In a significant turn of events, beloved actor Yoo Yeon Seok has had his hefty tax penalty reduced from a staggering 7 billion KRW (approximately $480,000 USD) to 3 billion KRW (around $206,000 USD) following a careful reevaluation by the National Tax Service.

On April 10 KST, his agency, KingKong by Starship, officially announced the good news. They revealed that after clear discussions regarding varying interpretations of tax laws, the National Tax Service acknowledged that Yoo Yeon Seok might have faced double taxation.

This adjustment comes as Yoo Yeon Seok actively ventured into the YouTube space and explored other entrepreneurial avenues since 2015, including the food service industry. To streamline these additional projects, he established his own agency, which inadvertently led to complications with tax classifications.

Initially, the tax authorities sought to levy personal income taxes on the agency's earnings rather than appropriate corporate taxes, resulting in a shocking tax obligation. However, the actor has assured fans and followers that he has settled all outstanding dues.

In a statement, KingKong reiterated that Yoo Yeon Seok was not found guilty of any tax evasion, clearing the air surrounding his tax situation.

Fans can now breathe a sigh of relief as their favorite star continues to shine, focusing on his craft rather than tax woes!