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Tax agency slaps 1 bln won in tax on 7 YouTube content creators

All Headlines 09:58 October 10, 2019

SEJONG, Oct. 10 (Yonhap) -- South Korea's tax agency has slapped 1 billion won (US$833,000) in taxes on seven YouTube content creators in the first known crackdown on tax evasion by such people, a ruling party lawmaker said Thursday.

Citing monthslong probes by the National Tax Service, Kim Chung-woo, a lawmaker of the ruling Democratic Party said the content creators earned a combined 4.5 billion won, but they did not report their incomes to the tax agency.

It is the first time that the incomes of highly paid YouTube content creators and the amount of tax they have evaded has become public.

The tax agency is struggling to find the exact amount of income made by individual content creators who upload videos to the online video-sharing platform.

Currently, South Korea can get access to information on remittances worth more than US$10,000 per year from foreign countries, creating a possible loophole for tax evasion in the case of a content creator receiving money in someone else's name.

Some have called for lowering the ceiling to prevent tax evasion, but the finance ministry remains cautious on the issue.

Tax agency slaps 1 bln won in tax on 7 YouTube content creators - 1

entropy@yna.co.kr
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