Few days before the boxing rematch of Manny Pacquiao and Timothy Bradley for the World Boxing Organization (WBO) Welterweight belt at the MGM Grand Hotel in Las Vegas, Bureau of Internal Revenue (BIR) Commissioner Kim Henares gave an statement that she hopes that Pacquaio finally learned his lesson in paying tax and will not encounter the same problem that he experienced last 2008 and 2009. This is in connection with what happened to him when the boxer failed to present the documents needed by the BIR that states the payments that Pacquaio made to the US Internal Revenue Service (IRS).
Last 2013 Pacquaio’s bank account was frozen by the BIR after he was found allegedly failed to pay Php 2.1 billion in income taxes in 2008 and 2009. According to Henares that People’s Champ has already settled his value-added taxes, but has yet to pay up for his income taxes.
In connection with Pacquaio’s fight with Bradley on April 12 (April 13 in the Philippines), Henares said that that win or lose, he has to pay 32% of his earnings from the fight to the BIR where as the Filipino boxer will get a guaranteed $20 million for his upcoming rematch. The BIR Commissioner wanted Pacquiao to report in his 2014 income tax return the tax duties he has to pay in the US so that the incident of freezing his bank account will not happen again.
In regards with the statement of Henares, Bob Arum, Manny Pacquaio’s boxing promoter reacted and slammed the BIR Commissioner and said that she ashamed of herself for chasing the Filipino superstar. “You gotta be ashamed to yourself, lady. He is the icon of the Philippines fighting anything that he is required to do there’s no reason why he can’t do next Monday or Tuesday rather than two or three days before one of the biggest fights of his career,” Arum claimed.
