Pacquiao could face two years in prison over alleged tax discrepancies

[Roman Moreno]

Philippine tax officials have filed a criminal complaint against boxing champion and lawmaker Manny Pacquiao for failure to submit documents to investigators looking into his tax returns.

Prosecutors will now decide if there is enough evidence to bring the case to court, where Pacquiao could face up to two years in jail if convicted.

Bureau of Internal Revenue regional director Rozil Lozares says a complaint was filed March 1 after Pacquiao failed to submit the documents despite three notices and a subpoena.

He said Thursday that Pacquiao's 2010 tax return contained "discrepancies" considering his many businesses and endorsements.

Pacquiao was ranked by Forbes magazine last year as the world's 24th richest athlete.

Calls to Pacquiao's office went unanswered.

http://abcnews.go.com/International/...3#.T1iVE_lIlNM

Remember how many people made fun of Floyd when he had tax problems? Well here you go. Seems like someone might very well be having money issues, even with all those endorsements It happens...

That 40mil doesn't sound so bad now eh?

[Kagami Taiga]

http://abcnews.go.com/International/...3#.T1iVE_lIlNM

Remember how many people made fun of Floyd when he had tax problems? Well here you go. Seems like someone might very well be having money issues, even with all those endorsements It happens...

That 40mil doesn't sound so bad now eh?

please dont encourage these idiots....

[Mr.0pal]

i love it :wank:

[k1llu]

pactared were made to be owned lol floyd and manny have more lifestyle similarity than most people think.

[Roman Moreno]

please dont encourage these idiots....

You know who I am. And, you know I'm a Pacquiao guy. I'm a fan, but I found this pretty funny. I wonder what the other douches like Puga, The Prince, and posters of that ilk will say about this.

[Roman Moreno]

pactared were made to be owned lol floyd and manny have more lifestyle similarity than most people think.

That is true, they are alike in many ways. And, another thing, their fans are alike as well. They make the same excuses, they're just as ******ed, they're have a lot in common with each other as well.

[Discipline]

As a Floyd fan, but boxing fan first, I hate to see things like these happen to fighters.

[BuckToothed]

Tax evasion in the Philippines is punishable by 6 years of Presidency...

IRS > BIR

[Mr. Philadel]

Manny is a boss....the courts will get the papers when he feels like showing them lol....TAXES SUCK!!!!....I'm anti-taxes...just because its the law don't mean its right...again TAXES SUCK!!!

with that said @ the dudes who ish on Floyd everyday all day

[Jam Jars]

MANILA, Philippines - Bureau of Internal Revenue commissioner Kim Henares explained Thursday that the bureau was forced to sue Sarangani Rep. and boxing champ Manny Pacquiao because he continued to ignore the BIR's requests for copies of his contracts.

Speaking to radio dzMM, Henares said Pacquiao's tax payments dropped from over P100 million in 2008 to only P7 million in 2009.

She said Atty. Rozil Lozares of BIR District 18 sued Pacquiao for violation of Article 266 of the National Internal Revenue Code because the boxing champ continued to ignore the BIR's requests for his contracts.

"We haven't reached to the point that he is evading taxes. We are asking him for copies of his contracts to different companies, which he has not given or has refused to give," she said.

The BIR wants to investigate 33 tax records, including Pacquiao’s annual income tax return in 2010, his book of accounts, list of assets, as well as his earnings from his fights against Antonio Margarito and Joshua Clottey.

The agency also asked Pacquiao to produce 29 copies of his contracts for endorsements, including endorsements with Ricoa, Pagcor, and PLDT.

Henares said the BIR has already stopped giving awards to the country's top taxpayers "because paying a large amount does not necessarily mean you are paying the correct amount."