Fat Dan says Pacquiao is STILL having tax issues

[Scipio2009]

Yea Pac's political enemies in the Philippines are trying to make a big stink about it, problem is we have a standing tax treaty with the Philippines aka if a Filipino citizen pays taxes in America, THEY CAN'T be double taxed again in the Philippines.

His political opponents want it both ways LOL. Its moot at this point since Duterte has came out and stated that he wants Pac to run when his term is up and officially endorsed it.

It's been basically ten years at this point and Pacquiao still has been able to show proof that the tax bills for the years in question were paid in the US (to offset, dollar for dollar, what was owed in the Philippines).

With a record of federal tax payment being pretty straightforward to get, it's becoming even more clear that Pacquiao ****ed up (with the years in question lining up with Pacquiao's first real paydays, it's my guess that they tried the whole "disclose as little as possible in the US, keep the rest to yourself" strategy and Pacquiao ended up getting audited for a tax bill that he didn't pay, in the US or Philippines).

[Scipio2009]

Should have signed with Pacquiao Promotions and had Haymon as his adviser.

This. Depending on when Haymon got to him, Pacquiao would've likely have had to take fights for only his guarantee (with any back-end kept from him to settle the tax situation), but things would've been taken care of better.

Haymon, a good attorney that you trust, a tax accountant that you trust, and a loyal partner to handle the day-to-day operations of the company (no idea who Pacquiao would turn to).

[Scipio2009]

I've actually had to deal with Philippine tax authorities and they are ass backwards when it comes to documentation.

US IRS sent them a certified copy of Pacquaio's tax records and they rejected it because it wasn't the "ORIGINAL" document.

That's how everyone knew the fix was in simply because YOU ARE NEVER given original documents, they are always certified copies.

Also people need to understand something, cost of living in Pinas is WAYYYYY lower then the US, Guess what half of his "entourage" is payed for by the Philippine government LOL because half of them double as administrative assistants and security as well.

When people understand how ass backwards the Government is ran in the Philippines, they will get why a man like Duterte got elected and they don't mind that he has some tactics that would be unacceptable in the West.

People got tired of the corruption.

Maybe I missed it, but Manny Pacquiao turned up with a copy of his 1040 forms, arguing those as proof. There has been no mention of Pacquiao bringing forward any actual tax receipt for the years in question (the 2008 and 2009 tax years). Nice try, though

[Xi_]

no. worrying about another man's pockets is some hoe shit. you're a sad broken person.

Which is why your h0e ass is in here trying to defend him. Foh h0e.

[Scipio2009]

pac is friends with the president. duerte will take care of that I'm sure.

Duterte is supposed to be the man of the people and the antithesis to corruption in the Philippines.

If he lets arguably the highest profile tax cheat in the Philippines skate on by, his rep goes up in smoke.

[Sugar Adam Ali]

Link for those claims, Ali.

Use google..


Jamaica got low cost of living yet you broke as hell

[Pigeons]

That guy was frauding tax refunds. Doesn't have anything to do with what they turned up looking through Manny's financial records ; EG Important financial documents not being properly stored and all kinds of evidence of Arum flubbing Manny's checks.

So you think his fraud ended there? You don't think it was in his benefit to build a case that Manny was getting robbed?

[siablo14]

Use google..


Jamaica got low cost of living yet you broke as hell

Okay. What's up with the investment thread?
Have you been speaking about other investments or are you still stuck on index funds?

[Sugar Adam Ali]

Okay. What's up with the investment thread?
Have you been speaking about other investments or are you still stuck on index funds?

I bought recently

MKSI in December at roughly 95 bucks, now up 18% and above $110

Added to my position in RY this week on the dip at 78.

Bought Microsoft this week at 92

Added to my position in qqq this week at 164.50

Added to my position in SCHD at 49 this week

Almost pulled the trigger on some more Jpm when it hit $111 but by the time I had a chance it was above 112 again and I passed.

Disney gets below $100 and I’m going to buy some more.

Waiting on Walmart to get to below $80

I advise index funds for people that don’t know investing

Year to date, the market is break even, I’m up nearly 9%

[Scipio2009]

Oh the taxes are owed in the Philippines. What's the income tax rate over there?

It's a bit jumbled (VAT, various exemptions for types of work, various local taxes, etc), but it's basically about 30% from what I could figure out, +/- some exemptions that weren't clear. No higher than 40%, everything in.

My sense is that Pacquiao saw the money that he was getting, noted the money paid to Arum (plus the advances paid back), the 15%-20% owed to Koncz, the 10% to Roach, saw what was left for him, and said '**** paying these taxes in the Philippines, no one checks anyway', only to have the Philippines end up checking.

Similar to the spot that Kovalev was in after the Hopkins fight (Kovalev had won all of the hardware, but paying Duva, Klimas, camp expenses, taxes, etc left him with near nothing to show for it and needing to travel to Montreal, on a 55/45 split with his mandatory challenger, to make the numbers work). Kovalev kept his finances clean (paying his taxes), and has likely made north of $10m for the 7 fights after the Pascal first fight. Expenses were what the were, but Kovalev likely kept $3m plus his personal sponsorships for that 3-year stretch, free and clear.