National Tax Service Conducts Special Tax Investigation on SM Entertainment
[Asia Economy Reporter Lim Chun-han] Tax authorities are reportedly conducting a special tax audit on SM Entertainment, one of the largest entertainment agencies in South Korea.
According to related industry sources, the 4th Investigation Division of the Seoul Regional Tax Office recently conducted a tax audit on SM Entertainment and Lee Soo-man, the general producer of SM. This tax audit was an irregular tax investigation, known as a special tax audit, triggered by suspicions of tax evasion.
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The 4th Investigation Division of the Seoul Regional Tax Office is a department that investigates tax evasion by large corporations. Tax authorities are said to have detected signs of corporate fund outflow in transactions between the general producer and the corporation. SM Entertainment is one of the leading large-scale entertainment agencies in South Korea, representing artists such as EXO, Red Velvet, and NCT.
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