(August 20, 2014)—The Philippine Supreme Court issued
a Temporary Restraining Order (TRO) to stop the enforcement of the Court of Tax
Appeals (CTA) ruling which ordered Saranggani Congressman Manny Pacquiao and
his wife Jinkee to post a cash bond in the amount of P3,298,514,894.35
(US$74.9 Million) or a surety bond in the amount of P4,947,772,341.53
(US$112.4 Million), as a condition for suspending the collection of alleged
deficiency 2008 and 2009 income tax and value added tax by the Bureau of
Internal Revenue while their appeal is still being heard.
(First Division) was further ordered to proceed with CTA Case No. 8683 with
TRO is attached.
Supreme Court likewise enjoined the BIR from issuing, executing, enforcing,
implementing, or otherwise giving effect to any Warrant of Distraint and/or
Levy, Warrants of Garnishment, and Notice of Tax Lien, and from attempting to
collect any tax on the basis of the deficiency income tax and VAT assessments
against petitioners for the years 2008 and 2009.
is to be extended "indefinitely and until further orders".
Pacquiao and Jinkee thanked God for the welcome development in what has been a
bitter dispute with the Philippine tax authorities. The couple were likewise
grateful that the Supreme Court was able to urgently act on their Petition.
Cong. Pacquiao stated, “The issuance by the High Court of
a TRO allows both side to have a fair opportunity to present evidence and prove
their case before the CTA. I think I have said all that needs to be said in
connection with the taxes I have paid in the United States and in the
Philippines. Let us now let the legal process take its course. For now, I am
just glad I will be able to concentrate on training for my upcoming bout in
Tags: Manny Pacquiao