In a formal announcement, Yoo Yeon Seok's agency has responded to the buzz surrounding a tax investigation involving the esteemed actor. Earlier today, news broke that the National Tax Service had conducted a rigorous tax audit on Yoo Yeon Seok and had recently apprised him of its intention to impose an additional tax bill amounting to approximately 7 billion won, the equivalent of roughly $4.8 million.
This audit, as rumored, stems from tax-related queries concerning Forever Entertainment, an agency founded by Yoo Yeon Seok himself. According to the report, Yoo Yeon Seok has challenged the tax ruling and filed a pre-assessment appeal in January, with his legal advisors expressing their commitment to actively clarify the matter during the review process, aiming to rectify the imposed tax sum.
On March 14th, KINGKONG by STARSHIP, Yoo Yeon Seok's agency, issued an official statement addressing the unfolding situation with clarity: This dispute has arisen due to differing interpretations and applications of tax law between our tax representatives and the tax authorities. We are currently awaiting the tax authority's definitive ruling subsequent to the pre-assessment review. As this remains an unconfirmed and unfinalized decision, we intend to vigorously present our case through appropriate legal channels.
At the heart of this issue lies the National Tax Service's classification of the revenue generated over the past five years from Yoo Yeon Seok's YouTube content development and production endeavors—ventures established as an extension of his flourishing entertainment career, along with additional businesses and culinary pursuits built upon this foundation—as subject to personal income tax rather than corporate tax. Consequently, earnings that had already been exhaustively reported as corporate income by his tax representatives were now being subjected to personal income tax.
Throughout this ordeal, Yoo Yeon Seok has consistently prioritized fulfilling his tax obligations with unwavering integrity and remains committed to adhering to all pertinent laws and procedures as a responsible citizen.
