BIR welcomes order stopping collection of Pacquiao's back taxes-A A +A
Thursday, April 24, 2014
A RANKING official of the Bureau of Internal Revenue (BIR) said Thursday they were not disappointed with the Court of Tax Appeals' (CTA) resolution temporarily preventing the agency from collecting over P2 billion in back taxes of boxing icon and Sarangani Representative Manny Pacquiao.
"We are happy with that decision because the interest of the government is amply protected," said BIR Deputy Commissioner Estela Sales, noting that Pacquiao cannot enjoy the reprieve if he will not be able to post either a cash bond of P3.29 billion or a surety bond of P4.95 billion.
The eight-division champion has 10 days to comply with the April 22 resolution of the CTA First Division.
"Failure to post the required cash or surety bond... within 10 days from receipt of this resolution will warrant the setting aside of the suspension of collection of taxes as herein granted," the CTA said.
Pacquiao recently had a courtesy call on President Benigno Aquino III after the boxer reclaimed on April 13 the WBO welterweight title he lost to American Timothy Bradley Jr. in a controversial split decision in June 2012.
The two officials never discussed Pacquiao's supposed tax deficiencies from his fight earnings in the United States in 2008 and 2009.
According to a report by Forbes magazine, the 35-year-old Pacquiao has pocketed more than $300 million since he turned professional in 1995.
He is expected to earn $20 million from his rematch with Bradley, who may scoop a career-high $6 million. (Sunnex)