Actor Yoo Yeon Seok is facing a major setback after being hit with a hefty tax penalty totaling 7 billion KRW (~ $4.8 million USD) due to unpaid income tax. The South Korean star recently underwent a rigorous tax audit conducted by the National Tax Service, resulting in the substantial penalty. The audit focused on his personal entertainment agency, Forever Entertainment, where he holds the position of CEO.

In response to the tax authority's decision, Yoo Yeon Seok has initiated a follow-up tax review, citing discrepancies in the interpretation and application of tax laws. His team is actively working to negotiate and potentially reduce the imposed tax amount.

Meanwhile, Yoo Yeon Seok's management agency, KingKong by Starship, is gearing up to release an official statement addressing the ongoing situation.

This news comes on the heels of actress Honey Lee also facing scrutiny in a recent tax audit, leading to a penalty of 6 billion KRW. Despite the allegations, her team refuted claims of tax evasion and confirmed the full payment of the additional taxes.

Stay tuned for updates as this story continues to unfold.