Accordingly, Shinhan Bank suddenly hid all content related to him on official platforms, amidst the context that the male artist was suspected of tax evasion of more than 20 billion won.
Shinhan Bank has transferred all videos and posts featuring Cha Eun Woo on YouTube channels and social media accounts to private mode. Currently, users only see notifications such as "This video is not usable" or "This is private video". Although the bank has not given an official reason, this move took place immediately after Cha Eun Woo was accused of tax evasion, causing public opinion to believe that this is a direct consequence of the incident.
According to information from South Korean media, last year, Investigation Bureau No. 4 of the Seoul Department of Taxation conducted an investigation into Cha Eun Woo on suspicion of tax evasion through a one-member company established by his mother. After the inspection process, the tax authority announced a request for him to pay an additional 20 billion won in income tax - which is considered the highest tax arrears ever applied to a celebrity in South Korea.
Cha Eun Woo operates entertainment through Fantagio, the official management company, and also signs service contracts with the company founded by his mother. Accordingly, income from artistic activities is shared with Fantagio, the family company and the male artist himself. However, the National Tax Department believes that this company is actually a "ghost company", not providing real services, but only established for the purpose of tax reduction.
Specifically, functional agencies suspect that Cha Eun Woo and his mother used this model to subdivide income, thereby applying a corporate tax rate about 20 percentage points lower than personal income tax, which could be up to 45%.
Before the wave of criticism, Fantagio responded: "The core issue is whether the company founded by Cha Eun Woo's mother is eligible to be a legal taxable entity or not. This issue has not been finally confirmed or officially evaluated. We will proactively present our views through legal procedures related to the interpretation and application of the law.
Fantagio also affirmed that the male artist and the tax representative team will fully cooperate with functional agencies to clarify the case soon. However, in the context that the suspicion has not been definitively resolved, Cha Eun Woo's image and advertising career are clearly affected, as major brands are starting to take steps to "keep the gap" with this top male idol.
