Superstar boxer Manny Pacquiao is confirmed to be the Philippines' top tax payer. The eight-division world champs earnings topped the government records making him the country's number one taxpayer in 2014.
In a report by The Bangkok Post, the champion fighter topped the Philippines' Bureau of Internal Revenue list of individual taxpayers for 2013 with PhP 163.83 million in taxes paid.
The boxer-turned-politician was 64 per cent higher than the individual who grabbed the number two spot but BIR chief Kim Henares says the Congressman still has a pending case over non-payment of taxes from previous years.
"[The case] is still ongoing. No, he has not settled. Being a top taxpayer ... does not mean he paid the correct taxes. The two [issues] are not synonymous," explained Henares through a a statement to AFP.
The charges stem from Manny's income generated in 2008 and 2009, which according to the BIR has yet to be settled. The BIR's tax case places a PhP 2.2 billion tax liability on the boxing icon for unpaid taxes during the mentioned years.
Pacquiao has previously explained that he paid taxes in the United States, where the fight took place, and due to the countries' agreement on double taxation, shouldn't be required to pay a second time in the Philippines.
The site noted that the BIR maintains that Pacquiao didn't provide the proper documentation to prove his tax payments thus still owes the Republic -- which has a higher rate of taxation.
Special Tax Exemption Proposed
While Pacquiao continue to battle the case against him, good news is on the horizon.
In line with the May 2 fight between Pacquiao and undefeated American boxer Floyd Mayweather Jr., Senator Aquilino "Koko" Pimentel is proposing a bill that provide a special tax exemption for his upcoming big ticket match
According to the GMA Network, Manny's role in marketing the country will give the fighter a fitting tribute and incentive to bring home a win.
"Manny being a Filipino promotes the Philippines. The marketing value for the country is priceless," he said. Pimentel said Pacquiao, an eight-division world champion, needs all the support and inspiration he could get during his training for the fight, which took more than five years in the making. "Manny being a Filipino promotes the Philippines. The marketing value for the country is priceless," he said in a statement. "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," he added.
Pacquiao is putting up his World Boxing Organization title on the line as he faces Mayweather Jr., on May 2 at Las Vegas' MGM Grand. The fight is expected to be the single biggest sporting event in history.
