Actor Yoo Yeon-seok has requested a review of a substantial tax levy imposed by South Korea’s National Tax Service (NTS). The NTS recently informed the actor of a tax payment demand totaling 7 billion won ($4.8 million). This follows a tax audit conducted on his self-established agency, Forever Entertainment, where Yoo serves as CEO.
The tax levy is the largest publicly reported sum imposed on a South Korean celebrity. This follows the case of actress Lee Ha-nee, who admitted to “unintentionally” committing tax evasion worth 6 billion won just last month.
Yoo, however, disputes the audit’s findings and hopes for a reduction in the bill. Reports indicate that he anticipates the final amount could be lowered to 3 billion won after a reevaluation. Yoo’s agency, King Kong by Starship, has confirmed it will issue a statement in the near future.
Interestingly, Yoo’s situation mirrors that of Lee Ha-nee. Like Yoo, Lee’s tax evasion case involved an audit on her self-established agency, TeamHope. Lee’s agency later clarified that the issue arose due to “different interpretations of the law” and confirmed that she had paid the additional amount requested by the NTS.
While Yoo Yeon-seok challenges the results of the audit, his case highlights ongoing scrutiny of celebrities and their financial operations. The NTS is increasing its focus on the self-established agencies of high-profile individuals, which often leads to large-scale audits.
As of now, both Yoo and Lee’s cases reveal the complexities of tax regulations and their application to celebrity-run agencies. The outcome of Yoo’s request for a review could set a significant precedent for future tax-related issues in the entertainment industry.
