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After victory, Pacquiao gets reminder from BIR : Declare right income

Written By Fighthits on Monday, April 14, 2014 | 4:34 PM

Source: Philippine Daily Inquirer

MANILA, Philippines – Revenue commissioner Kim Henares continued to bug Manny Pacquiao over rightfully declaring his income after the boxing champion’s welterweight victory against Timothy Bradley,

“I just want to remind him that he should have learned from his experience in 2009, and that he should just report everything and submit official documents,” Henares told INQUIRER.net in a phone interview on Monday.
Henares made the statement as she reminded the boxer of the time the Bureau of Internal Revenue (BIR) went after him for over P2.2 billion in taxes from his earnings in matches from 2008 to 2009.

She also told the welterweight champion to declare his income from his fight with Bradley, and not repeat his experience in 2009 when he allegedly undeclared his income after two fights that year.

On his 2009 income tax return, Henares said Pacquiao did not declare any US income but only less than P50 million earned in the Philippines, thus the “underdeclaration.” Pacquiao’s tax obligations that year amounted to P1.433 billion.
“If he does not show official documents, that this is what he paid the (United States’) IRS (Internal Revenue Service), then he cannot get the deductions, he has to pay the whole amount,” Henares said.

“He has to declare what he earned in the US and what he paid the US government,” she added.
Henares said Pacquiao should declare his earnings from his latest fight in his second quarter income tax return in August.