Actor Yoo Yeon Seok hit with $4.8M tax bill, largest ever for a South Korean celebrity

The National Tax Service had notified Yoo of the tax assessment following an extensive investigation, according to Chosun Biz.

The probe was linked to the establishment of his entertainment agency, Forever Entertainment. In January, the 40-year-old actor requested a pre-tax assessment and plans to dispute the amount. The bill could be significantly reduced to around 3 billion won ($2 million) following clarification.

South Korean actor Yoo Yeon Seok. Photo from Facebook

His agency, KingKong by Starship Entertainment, attributed the tax dispute to differing interpretations of regulations between Yoo’s tax representatives and authorities, The Korea Herald reported.

The agency stated that the assessment has not been finalized and will be contested through legal channels.

Yoo’s tax bill surpasses that of actress Lee Hanee, who was previously fined 6 billion won in additional taxes, the highest penalty ever recorded in South Korea’s entertainment industry at the time.

Born Ahn Yeon-seok in Jinju, South Korea, Yoo comes from a wealthy family. He studied film at Sejong University and made his acting debut in Park Chan-wook’s 2003 film "Oldboy." Yoo rose to fame with "Reply 1994" and "When the Phone Rings."

In 2021, South Korean media estimated his net worth at $10 million. That same year, he purchased a 3.8-billion-won villa in Itaewon, Seoul.

Known for his private lifestyle, Yoo is currently single.