Kwon Sang Woo Pays 1 Billion Won Penalty To National Tax Service + Agency Denies Rumors Of Tax Evasion

Mar 1, 2023

Kwon Sang Woo has paid a penalty of 1 billion won (approximately $768,238) to the National Tax Service.

Earlier this week, it was reported that Kwon Sang Woo and his agency Su Company had recently undergone an irregular (special) tax audit by the National Tax Service. According to the report, Kwon Sang Woo was suspected of attempting to evade taxes by purchasing five luxury cars—including a Maybach, a Ferrari, and a Rolls Royce—through a corporation he’d established.

Kwon Sang Woo was also reportedly suspected of having attempted to evade taxes by purchasing a 28 billion won (approximately $25 million at the time) building through his company, instead of in his own name, back in 2018.

On March 1, Su Company announced that Kwon Sang Woo had paid a 1 billion won penalty and explained, “The tax authorities requested an explanation of the recognition period for profits and losses, and because there was a discrepancy for part of the recognition period, we filed an amended return and voluntarily paid [the penalty].”

The agency also denied that any tax evasion had taken place, stating, “There was no omission or tax evasion. We simply made an amendment because payment and refunds were issued at the same time.”

Source: Soompi