YG Entertainment is currently undergoing a tax investigation by the National Tax Service (NTS), and according to MBC's 'Newsdesk', the agency is suspected of improperly reporting earnings to minimize tax liability.
YG Entertainment and label head Yang Hyun Suk are alleged to have dodged taxes for artists' overseas performances. 'Newsdesk' revealed the label earned 300 billion Won yearly since 2016, including sales from overseas tours and performances by YGE artists, but the label is reported to have under-reported these earnings. By filing the earnings as individual income by artists rather than as the earnings of the label, YGE is alleged to have minimized their tax liability through illegal means.
Yang Hyun Suk is also reported to have been involved in irregular stock transactions in terms of foreign investments, and over 100 investigators at the NTS are currently looking into the flow of his stock money as well as the source and nature of investments.
Stay tuned for updates.
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I think every agency (at least the bigger ones) should go through regular tax investigation. Just cause YG's happened to come out through the scandals doesn't mean other agencies aren't doing these things
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