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On March 14, 2024, CBS No Cut News reported that Actor Yoo Yeon-seok has been hit with a 7 billion KRW (approximately USD 4.8 million) tax penalty after an intensive audit done by South Korea's National Tax Service. The audit examined financial records from his personal entertainment company, Forever Entertainment, and found discrepancies in how his income was reported.
Authorities determined that earnings from certain business ventures, including YouTube content production and restaurant operations, were taxed as personal income rather than corporate revenue. The tax authorities recently notified the actor of the penalty.
They also stated issues with tax classification over the past five years. Reports suggest that Yoo Yeon-seok was dissatisfied with the ruling and filed a request for a pre-taxation suitability review.
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This legal process allows taxpayers to contest tax assessments before they are finalized. His team is currently working to provide further clarification and potentially reduce the imposed tax amount.
The case has drawn significant attention, particularly as celebrity tax audits have become a major topic in South Korea. Just recently, actress Lee Ha-nee was also subjected to a tax investigation and fined 6 billion KRW. However, her agency clarified that the issue stemmed from differences in legal interpretation rather than deliberate tax evasion.
Yoo Yeon-seok’s agency releases statement to clarify tax dispute
As the reports of the tax penalty went around, Yoo Yeon-seok’s agency, King Kong by Starship, issued an official statement addressing the controversy. The agency explained that the issue arose due to a difference in interpretation between Yoo’s tax representatives and the National Tax Service.
They clarified that the authorities classified income from Forever Entertainment and related projects as personal earnings, while Yoo’s team had previously reported them under corporate tax guidelines.
"This issue arose from differences of opinion regarding the interpretation and application of tax laws between his tax agent and the tax authorities, and is currently awaiting notification from the tax authorities after a pre-tax suitability review," they said.
They added:
"It has not yet been finalized or notified, and we plan to actively explain any issues related to the interpretation and application of the law in accordance with due process."
The agency also emphasized that the matter is not finalized yet and is currently under review. They also stated that Yoo Yeon-seok has always fulfilled his tax obligations as a priority and will also cooperate with legal procedures so that the matter can be solved.
"Actor Yoo Yeon-seok has always made faithful tax payment obligations his top priority, and as a citizen, he will continue to thoroughly comply with relevant laws and procedures and fulfill his responsibilities," they said.
As for his profession, Yoo Yeon-seok is set to star in the upcoming SBS drama God and Law Firm, scheduled for release in the second half of 2025.
