Pacland's Philippine Boxing Forum

Discussion on boxing and other sports, Filipino greats and anything under the sun.
It is currently Fri Dec 19, 2014 10:20 pm

All times are UTC + 8 hours




Post new topic Reply to topic  [ 122 posts ]  Go to page 1, 2, 3, 4, 5 ... 9  Next
Author Message
PostPosted: Sun Sep 22, 2013 7:51 am 
Offline
Heavyweight
User avatar

Joined: Thu Mar 10, 2005 9:52 am
Posts: 15325
Location: Calgary, Alberta
Damn Pacman might end up poor again if the government succeeds in it tax case against him! :? :shock:

Pacman says P2.2-B tax more than his net worth

Boxing great and Sarangani Congressman Manny Pacquiao has asked the Court of Tax Appeals (CTA) to cancel the more than P2.2 billion deficiency taxes imposed by the Bureau of Internal Revenue (BIR).

The assessment covered the alleged unpaid income tax from his five fights in the United States in 2008 to 2009 as well as the P32 million in deficiency value-added tax (VAT) as endorser of various products.


The solon paid the CTA last August 1 an unprecedented P11 million in filing fee for it to hear the case. His wife, Sarangani Vice Governor Jinkee Pacquiao, was belatedly included by the BIR in the tax assessment.

Through the Romulo Mabanta, Buenaventura, Sayoc, de los Angeles law firm, Pacquiao described the BIR assessment as “arbitrary,” “bloated” and “excessive.”

If required to pay the full assessment, Pacquiao said, he would be returned to his humble beginning because the amount was more than his net worth.

When contacted for comment, BIR legal officials declined to comment saying they have yet to answer the protest through the Office of the Solicitor General.

Pacquiao explained he did not pay income tax for the two-year period because the US Internal Revenue Service (IRS) had already collected the appropriate income tax from his earnings.

He said under the bilateral tax treaty agreement between Manila and Washington he was no longer required to pay the tax here.

The lawmaker cited Article 23 of the treaty which stipulates that income tax paid by Filipinos in the US is creditable against his income tax liability in the Philippines.

But knowledgeable BIR sources said Pacquiao was slapped the huge back taxes because he did not inform the BIR, or apply the tax credits from the US in his tax returns as required by the Tax Code.


Pacquiao fought Juan Manuel Marquez, David Diaz and Oscar de la Hoya in 2008, and Ricky Hatton and Miguel Cotto in 2009.

He said the prize money for the fights totaled to more than $28 million of which the US Internal Revenue Service (IRS) collected $8.4 million, or about P395 million.

What he paid to the BIR, he said, was value-added tax amounting to P12 million to cover the P114 million he earned from endorsing 14 products including Ginebra San Miguel, United Laboratories and Phoenix Petroleum.

He added that he was willing to settle the additional P32 million VAT deficiency assessment for the two-year period, but not the P2.2 billion alleged income tax debts which included interests and surcharges.

Pacquiao argued that tax assessment was void because the BIR tax fraud investigators based it on “best possible sources,” claiming the method has no legal basis.

He accused revenue probers of ignoring the financial reports submitted by his promoter, Top Rank Promotions and other actual transaction documents, relying purely on the so-called “best obtainable evidence rule.”

http://www.tempo.com.ph/2013/09/pacman- ... j4voT9Cqbh

_________________
"Problema non, how much does Boy Abunda earn in a week? How much will his salary be in a year in government? Tapos pag Cabinet position, divest," Aquino said.

- Statement of President Noynoy Aquino on appointing Boy Abunda in his cabinet.


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:17 am 
Offline
Heavyweight
User avatar

Joined: Thu Apr 21, 2011 9:01 am
Posts: 20267
kalokohan from BIR.


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:24 am 
Offline
Cruiserweight
User avatar

Joined: Wed Mar 02, 2005 4:53 pm
Posts: 2308
Location: Makati City
P2.2-B tax more than his net worth
What a joke! BIR now a racketeering agency? :shock:

Even these Filipino tycoons http://www.forbes.com/philippines-billionaires/won't declare and pay taxes that much.

_________________
"I've always had a fascination with the bizarre,
the surreal, the Grand Guignol, the grotesque.
I've always liked imperfections. I never really
wanted to sell perfection."


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:27 am 
Offline
Heavyweight
User avatar

Joined: Thu Mar 10, 2005 9:52 am
Posts: 15325
Location: Calgary, Alberta
After what Pacman has done for the country's honor ito lang pala ang igaganti sa kanya! onli in da Pilipins! :?

_________________
"Problema non, how much does Boy Abunda earn in a week? How much will his salary be in a year in government? Tapos pag Cabinet position, divest," Aquino said.

- Statement of President Noynoy Aquino on appointing Boy Abunda in his cabinet.


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:29 am 
Offline
Cruiserweight
User avatar

Joined: Wed Mar 02, 2005 4:53 pm
Posts: 2308
Location: Makati City
REVAMP the BIR!!!

_________________
"I've always had a fascination with the bizarre,
the surreal, the Grand Guignol, the grotesque.
I've always liked imperfections. I never really
wanted to sell perfection."


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:33 am 
Offline
Light Heavyweight
User avatar

Joined: Tue Aug 06, 2013 9:21 pm
Posts: 1562
I don't believe in Tempo, If Its in ABS ,I will probably believe on it

_________________
----------------------
Sentfrom my Iphone 5


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:34 am 
Offline
Heavyweight
User avatar

Joined: Thu Mar 10, 2005 9:52 am
Posts: 15325
Location: Calgary, Alberta
listerine wrote:
I don't believe in Tempo, If Its in ABS ,I will probably believe on it


Reports about the BIR filing a case against him has been reported on ABS-CBN as well, I'm just not sure if they mentioned the amount or not.

_________________
"Problema non, how much does Boy Abunda earn in a week? How much will his salary be in a year in government? Tapos pag Cabinet position, divest," Aquino said.

- Statement of President Noynoy Aquino on appointing Boy Abunda in his cabinet.


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:37 am 
Offline
Cruiserweight
User avatar

Joined: Wed Mar 02, 2005 4:53 pm
Posts: 2308
Location: Makati City
BIR should scrutinize well all senators and gov't officials who are involved in Napoles scam with their taxable income, property and assets, etc.

_________________
"I've always had a fascination with the bizarre,
the surreal, the Grand Guignol, the grotesque.
I've always liked imperfections. I never really
wanted to sell perfection."


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:41 am 
Offline
Heavyweight
User avatar

Joined: Thu Apr 21, 2011 9:01 am
Posts: 20267
OFWs never informed the BIR nor apply for tax credits.
dikit ka kasi ng dikit kay Gloria e, ayan tuloy napaginitan ka manny :biglaugh:


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:43 am 
Offline
Heavyweight

Joined: Tue May 11, 2004 10:37 am
Posts: 6182
Location: Barrio
Bawal ang double taxation.


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:50 am 
Offline
Heavyweight
User avatar

Joined: Mon Jan 10, 2005 10:56 am
Posts: 19075
Location: Paradise
If he negotiates to a 1/4 of that, it's still some half billion pesos.
There is no bankruptcy protection in the Phil.
Pac is broke. :shock:


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:53 am 
Offline
Heavyweight
User avatar

Joined: Wed Nov 09, 2011 3:26 am
Posts: 5501
Location: Middle East
solution to the problem: migrate to other countries Manny and bring your millions and never to return. Anyway the tax system in the Philippines is a big racket bogus.


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:54 am 
Offline
Cruiserweight
User avatar

Joined: Wed Jul 31, 2013 2:32 pm
Posts: 3922
Location: AWONATION
Another distraction for Manny.


Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:55 am 
Offline
Cruiserweight
User avatar

Joined: Wed Jul 31, 2013 2:32 pm
Posts: 3922
Location: AWONATION
soyamilk wrote:
solution to the problem: migrate to other countries Manny and bring your millions and never to return. Anyway the tax system in the Philippines is a big racket bogus.


Pacquiao, If he is smart. He will migrate....for good!


Last edited by Pan Ops on Sun Sep 22, 2013 8:59 am, edited 1 time in total.

Top
 Profile  
 
PostPosted: Sun Sep 22, 2013 8:57 am 
Offline
Welterweight

Joined: Thu Apr 10, 2008 7:19 am
Posts: 379
Kalokohan yan ng BIR natin. Kung pagiinitan ka ang dami nilang dahilan. Porke ba di sila na inform sisingilin nila uli yan. The government is fair but the BIR is not doing effort to implement this principle. We might as citizens do something to cut these excesses. Somebody has to step up to show evidence. They are being used by the government led by politicians to collect revenues. Saan naman napupunta ang revenues na Ito. Sa mga mamamayan ba?


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 122 posts ]  Go to page 1, 2, 3, 4, 5 ... 9  Next

All times are UTC + 8 hours


Who is online

Users browsing this forum: Baidu [Spider], hightimes and 59 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  

philboxing.com | pinoygreats.com
Powered by phpBB® Forum Software © phpBB Group