Lem Satterfield

Manny Pacquiao has had to borrow money to help typhoon victims

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Eight-division titlewinner Manny Pacquiao had to borrow money in order to keep his promise to support typhoon victims in the Philippines because his nation’s tax authorities have frozen his bank accounts, according to numerous reports.

Pacquiao, coming off a victory over Brandon Rios on Nov. 23, has not proved that he has paid taxes in 2008-2009, according to the Bureau of Internal Revenue. The bureau contends that the fighter owes $50 million in back taxes as of July, according to the Associated Press.

Top Rank CEO Bob Arum issued a statement in response to the reports.

“For each of Manny’s fights that occurred in the United States, including those in 2008 and 2009, Top Rank withheld 30 percent of Manny’s purses and paid those monies directly to the Internal Revenue Service via Electronic Funds Transfer,” the statement read in part.

“Top Rank has deposit conformations for each payment. Top Rank has done the same for all U.S. endorsements it has facilitated on Manny’s behalf,” the statement continued. “Top Rank submitted copies of the EFT deposit acknowledgments to the Bureau of Internal Revenue (BIR) as proof of payment. The BIR received the documents, but directed Manny to obtain ‘certified’ (copies) directly from the IRS itself.

“As I am sure people appreciate, obtaining certified copies of documents from the IRS takes time. Manny made the formal request to the IRS, and we have every expectation that necessary documents will be furnished to the BIR very soon.” 

[Note: See Arum's full statement, below.] 

Pacquiao, a congressman in the Philippines, said that he had borrowed more than $22,700 to purchase relief supplies before the Rios fight.

 

Bob Arum’s full statement: Filipino authorities Manny is not required to pay double tax. If Manny paid U.S. taxes for fights and endorsements that occured on U.S. soil, he is not required to pay double taxes in the Philippines.

“For each of Manny’s fights, that occurred in the United States, including those in 2008 and 2009, Top Rank withheld 30 percent of Manny’s purses and paid those monies directly to the Internal Revenue Service (IRS) via Electronic Funds Transfer (EFT).

“Top Rank has deposit conformations for each payment. Top Rank has done the same for all U.S. endorsements it has facilitated on Manny’s behalf.

“Top Rank submitted copies of the EFT deposit acknowledgments to the Bureau of Internal Revenue (BIR) as proof of payment. The BIR received the documents, but directed Manny to obtain “certified” directly from the IRS itself.

“As I am sure people appreciate, obtaining certified copies of documents from the IRS takes time. Manny made the formal request to the IRS, and we have every expectation that necessary documents will be furnished to the BIR very soon.” 

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Photo by Stephen Dunn-Getty Images

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

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