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Yoo Yeon Seok's tax evasion amount reduced by 4 billion KRW after re-evaluation; actor pays it in full: Report
Yoo Yeon Seok's agency emphasized that the actor's tax penalties were not due to any intentional tax evasion, and he has paid all due taxes in full. Read to know more.
Yoo Yeon Seok was reported to face the biggest amount of tax penalty among all South Korean celebrities, but the tax evasion amount was reduced after a re-evaluation. Initially, he was notified of a 7 billion KRW tax penalty by the National Tax Service in March 2025. However, following a month-long audit, the penalty was subsequently reduced, as reported by an April 10 report of Allkpop. His agency commented on the issue and also revealed that he paid up the final amount in its entirety.
Previously Yoo Yeon Seok's agency, King Kong by Starship, contested the 7 billion KRW tax penalty, and following a re-evaluation by the National Tax Service, the tax evasion amount was reduced from 7 billion KRW (480,000 USD) to 3 billion KRW (206,000 USD). On the same day, his agency confirmed, "After clarifying different interpretations of existing tax laws, the National Tax Service has recognized that Yoo Yeon Seok may have been subject to double taxation."
Due to the double taxation, the amount was previously calculated to be 3 billion KRW more; however, the When the Phone Rings actor's label notified of a difference in the calculation of the company's tax accountant and the investigative authorities. As per their latest statement, "The amount owed by Yoo Yeon Seok based on the re-evaluation came out to be 3 billion KRW, which the actor paid in full." They also explained the reason for the discrepancies between the previous penalty amount and the reduced one.
As per the label, Yoo Yeon Seok, "Since 2015, Yoo Yeon Seok has developed and produced content on YouTube as an extension of his entertainment activities." Due to this reason, the actor created an agency of his own and faced suspicions regarding financial backing for the same.
The agency stated, "In order to manage his activities on YouTube as well as in other areas like the food service industry, Yoo Yeon Seok established an agency. The National Tax Service initially attempted to impose a personal income tax on earnings from Yoo Yeon Seok's agency rather than a corporate tax, resulting in the high tax penalty," the label revealed.
