MANILA: Philippines Bureau of Internal Revenue has reminded Manny Pacquiao to properly pay his taxes following his coming mega-fight with Floyd Mayweather, a lawmaker believes the popular Filipino world champion should be given a special tax exemption.
Senator Aquilino “Koko” Pimentel III on Friday said he is filing a bill to grant the tax privilege to Pacquiao. “Manny, being a Filipino, promotes the Philippines,” said Pimentel, and “the marketing value for the country is priceless.” A special tax exemption, he therefore said, is justifiable and worth it.
On May 2 Pacquiao will put his World Boxing Organization title on the line against undefeated WBA and WBC champ Mayweather. The mega-fight is worth anywhere from $250 million to $400 million, experts say. Pimentel said Pacquiao needs all the support and inspiration he can get from Filipinos. “During his training, let us inspire Manny by way of passing a special tax exemption act for this particular fight. Anyway, we are not blind that a substantial part of his boxing proceeds goes to the people through Manny’s helping hand,” the senator said. “Manny is now part of our history and of world sports history. Let’s give him this tax incentive in recognition to his invaluable efforts to promote boxing and the country around the world.”
Boxing fans had wanted to see the fight as early as 2009, but it did not materialize until only recently when Mayweather finally agreed to tangle with the Filipino, who has a 57-5-2 win-loss-draw record. Last Thursday, Bureau of Internal Revenue commissioner Kim Henares reminded Pacquiao to accurately report to the BIR the taxes he will be paying the United States Internal Revenue Service (IRS). Pacquiao has been dogged by unsettled tax obligations with the BIR. The boxing champ claimed that he had settled his taxes with the IRS, but the BIR says he nonetheless failed to report the same to the Philippines, as he is still required to do as a Filipino citizen.
