MANILA, Philippines ? Boxing great Manny Pacquiao paid the government more than P29.1 milion in capital gains and documentary stamp taxes for buying a house and lot at the posh Forbes Park Subdivision in Makati City.
Makati Revenue Regional Director Nestor Valeroso disclosed that the amount Pacquiao paid represents the 6 percent capital gains tax and 1.5 percent documentary stamp tax on the property he acquired at the Philippines’ most famous enclave of the rich, worth P388 million.
Valeroso said the transfer taxes were supposed to be paid by the seller of the 2,000-square meter lot but the congressman from Saranggani opted to shoulder the tax liabilities of the vendor, identified only as a certain Mr. Chua.
Informed sources said the BIR is also monitoring a confidential report that Pacquiao and his wife Jinky also bought a hotel near the US Embassy along Roxas Boulevard for P1 billion.
The BIR considers Pacquiao as a multi-billionaire due to his huge income from boxing and from commercial endorsements of various local and international products.
Meanwhile, BIR Commissioner Kim S. Jacinto-Henares formally issued Thursday International Standard Organization (ISO) certificates to two revenue district offices in Metro Manila for excellent services rendered to the transacting public.
Henares gave the certificates to the revenue district officers of West Pasig and Cubao after meeting with representatives of the Geneva-based ISO and Singapore based-Sub Tub Asia-Pacific Group.
