The Seoul Regional Tax Administration finished their regular tax investigation of YG which started in May. As a result, the agency was fined an additional 3.4 billion won (approximately $3 million). The National Tax Service revealed that they looked into tax evasion regarding YG’s business expansions, foreign branches, and more.
Previously, YG was fined an additional 2.8 billion won (approximately $2.5 million) for employee embezzlement and omitted earnings in 2008.
Last year, YG enjoyed a 23.5 percent increase in earnings with a total sales of 193.1 billion won (approximately $172 million). Their profits amounted to 24 billion won (approximately $21 million) which was a 31.1 percent increase from the year before.