Boxing great Manny Pacquiao settled yesterday his multi-million-peso tax debts with the Bureau of Internal Revenue (BIR) as the deadline for the filing of 2005 income tax returns ends on Monday.
Accompanied by his lawyer and accountant, Pacquiao went to the BIR main office in Quezon City and handed over a manager’s check to Revenue Commissioner Jose Mario Bu?ag.
The boxer from General Santos City refused, however, to say how much taxes he paid, but hinted it was substantial and covered all his income tax liabilities from 1999 to 2005.
Bu?ag also refused to divulge the amount, saying it is against the law for BIR officials to make such disclosure, lest they be criminally charged in court for unlawful divulgence.
Pacquiao’s tax payments covered also his income from endorsing a wide range of commercial products and services and his winnings from his latest fight with Mexican boxer Eric Morales last January.
Meanwhile, Makati Revenue Regional Director Nelson Aspe clarified that banks authorized by the BIR to accept tax payments will not be opened on April 15, which is Black Saturday.
He said banks opened the past Saturdays and even extended their banking hours to accommodate taxpayers filing and paying their 2005 income tax returns.
In paying his taxes, Pacquiao appealed to other taxpayers to file their income tax returns promptly and pay their tax liabilities correctly.
BIR insiders confirmed that Pacquiao’s tax payments were substantial, but not so big as many expected.
They explained that the boxer’s income from advertising consumer products were already subjected to withholding tax and that his winning from his fight with Morales was subjected to 30 percent cut by the Internal Revenue Service in the US.
