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Yoo Yeon Seok to pay biggest tax evasion amount among Korean celebs? Agency 'currently awaiting' final ruling
Yoo Yeon Seok's agency issued clarification regarding the latest reports about an intensive tax investigation against him.
When the Phone Rings fame Yoo Yeon Seok was reportedly under investigation regarding tax payment. On March 14, the National Tax Service notified him that they would impose taxes worth 7 billion KRW, including income tax, as reported by K-media Nocut News. As of now, it is the biggest amount of tax evasion levied against a South Korean celebrity.
The actor's agency released an official statement notifying the reason for the tax evasion allegations and waiting for the court ruling for the same.
Yoo Yeon Seok's agency, King Kong by Starship, mentioned the additional tax situation arising from differences in the calculation of the company's tax accountant and the investigative authorities. As per them, while calculating the amount, the National Tax Service considered the past five years of revenue from various sources of income of Yoo Yeon Seok.
Those include his "YouTube content development and production—established as an extension of his entertainment career—as well as additional business and food ventures built upon it, as subject to personal income tax rather than corporate tax."
The National Tax Service's investigation results also found signs of tax payment issue during the setting up of Forever Entertainment. It is a one-man entertainment company, where Yoo Yeon Seok serves as the CEO. The actor expressed dissatisfaction regarding the 7 billion KRW additional tax levied on him and requested a pre-tax suitability review regarding the same.
Yoo Yeon Seok's side announced that they will actively cooperate with the review process to rectify the imposed tax amount.
They expect the initial 7 billion KRW tax bill to be substantially reduced to approximately 3 billion KRW after providing the necessary explanations. His legal team plans to actively address and clarify the issue during the upcoming review process in court. King Kong mentioned in their statement, "We are currently awaiting the tax authority’s final ruling following the pre-assessment review."
As per them, the evasion amount is "not yet a confirmed or finalized decision" and is subject to legal procedures.
The agency stated that Yoo Yeon Seok has consistently demonstrated a commitment to "fulfilling his tax obligations with integrity". They added that he will continue to comply with all relevant laws and procedures, upholding his responsibilities as a citizen.
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