Is pacquiao really broke?

http://i43.tinypic.com/21kjhn9.jpg Arum: "After his current contract expires in 2014, he'll be my slave for another 4-6 years."

Revenue Commissioner Kim Henares, however, said that the only proof Pacquiao has given of his tax payments was a letter from promoter Top Rank and HBO of the taxes he has paid to the United States, but nothing from the U.S. Internal Revenue Service. "That is self-serving and a mere scrap of paper," she said. "What he can do is go to the IRS, ask IRS to certify this copy (of his tax payments) as a true copy. We have been waiting for that for two years." She said of 22 banks her agency has ordered to report on Pacquiao's accounts, only two said they held deposits for Pacquiao and that the total was only 1.1 million pesos ($25,200), which is now covered by the garnish. "It is unbelievable to me that he has only 1.1 million pesos," Henares said.

a quick search indicates that a treaty exists that allows people to work and pay taxes in america without being taxed again upon return to the philipines. evidently there's an issue the "proof" that manny is providing that would show a record of those taxes being paid. i've never paid several million in taxes in one year, but that seems like a pretty easy problem to solve. i have to produce a tax return every time i want to borrow money, because i'm self employued. it's relatively easy. just show them your "'12's," and your "11's," which of course are the reports outlining the taxes you paid to the state and the fed for those years. manny might have shoddy accounting, he might be stealing / cheating, and he might be the victim of a pinoy government that really needs money. whatever the case, it's not a good look for anybody involved. why can't people understand this..............their asking manny for a official IRS document showing that he payed those taxes to the u.s in the exact amount......the only thing they've gotten thus far is a letter from arum & hbo. something is not right here...............

Oh i just did some research on it and no pac is not broke, juat his accounts got suspended till he pays 50 million, which he can afford to pay but doesnt eant to yet to provide proof or sth like that

Here is the thing: either Pac has hidden offshore accounts for tax-evasion purposes, or he's using his promise to the typhoon victims has leverage, to pressure the Phillipine's government to release his frozen accounts. It beats me to think Pac, being in this game so long, not knowledgeable of his earnings. How can you not feel you earned more than "$25,000" ? This just seem like one big tax evasion scam/government corruption about break open.

Good article on the subject http://www.sbnation.com/longform/2013/11/20/5119180/manny-pacquiao-vs-brandon-rios-fight-2013-profile Thanks for the share...Indeed good article!

Good article on the subject http://www.sbnation.com/longform/2013/11/20/5119180/manny-pacquiao-vs-brandon-rios-fight-2013-profile good article glad u posted that

How can you take seriously someone who lists the following as their favorite active fighters: Mikkel Kessler - Washed up, not an elite contender Carl Froch - On his way out with a stolen belt "Bam Bam" - Not an elite contender, just dominated by Pacquiao who may or may not still be elite. Timothy Bradley - Phony champ with a fixed win against Pacquiao Apparently, this user doesn't like legitimate top level boxers!

Well, I'll add in my two cents for what it's worth. Keep in mind, I don't know jack about any of this tax and accounting business. Something was clearly lost here if they can't provide said "proof." However, I can't imagine Manny knowingly breaking any laws. It appears that it's possible he could have been taken advantage of. I hope this isn't the case and this all gets cleared up of course. These guys need to hire accountants. he's obviously hired accountants, man. i hire an accountant every march / april, and i don't make several million a year.

Why don't athletes ever hire reputable and reliable accountants to handle this stuff? Or do they not exist? He should hire Marquez. they definitely exist. there are plenty of people and businesses who make a hell of a lot more money than manny pacquiao. when they get audited they work through it. this looks like a case of the philipines trying to squeeze manny for money. either that, or manny is a fraud. it's almost surely not the product of incompetence. that would be embarrassing.

Well, I'll add in my two cents for what it's worth. Keep in mind, I don't know jack about any of this tax and accounting business. Something was clearly lost here if they can't provide said "proof." However, I can't imagine Manny knowingly breaking any laws. It appears that it's possible he could have been taken advantage of. I hope this isn't the case and this all gets cleared up of course. These guys need to hire accountants.

manny has been going through money problems for a few years now. He spends to much money and has tax problems.

Why don't athletes ever hire reputable and reliable accountants to handle this stuff? Or do they not exist? He should hire Marquez.

a quick search indicates that a treaty exists that allows people to work and pay taxes in america without being taxed again upon return to the philipines. evidently there's an issue the "proof" that manny is providing that would show a record of those taxes being paid. i've never paid several million in taxes in one year, but that seems like a pretty easy problem to solve. i have to produce a tax return every time i want to borrow money, because i'm self employued. it's relatively easy. just show them your "'12's," and your "11's," which of course are the reports outlining the taxes you paid to the state and the fed for those years. manny might have shoddy accounting, he might be stealing / cheating, and he might be the victim of a pinoy government that really needs money. whatever the case, it's not a good look for anybody involved. the problem arises when the accounting is off. if the accounting is off, it would be much more difficult to simply show u paid taxes elswehere and then expect to get away scot free. im not saying thats the case but its strongly suggested that someone is trying to hide something by not showing said "proof".

Maybe Arum stealing from him ? it seems like it says they said top rank paid taxes but have no proof

a quick search indicates that a treaty exists that allows people to work and pay taxes in america without being taxed again upon return to the philipines. evidently there's an issue the "proof" that manny is providing that would show a record of those taxes being paid. i've never paid several million in taxes in one year, but that seems like a pretty easy problem to solve. i have to produce a tax return every time i want to borrow money, because i'm self employued. it's relatively easy. just show them your "'12's," and your "11's," which of course are the reports outlining the taxes you paid to the state and the fed for those years. manny might have shoddy accounting, he might be stealing / cheating, and he might be the victim of a pinoy government that really needs money. whatever the case, it's not a good look for anybody involved.

i's impossible for a guy with that many assets and a several million dollar income to be completely broke, the way a bscener might. his debts may very well outweigh his assets, but he's still eating. hge's not going hungry, if that's what you're asking. it sounds like manny has trouble with taxes in the Philippines. i'm just not familiar with the way their taxes work. i'm going to wait for something more concrete to come out. the flowmows love this stuff, rofl. they're back!

I really hope this isn't true. I don't think Manny would knowingly cause these problems. I believe he is being taken advantage of by TR and Kontz. Manny is ignorant to what is really going on with his money.

Nope he is not. He just fought and earned a lot of millions, plus he just donated around 20 million dollars to charity to his homelands recent tragedy. He's never even made a $10 million dollar purse...he didn't donate no $20M Pesos, maybe.

all signs indicate hes completely broke. its sad but not surprising.