MANILA, Philippines – Hall of Fame promoter Bob Arum has assured the Bureau of Internal Revenue that Manny “Pacman” Pacquiao’s taxes have already paid for in the Internal Revenue Services following the boxer’s tax issues in the country.
“Filipino authorities confirmed that Manny is not required to pay double tax,” Arum said in a statement published in fightnews.com. “If Manny paid United States taxes for fights and endorsement that occurred on U.S. soil, he is not required to pay double taxes in the Philippines.”
This followed after the BIR issued a warrant of “distraint” early this year against the Fighting Congressman after it said he failed to remit taxes amounting to P2.2 billion to the government of his earnings stemming from 2008 and 2009.
According to Arum, Top Rank withheld 30% of Pacquiao’s purses and paid those sums directly to the IRS including the boxer’s fights that happened in the U.S. in 2008 and 2009.
“Top Rank has deposit confirmations for each payment,” said Arum whose promotions company made the payments through Electronic Funds Transfer (EFT). “Top Rank has done the same for all U.S. endorsements it has facilitated on Manny’s behalf.”
Arum added that the Top Rank has submitted copies of the EFT deposit acknowledgements to the BIR as proof of the payment.
“The BIR received the documents but directed Manny to obtain ‘certified’ documents directly from the IRS itself.”
Arum said that obtaining the copies of the documents from IRS takes a lengthy process, nonetheless, the promoter said that the eight-division world champion made the formal request to the IRS and expects that the documents will be furnished to the BIR “very soon.”
source: sports.inquirer.net
