Lem Satterfield

Pacquiao faces criminal complaint regarding taxes

The advisor of WBO welterweight beltholder Manny Pacquiao says he expects issues to be resolved relating to the boxer’s financial problems, this, after Philippines tax officials filed a criminal complaint against the fighter for failure to submit documents to investigators looking into his tax returns.

According to the Associated Press, Pacquiao could could face up to two years in jail if convicted as prosecutors decide whether or not there is enough evidence to bring the case to court.

“We have teams of lawyers, teams of accountants, and, for whatever reason, some document wasn’t produced, and I’m sure that it will be rectified very shortly,” advisor Michael Koncz said of Pacquiao, who was ranked by Forbes magazine last year as the world’s 24th richest athlete.

“Other than that, there’s no need to comment further on the tax issue. That’s a personal matter, it’s not a big issue, and we’ll resolve it.”

The complaint was filed on March 1 after Pacquiao failed to submit the documents despite being notified on three separate occasions by a subpoena, Bureau of Internal Revenue regional director Rozil Lozares told the AP.

On Thursday, Lozares said Pacquiao’s 2010 tax return contained “discrepancies” considering his many businesses and endorsements.

Pacquiao has an upcoming defense of his belt opposite WBO junior welterweight titleholder Tim Bradley that is slated for June 9 at the MGM Grand in Las Vegas.

Read more:

Pacquiao’s advisor responds to VisionQwest lawsuit against fighter

Pacquiao retains company to audit Top Rank Inc. tax records

Lem Satterfield can be reached at lemuel.satterfield@gmail.com

 

 

 

 

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