[Sports Chosun Reporter Lee Yuna] National MC Yoo Jae-suk has a reason why he has never been involved in a tax evasion controversy in the 34 years since his debut.
On the tax-saving TV channel, managed by professional tax experts, the real reason why Yoo Jae-suk has never been caught in a high-intensity tax audit was revealed.
Tax accountant Yun Nagyeom explained, “Typically, entertainers report taxes as sole proprietors, organizing all income and expenses with the help of hired accountants, which helps reduce taxes but is complex. The second method is standard expense rate reporting, which is simpler but results in paying more taxes as it only reflects a state-determined rate. Yoo Jae-suk opted for the latter, unlike most entertainers, who use a standard expense rate method of 8.8%. For instance, if he earned 10 billion won and saved taxes through bookkeeping, he would pay about 2.7 billion won in taxes. However, using Yoo Jae-suk’s method, he would pay 4.1 billion won, essentially paying an additional 1.4 billion won.”
The reason Yoo Jae-suk chose the standard expense rate method is “to block any tax controversies as a national MC and to enhance trustworthiness. It also saves time and energy, allowing him to focus on broadcasting without the stress of bookkeeping and receipt management. Moreover, it eliminates the risk of tax audits.”
In conclusion, “Yoo Jae-suk is an exceptional case of choosing trust over money. He believes that in the long term, image and trust hold greater value. This is an example of practicing noblesse oblige and a responsible choice fitting of a national MC.”
Tax accountant Yun noted, “Usually entertainers treat personal expenses as business expenses or hire family members to reduce and falsely report their income. The fact that Yoo Jae-suk has never been caught in a tax audit means he never engaged in such practices. From a tax expert’s perspective, there is not only no extra tax that Yoo Jae-suk needs to pay, but he might even deserve a refund.”