Manny Pacquiao will not pay tax for his fight against with Floyd Mayweather only if he wins. This is the latest announcement from the Bureau of Internal Revenue (BIR). Apparently, the decision was made in the middle of the controversy as to whether he should pay the taxes for this fight or not.
“Yes, the Philippine government has decided to give this rare opportunity to Congressman (Manny) Pacquiao. This is our own little way to show our support to him for his bravery and effort to bring honor to the country.” BIR Commissioner Kim S. Jacinto-Henares told reporters this Monday.
“We understand that this is his biggest fight ever. We expect huge taxes from him win or lose. However, we also know that he shares his blessings not only to his constituents in Sarangani but also elsewhere in our country.” Henares added, noting that the decision was immediately approved by Congress.
Incidentally, the BIR filed a tax evasion case against Pacquiao years back. That time, the alleged “deficiency income and value-added tax” from 2008 to 2009 of the Filipino boxing icon is P2.2 billion, but climbed to P3.2-billion due to penalties and surcharges. The case is still at the Court of Tax Appeals.
Last Friday, Senator Aquilino “Koko” Pimentel III said that he is proposing a tax-free incentive to Manny Pacquiao as a tribute to his unmatched achievements in boxing. Senator Pimentel added that this will also serve as an additional inspiration as he prepares to fight Mayweather on May 2 at MGM Arena.
“Manny being a Filipino promotes the Philippines. The marketing value for the country is priceless. During his training, let us inspire Manny by way of passing a special tax exemption act for this particular fight.” Pimentel said, who is under PDP-Laban, the same political party of Congressman Pacquiao.
“Let’s give him this tax incentive in recognition to his invaluable efforts to promote boxing and the country around the world. Manny is now part of our history and of world sports history.” The senator added, noting that Manny is also known for helping people using his hard-earned money.
Meanwhile, Senator Juan Edgardo “Sonny” Angara lauded the proposal to give Pacquiao a special tax exemption for his upcoming fight. And despite the fact that this will be a loss of revenue for government, the Team PNoy senator said he thinks that this is just a way to recognize Manny’s contribution.
On the other hand, Senator Francis Escudero, chairman of the finance committee, said he is against it. The newlywed senator stressed out that he would rather work for lowering tax rates for low income wage earners. House Speaker Feliciano “Sonny” Belmonte Jr. said he also does not agree with it.
Likewise, actor Robin Padilla agrees with Senator Chiz Escudero and Speaker Belmonte. The Bad Boy of Philippine movies even lambasted Senator Pimentel, and said that Pacquiao should “stay clean of any TRAPOS (traditional politicians) tricks and to fulfill his mission in life without any stain of politics.
“Mr. Senator, Manny Is a Filipino hero, he is our symbol of courage!!! Impossible Dream !!!…So pls pls have mercy on this last remaining excellent Image of a Filipino.” Robin Padilla wrote on his Intagram on Friday, adding that the senator’s proposal is “madness” and a “childish” act.
The Pacquiao vs Mayweather fight is reported to be the richest boxing event of all time, amounting to a whooping $250 million. Floyd Mayweather will receive 60 percent, while the remaining 40 percent will go to the Filipino boxing icon. Pacquiao is set to bring home around $80 million (around P3.2 billion).
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