Actor Yoo Yeon-seok Successfully Reduces Tax Burden After Dispute 💰

Actor Yoo Yeon-seok, who had previously faced a tax levy of approximately ₩7 billion KRW (approximately $5.1 million USD) from tax authorities, has successfully reduced the assessed amount following a pre-tax review. The dispute centered around differing interpretations of tax laws.

Yoo Yeon-seok’s agency, King Kong by Starship, released an official statement clarifying the situation:

“Following a thorough appeal process and active cooperation, we were able to demonstrate that the initial tax assessment involved double taxation. As a result, the final tax amount was recalculated. After deducting already paid corporate and value-added taxes, the actual amount paid by Yoo Yeon-seok was approximately ₩3 billion KRW (approximately $2.2 million USD), which has been fully paid.”

The agency emphasized that the tax issue stemmed from a difference in interpretation of tax laws, not from any intention to evade taxes. According to the agency, Yoo Yeon-seok established a corporation in 2015 to develop YouTube content and engage in supplementary businesses and restaurant ventures. The dispute arose when the tax authorities classified these activities as subject to individual income tax rather than corporate tax. The agency is preparing for further appeals and legal procedures regarding this classification.

King Kong by Starship affirmed Yoo Yeon-seok’s commitment to fulfilling his obligations as a responsible citizen, stating that he will continue to comply with all relevant laws and procedures. The initial report by CBS Nocut News indicated that the National Tax Service conducted an extensive tax audit of Yoo Yeon-seok, leading to the initial tax levy of ₩7 billion KRW. The tax authorities focused on potential issues related to his entertainment agency, Forever Entertainment.

Yoo Yeon-seok’s side maintained that the issue was due to differing interpretations of tax laws between their tax representatives and the tax authorities. The actor underwent a pre-tax review process to address the discrepancies.

This situation highlights the complexities of tax law interpretation and the importance of seeking professional guidance. 💼

Key points:

• Initial tax levy: ₩7 billion KRW
• Final tax paid: Approximately ₩3 billion KRW
• Reason for reduction: Double taxation recognized
• Dispute origin: Difference in interpretation of tax laws

Understanding Korean Currency (KRW):

₩ (Korean Won) is the currency of South Korea. The exchange rate fluctuates, but as of today, ₩1,000 KRW is roughly equivalent to $0.73 USD.🇰🇷