YG Entertainment Gets Fined For Tax Evasion
According to various reports, YG Entertainment has been fined an additional fee following tax investigations.
The Seoul Regional Tax Administration finished their regular tax investigation of YG which started in May. As a result, the agency was fined an additional 3.4 billion won (approximately $3 million). The National Tax Service revealed that they looked into tax evasion regarding YG’s business expansions, foreign branches, and more.
Previously, YG was fined an additional 2.8 billion won (approximately $2.5 million) for employee embezzlement and omitted earnings in 2008.
Last year, YG enjoyed a 23.5 percent increase in earnings with a total sales of 193.1 billion won (approximately $172 million). Their profits amounted to 24 billion won (approximately $21 million) which was a 31.1 percent increase from the year before.