finally confirmed and notified, and we plan to actively clarify the issues related to legal interpretation and application through proper procedures.”

The agency continued, “Yoo Yeon Seok developed and produced YouTube content as part of his entertainment activities, and based on that, operated a corporation (Forever Entertainment) for additional business purposes and the restaurant industry. The tax authorities have treated the income from this corporation over the past five years as income tax liability, rather than corporate tax. As a result, personal income tax was imposed on what had been reported as corporate income by the tax representative.”

It added, “Yoo Yeon Seok has always prioritized fulfilling his tax obligations faithfully. As a citizen, he will continue to comply thoroughly with related laws and procedures and fulfill his responsibilities.”

Earlier in the morning, a media outlet reported that the National Tax Service had conducted an intense tax audit on Yoo Yeon Seok and notified him of an imposition of 7 billion won in taxes, including income tax. In response, Yoo Yeon Seok reportedly filed a “pre-tax judgment review” in January, disputing the tax notice.

Source: (A)