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Arum's Statement on Manny Pacquiao's Tax Issues - Boxing News
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 Last update:  11/26/2013       Read more by Top Rank         
   
Arum's Statement on Manny Pacquiao's Tax Issues
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LAS VEGAS, NEV—Hall of Fame promoter Bob Arum issued the following statement regarding reports that Philippine authorities have questioned Manny Pacquiao's payment of taxes:

“Filipino authorities confirmed that Manny is not required to pay double tax. If Manny paid U.S. taxes for fights and endorsements that occurred on U.S. soil, he is not required to pay double taxes in the Philippines.

"For each of Manny’s fights that occurred in the United States, including those in 2008 and 2009, Top Rank withheld 30% of Manny's purses and paid those monies directly to the Internal Revenue Service (IRS) via Electronic Funds Transfer (EFT). Top Rank has deposit confirmations for each payment. Top Rank has done the same for all U.S. endorsements it has facilitated on Manny's behalf.

"Top Rank submitted copies of the EFT deposit acknowledgements to the Bureau of Internal Revenue (BIR) as proof of payment. The BIR received the documents but directed Manny to obtain “certified” documents directly from the IRS itself.

"As I am sure people appreciate, obtaining certified copies of documents from the IRS takes time. Manny made the formal request to the IRS and we have every expectation that the necessary documents will be furnished to the BIR very soon."

Tags: Manny Pacquiao , Bob Arum


 

 User Comments and Feedback (must register to comment)

comment by FrankieBruno, on 11-27-2013
[QUOTE=Trudoe]I don't doubt for a second that Manny has lots of $$$$$$ safely put away for his family. He seems like that sort of person to take the extra precaution to ensure his family's safety. I highly doubt Pacman is "broke" regardless of what his bank account says. My bank account says i...

comment by Trudoe, on 11-27-2013
I don't doubt for a second that Manny has lots of $$$$$$ safely put away for his family. He seems like that sort of person to take the extra precaution to ensure his family's safety. I highly doubt Pacman is "broke" regardless of what his bank account says. My bank account says im just getting...

comment by Mike_Tyson23, on 11-27-2013
Bob Arum is the Vince Mcmahon of pro boxing. He screwed Pacquiao.

comment by WatchForTheHook, on 11-27-2013
for Pac sake I hope he wins this case...No man should work so hard, to have everything taken away from them.... its like Bob is Don King And Pac is Mike Tyson all Over again!!! all these Pacboys talking about he have millions stashed away.... Im sure Tyson Fans thought the same. and Cou...

comment by PureRussia, on 11-27-2013
Pac is dumb, when he signed for GB when he was with TR, I thought OK... Now I don't think he will ever leave TR since that incident.

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