Pacquiao could face two years in prison over alleged tax discrepancies

[Jim Tom]

Pacquiao could face two years in prison over alleged tax discrepancies

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.
Lozares added 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.


Credit to The Dailymail

[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."

http://www.abs-cbnnews.com/video/bus...o-tax-payments

Pacquiao refusing to hand over contracts.

[Hallaqsillaq]

Oh Dear...

Here we go.

[shogunn]

I think this proves he's the devil

[shadeyfizzle]

That's it??? Because he didnt hand over paperwork???

[borgata]

whats that old saying? oh yea, dont throw stones if you live in a glass house.

[tibbar]

yeah yeah, theyll jail the top taxpayer for not showing his contracts. if *****s are to be believed his government will surely apologize because he had been paying excess taxes over the years all along.

[tibbar]

ayyy car amba, rejoicing prematurely over this makes you all look like an idiot, same to you TS, why dont you all just hold your horns and stop blowing them and wait till next week and youll see youre going back to your caves again dissappointed. nyahahaha

[Pacquiao'd]

Hi *******s

[Jam Jars]

Pacquiao is either incompetent or a tax evader both are bad for a congressman.