In the latest of the stream of controversies seeming to swirl around SM Entertainment lately, it has been revealed that the company was court-ordered to pay the South Korean government a whopping 10 million dollars.
A few months ago, SM’s CEO Lee Soo Man was accused of tax evasion, and the company has made it very clear that this has not occurred. In their official statement, a rep for SM states, ““We paid an additional 10.2 billion won (about 10 million USD) in corporate taxes due to a difference in the foreign tax credit for income made at SM Japan. We have now clearly solved the issue regarding foreign tax credit and tax rates.”
The statement reads on to further defend the company and emphasize that no taxes were evaded in regards to overseas business and income. SM is looking at the situation positively, stating that though tax burdens are imminent for the near future, that this will help them create a more founded global business in the long run.
What do you think of the tax evasion allegations against SM Entertainment? Share your thoughts with us as we watch for the latest news on South Korea’s largest entertainment company.
Edited by: Karolina
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