MANILA: Philippines Colleagues of boxing champion Manny Pacquiao at the House of Representatives have backed a proposal to exempt his earnings from his May 2 fight with American Floyd Mayweather from income tax.
“It is but fitting that we should give him something that would inspire him, like exempting his earnings from this fight from taxation,” they said. Batocabe said Pacquiao’s fights have a unifying effect on the Filipino people. “Like his previous fights, this one will again unite all of us Filipinos, including the NPA (New People’s Army), the MILF (Moro Islamic Liberation Front) and even the BIFF (Bangsamoro Islamic Freedom Fighters),” he said. Rep. Nicanor Briones of Agap said: “Our living hero must be tax exempt. He gives glory to our country.” Sen. Aquilino Pimentel III had proposed the tax exemption as a “fitting tribute” to Pacquiao.
Internal Revenue Commissioner Kim Henares has urged Pacquiao to promptly pay taxes on his May 2 earnings, which are projected to reach at least $120 million (more than P5.2 billion). Other House colleagues of Pacquiao are against Pimentel’s proposal. Rep. Carol Jane Lopez of You Against Corruption and Poverty said while the idea is “laudable,” she does not think Pacquiao wants special treatment through a tax incentive to the exclusion of other taxpayers. “I’m sure that Manny wants to pay his taxes,” she said. “It’s his way of helping the country. We can pay tribute to him in some other way.”
