Top Rank mails U.S. tax returns to Pacquiao lawyers

By Bev Llorente, ABS-CBN North America Bureau

Dec. 3, 2013

LAS VEGAS, Nevada — Boxing promotion company Top Rank Inc. has already mailed certified true copies of Filipino champ Manny Pacquiao’s tax returns in the U.S. to the fighting congressman’s lawyers in the Philippines, its CEO Bob Arum said.

Top Rank’s chief financial officer, Dave Lopez, also exclusively showed Pacquiao’s tax returns to ABS-CBN North America Bureau in light of the boxer’s tax problems with the Bureau of Internal Revenue (BIR) in the Philippines.

Arum, a former tax lawyer himself who used to work for the Department of Justice tax division in New York, said it was his job to take taxes religiously before he became a promoter.

Noting that there are many Filipinos working in the US who pay taxes and are also obligated to pay taxes in the Philippines, Arum said: “I want to ask the BIR, ‘How many times have they asked for certification from the Internal Revenue Service (IRS)?’ Probably slim and far between. So what they’re doing to Manny is absolutely outrageous and it’s politics at its worst.”

Arum then invited BIR commissioner Kim Henares to send her agents from the Philippines to the United States to look and audit all of Pacquiao’s earnings from Top Rank.

“Let them come to our office. Let them sit down and we will take them through every single wire transfer because I can represent here today that for all the time we promoted Manny, 30 percent was taken out of any moneys paid to Manny and that includes not only his fights but also endorsements in the United States,” he said.

According to Arum, under U.S. law, Top Rank promotions is required to pay the IRS funds withheld from fights and endorsements in the US, and copy-furnish those withholdings electronically to the BIR.

However, he said the BIR does not accept this information by this procedure and is demanding certified true copies obtained from the IRS.

Arum insisted that Top Rank has provided all the necessary and pertinent papers as well as receipts to prove that Pacquiao has paid taxes in the US.

But he remains hopeful that the bell will ring soon to bring an end to Pacquiao’s current tax bout.

3 Comments on this post.

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  • JD
    3 December 2013 at 7:24 pm - Reply

    Why only philippines is always having a lot of miss information when it comes to money ? Philippines looks like when come to money they always has miss information, look at the pork scam. Why to many hands to feed money ? Stop it leave people alone that work hard for they money ! You filipinos like little kids always want money, shame of you !

  • abe
    4 December 2013 at 11:03 am - Reply

    Its MPac fault.Politicians,cabinet members, close to Gloria were given FREE tickets, Hotel rooms,in every MPac fight in the US.On Pnoy era, MPac, had forgotten PNOY’s cabinet, cronies, especially BIR for the previous,US & Macau fight… MPac should pay taxes on his earning in PH, I don’t know, how much percentage of his gross earning in the US is taxable. If so, OFW will pay taxes too on their earning abroad.?? Is this double taxation.?

  • Noel Garcia
    4 December 2013 at 12:47 pm - Reply

    Why now only after 2 years and Pacman liabilities amounted to 2.2 Billion pesos. Who gave him the instruction not to respond to the BIR Letters etc? It’s your fault Pacman cause you entrust everything to people who doesn’t care of what ifs? There’s a lot you have to explain to the BIR and not in the media.