This past Wednesday The Bureau of Internal Revenue in the Philippines demanded that boxing great Manny Pacquiao pay a $50 million tax bill or risk having his assets seized. The Philippines Authorities claim that the boxer never proved that he paid taxes in 2008-2009, and owed the $50 million in back taxes as of last July. The national hero has refused to pay the $50 million and vowed to take the fight to court.
International Business Times Reports:
Manny Pacquiao is one of the most successful boxers of the last decade, but a new report claims that the 34-year-old is broke.
Pacquiao, who moonlights as a politician in the Philippines, reportedly sought to provide aid to the victims of Typhoon Haiyan, a massive storm that devastated entire villages. However, the welterweight revealed on Tuesday that he had to borrow money to support his efforts because the Bureau of Internal Revenue in the Philippines has frozen all of his bank accounts on suspicion of tax evasion, the Associated Press reports.
The Bureau of Internal Revenue claims that Pacquiao has yet to prove that he paid taxes in 2008-2009 and owed 2.2 billion pesos in back taxes as of July—an amount equivalent to $50 million, AP reports. With his bank accounts frozen, Pacquiao told reporters that he borrowed more than 1 million pesos, or $22,700, to provide aid to those affected by Haiyan.
Pacquiao also claims that he paid taxes to the United States after his fights against Ricky Hatton and Oscar de la Hoya, and noted that a treaty between the United States and the Philippines prevents him from being subjected to double taxation. Furthermore, he suggests that he would have been arrested in the United States if he hadn’t paid his taxes, and he implored the Bureau of Internal Revenue to remove the blocks on his accounts.
