SM Entertainment Faces 20.2 Billion KRW Tax Audit Penalty... "Will Pursue Appeal Process"
[Asia Economy Reporter Kang Nahum] SM Entertainment announced on the 5th that it has been imposed a supplementary tax payment of 20,216,670,000 KRW following a tax investigation by the Seoul Regional Tax Office.
This amount corresponds to 3.19% of SM Entertainment's equity capital.
According to industry sources, the 4th Investigation Division of the Seoul Regional Tax Office recently conducted a tax audit on SM Entertainment and its Chief Producer Lee Soo-man. It was an irregular tax investigation, known as a special tax audit, triggered by detected tax evasion suspicions.
The tax authorities reportedly detected signs of corporate fund outflow in transactions between the producer and the corporation.
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SM Entertainment stated, "As a result of the corporate tax audit targeting the years 2015 to 2019 and part of 2020, the corresponding amount was imposed. After receiving the tax payment notice, we plan to pay the supplementary tax by the payment deadline at the end of March and will proceed with appeal procedures thereafter."
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