Lately, Netflix Korea has been in news for encouraging more Korean original content on its streaming website. But the latest news is that the streaming website has been pulled up by the National Tax Service of Korea for not paying the tax which is due. The nation's tax department stated that Netflix is yet to pay millions in tax to the Korean government, to which the streaming website replied that it will appeal the issue for review.
According to [Korean] National Tax Service Netflix is yet to pay $72 Million in tax. The amount is said to also include penalties charged against the streaming website for not submitting required documents for auditing. Reacting to this, Netflix Korea issued an official statement on June 16. The decision to release the statement was taken after the Republic of Korea's National Tax Service released the business's tax audit results.
Netflix Korea Issues Clarification
"Netflix underwent the National Tax Service's audit diligently. We plan on submitting an appeal in order to reinvestigate the Service's report through additional legal proceedings," the statement of the streaming website said.
Reports claim that Netflix Korea had pledged $500 Million, which amounts of 550 Billion Korean Won towards creating more Korean content in 2021 alone. The huge investment came in as a result of growing popularity of South Korean TV series [dramas] and movies not only in South Korea but also in the entire Asia.
Reports also stated that Netflix started streaming South Korean content in 2016 and has already invested 700 million on local content. The streaming website has already created 80 original series and films in South Korea. It was revealed that [by the end of 2020] Netflix had 3.8 million paid subscriptions in South Korea alone.
Mint reported that South Korea is Netflix's third-biggest market in Asia by sales, after Australia and Japan. South Korea accounted for 15 percent of Netflix's revenue from the Asia Pacific region in 2020 and the share is predicted to expand to 17 percent in 2021, stated Media Partners Asia speaking to Mint.
Netflix's Korean Content
The popular Netflix original dramas and shows include, All of Us Are Dead, Busted!, D.P., Extracurricular, Hellbound, Kingdom, Larva, Love Alarm, Move to Heaven, My First First Love, My Holo Love, My Only Love Song, Persona, The School Nurse Files, The Silent Sea, So Not Worth It, The Sound of Magic, Sweet Home , Twogether, and YG Future Strategy Office.
It can also be noted that popular Korean movies including Song Joong Ki and Kim Tae Ri starrer Space Sweepers, Park Shin Hye and Yoo Ah In starrer #ALIVE, Park Shin Hye starrer The Call, Jung Hae In and Kim Go Eun starrer Tune In For Love are available on the streaming website Netflix.