FILIPINO IRS SAYS BOB ARUM SCREWED MANNY PACQUIAO

December 30th, 2013 By RingTalk

Manny Pacquiao

Manny Pacquiao

FILIPINO TAX EXPERTS FINGER BOB ARUM!
Bob Arum

Bob Arum

Manila, Philippines – Tax experts and veteran officials from the Bureau of Internal Revenue (BIR) opined yesterday that it is not the duty of boxing icon Manny Pacquiao to file and pay income tax in the United States out of his earnings from boxing there. They said that responsibility lies with his promoter, Top Rank Promotions owned by Bob Arum, under the US withholding tax system upon which the withholding tax system provision in the Internal Revenue Code (NIRC) of the Philippines was copied.

The tax experts said that under the scheme, Pacquiao gets his cash prize net of tax and that the same formula is applied when Pacquiao receives his pay for endorsing commercial products and his share from the pay-per view proceeds of his boxing fights. In case of deficits in the payment of the final withholding tax, they said Bob Arum’s obligation is to remit the deficiency to the Internal Revenue Service (IRS) of the US and later he should ask Pacquiao to reimburse it because he is considered a non-resident alien.


They said, however, it would be a different issue if Pacquiao is a holder of a dual citizenship and engaged in business or trade in the US. The tax experts issued the comment following news reports that the IRS is going after Pacquiao for the unpaid taxes out of his boxing matches in the US although his camp denied the report.
They said Pacquiao’s situation could be likened to international artists performing in the country.
They said tax liabilities of Madonna, Justin Bieber and other foreign singers who visited the country were paid by their local organizers like Ovation Productions and not by the entertainers themselves.

By JUN RAMIREZ

COMMENTS

  1. How many millions does Bob need? must have more than $100 million.Please ,dont pickpocket your fighters.How many RICH retired boxers are there? Nice idea to make a list.L Holmes,Marvin Hagler,Brian Mitchell ,Juan Diaz and Ray Leonard etc.

    one eye on January 1st, 2014 at 8:30 AM

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