National Tax Service Launches Investigation On YG For Tax Evasion Suspicions

Updated March 20 KST:

YG Entertainment has responded to reports of the company receiving a tax investigation.

On March 20, the company commented, “We will cooperate diligently with the tax investigation from the National Tax Service.”

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Original Article:

YG Entertainment is undergoing a special tax investigation.

Earlier in the month, it was revealed that Yang Hyun Suk and his brother reportedly own Love Signal, a club being suspected of tax evasion.

Previously on March 18, YG Entertainment said that the company has not received a notice of a tax audit.

However on March 20, the National Tax Service sent investigators to YG Entertainment’s headquarters in Mapo District, Seoul to retrieve tax-related documents. It has been reported that almost 100 investigators were present on scene.

YG Entertainment previously received a regular tax investigation, which is normally held every five years, in 2016. This new investigation is a special tax investigation led by the 4th Investigation Bureau of the National Tax Service Seoul Regional Office.

This investigation is not limited to the finance-related departments but involves a wide range of departments such as performance and marketing.

Stay tuned for more details.

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