Comments Thread For: Pacquiao's Win Over Rios Overshadowed By Tax Dilemma

[edgarg]

If you make money in the US you gotta pay taxes, citizen or not. That's why Top Rank was always complaining of Pacquiao fighting in Vegas because of the 39.5% taxes.

The tricky part, and this is where experts are needed, is HOW MUCH money has Pac been making. It's obvious Pacquiao has really low guarantees in Vegas. This is why you hear *****s say stuff like "the most Pacquiao has ever made is $7 million der der". I'm sure Top Rank has low purses so that money is taxed at 39.5%, then after the PPV revenue comes in Pacquiao gets paid the rest. I'm not sure how taxes work in that scenario.

NO...the reason that his Las Vegas guarantees are LOW is deliberate. The amount of the guarantee HAS TO BE paid by the promoter on the night of the fight. I've seen reports which say that the money is paid first to the Commission which deducts it's sanctioning fees and then passes on the balance to the boxer. I'm not sure how accurate that is but for sure the money is paid to someone by the promoter on fight night. It is probably that same money which the IRS pounces on for taxes, which it's well known to deduct AT SOURCE, (meaning that they deduct the taxes BEFORE the boxer gets the rest).

Having a low guarantee helps the promoter and all concerned to have more money freed-up to attend to the many other cash only items. The complete PPV etc. returns take up to a year to all come in.

The very same thing occcurred a couple of years ago when the Philippine Tax Bureau jumped on him. The then and present government are bitter opponents of Pacquaio's political party and it's common to smear your opponent as much as possible. MannyP won that as it was dropped, but they hoped that the smear remained. Now they're at it again.

As for Koncz having responsibility here, I don't believe it's so. He's the boxing manager not an accountant or gofer. I hope he's recovering well from his stroke and Bell's Palsy. MannyP has lifelong friends and advisors who are lawyers and accountants and top companies looks after his affairs. He probably hasn't even seen the documents or knows exactly how the process works. I don't myself,, and I have had direct dealings with the IRS.

For those trying to drag in Top Rank and Arum....welll can't you think of something new for a change....?? Arum is an expert lawyer, (and I mean EXPERT) and I'd bet real money that he would never deliberately subvert the law, except legally, and/or maybe in a "grey area" (Dumbos, look up "grey area"). It's really a time when the sicko's crawl out of their holes. One last thing...Oh never mind, I shouldn't even have bothered to make this post.

I see that BIG DUMM is at his gentle, but increasing pressure drek again. He'll never learn, but an older man like him should have got over his idolising Phoney Phloyd many years ago), so that he could appreciate MannyP unique achievements happening in his lifetime.

[HanzGruber]

Those are very great questions. Great questions. The situation is kinda incredible.

But it does shed light into reports from both Freddie Roach and VisionQwest. Roach said Pacquaio is bad with money and blows it all. And that Pacquaio would end up fighting for a long time. Then VisionQwest reported all sorts of funny things going on with him financially. I read before that Pacquaio would get advances on his purse before a fight took place -- because he was broke.

Based on things like that, it's not too surprising to hear he had to borrow $25K. That is still crazy though. I mean, they say he has 22 bank accounts and only 2 of them have any money?

I've been saying PAC is gonna be the next James toney. He said he wouldn't retire if rios beat him, and bob behind him doesn't help much. He shoulda left. Long time ago

[The Raw Dog]

Those are very great questions. Great questions. The situation is kinda incredible.

But it does shed light into reports from both Freddie Roach and VisionQwest. Roach said Pacquaio is bad with money and blows it all. And that Pacquaio would end up fighting for a long time. Then VisionQwest reported all sorts of funny things going on with him financially. I read before that Pacquaio would get advances on his purse before a fight took place -- because he was broke.

Based on things like that, it's not too surprising to hear he had to borrow $25K. That is still crazy though. I mean, they say he has 22 bank accounts and only 2 of them have any money?

Arum told the LA Times he took out an advance before the Rios fight, and would give him another advance during these current circumstances. Honestly Arum is acting like a boarder line LoanShark/Pimp to Manny, but Mannys fans approve of this behavior so who am I to question it.

[radioraheem]

Arum told the LA Times he took out an advance before the Rios fight, and would give him another advance during these current circumstances. Honestly Arum is acting like a boarder line LoanShark/Pimp to Manny, but Mannys fans approve of this behavior so who am I to question it.

Wow. I didn't know Arum told that to the LA Times. I gotta look that article up. Another advance again Pacquaio?

[The Raw Dog]

Wow. I didn't know Arum told that to the LA Times. I gotta look that article up. Another advance again Pacquaio?

Arum previously donated $25,000 to the typhoon relief effort and said he’d be willing to front Pacquiao more money for the recovery, “but where am I going to put it?”

http://www.latimes.com/sports/sportsnow/la-sp-sn-manny-pacquiao-bank-accounts-20131126,0,5984455.story#ixzz2lnSGO69F

[radioraheem]

Arum previously donated $25,000 to the typhoon relief effort and said he’d be willing to front Pacquiao more money for the recovery, “but where am I going to put it?”

http://www.latimes.com/sports/sports...#ixzz2lnSGO69F

Yeah, I had actually just found the LA Times piece right after I posted. I went looking for it right away.

The article is just amazing. And it's like, how does he get an advance on his purse earlier this year and at the end of the day, he only has $25K in his accounts, and is borrowing $22K or 25k on top of that? What the?

[SUBZER0ED]

The tax man cometh, always! Manny should have already hired a top accountant /money manager to make sure things like this never happen. He has to stay on top of his business.

[edgarg]

You shouldn't be shocked by that on this forum.

When it comes to money, a large number of posters think they are lawyers, accountants, promoters, bankers, etc. They seemingly care more about Floyd Mayweather and Manny Pacquaio's money more their own money! They calculate how much money they'll make in a year or several years, more than they earn in their own lives.

You'll see this from time to time. You watch come April and May 2014.

As for U.S. tax, yes, they are very, very greedy. US charges like the highest corporate tax in the world.

Not only is the IRS very greedy, they were the first to tax a citizen on earnings anywhere in the world. Which is why more and more people give up their US Citizenship each year.

As well, since ***** has become president, his administration has caused absolute chaos all throughout the world's banking system.

Just try to open an account anywhere on the globe, they want certified documentation from back to before you were born. In many countries just a simple notary stamp can cost hundreds of dollars. They doll it up with ribbons and seals, but it's just window dressing. The same notarisation in Canada or US would cost $10-20 or maybe nothing. It's only a stamp by a seal.This was ostensibly to control what they called "money-laundering". Well I've seen acknowledged experts write that the money-laundering, illegal as it was, is peanuts beside the crashing and chaos caused by the draconian new US banking laws which they've imposed on every country in the world at the most enormous costs to all.

[The Raw Dog]

Yeah, I had actually just found the LA Times piece right after I posted. I went looking for it right away.

The article is just amazing. And it's like, how does he get an advance on his purse earlier this year and at the end of the day, he only has $25K in his accounts, and is borrowing $22K or 25k on top of that? What the?

Yeah it's sad really, but you know people see what they want to see, and believe what they want to believe so I learned to let the lost stay lost.

[biraboyz]

Revenue Commission 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.

Pac never donated 18mil, Pac said he borrowed 1 million pesos to help the typhoon victims