After a reevaluation by the National Tax Service, actor Yoo Yeon Seok's tax penalty has been reduced from 7 billion KRW (~ $480,000 USD) to 3 billion KRW (~ $206,000 USD).

On April 10 KST, Yoo Yeon Seok's label KingKong by Starship confirmed, "After clarifying different interpretations of existing tax laws, the National Tax Service has recognized that Yoo Yeon Seok may have been subject to double taxation. The amount owed by Yoo Yeon Seok based on the reevaluation came out to be 3 billion KRW, which the actor paid in full."

KinKong further explained, "Since 2015, Yoo Yeon Seok has developed and produced content on YouTube as an extension of his entertainment activities. In order to manage his activities on YouTube as well in other areas like the food service industry, Yoo Yeon Seok established an agency. The National Tax Service initially attempted to impose a personal income tax on earnings from Yoo Yeon Seok's agency rather than corporate tax, resulting in the high tax penalty."

The label emphasized once again that Yoo Yeon Seok's tax penalties were not imposed due to any account of tax evasion, and that the actor paid all due taxes in full. 

SEE ALSO: Yoo Yeon Seok's agency responds to 7 billion KRW (~.3 million) tax evasion allegation