KINGKONG by STARSHIP Addresses Yoo Yeon Seok Tax Investigation

Yoo Yeon Seok‘s agency is speaking out about the news involving the “When The Phone Rings” actor. KINGKONG by STARSHIP has offered a clarification on the reported tax investigation.

Yoo Yeon Seok’s Agency KINGKONG by STARSHIP Responds to Tax Investigation Reports

On March 14, KINGKONG by STARSHIP officially addressed the ongoing reports regarding a tax investigation involving actor Yoo Yeon Seok.

“This matter arose due to differing interpretations and applications of tax law between our tax representatives and the tax authorities,” the statement read. “We are currently awaiting the tax authority’s final ruling following the pre-assessment review. As this is not yet a confirmed or finalized decision, we plan to actively present our case through the proper legal procedures.”

“The issue stems from the National Tax Service classifying the past five years of revenue from Yoo Yeon Seok’s YouTube content development and production—established as an extension of his entertainment career—as well as additional business and food ventures built upon it, as subject to personal income tax rather than corporate tax,” it continued. “This resulted in personal income tax being levied on earnings that had already been fully reported as corporate income by his tax representatives.”

They added, “Yoo Yeon Seok has always prioritized fulfilling his tax obligations with integrity and will continue to abide by all relevant laws and procedures as a responsible citizen.”

What is Happening with Yoo Yeon Seok and the Tax Investigation?

Earlier in the day, various media outlets reported that the National Tax Service had conducted a detailed tax audit on Yoo Yeon Seok, ultimately notifying him of plans to impose an additional tax fee of approximately 7 billion won (around $4.8 million USD).

The investigation is reportedly linked to the financial operations of Forever Entertainment, an agency founded by Yoo Yeon Seok. Authorities are said to have flagged certain tax concerns related to the company’s establishment, prompting the audit.

In response to the ruling, Yoo Yeon Seok has filed a pre-assessment appeal in January, contesting the tax penalty. His legal representatives have emphasized their commitment to actively clarifying the matter and ensuring that the review process proceeds fairly.

As the case unfolds, KINGKONG by STARSHIP also reassured the public that they would provide updates as more information becomes available.