Manny Pacman Paquiao versus Bureau of Internal Revenue

ETM was amazed when during an interview about his fight against Floyd Mayweather Jr announced and confirmed that he personally bought tickets amounting two million (2,000,000) USDollars. In Philippine Pesos, it is around two hundred twenty (88,000,000) million.  ETM is expecting PACMAN to win against Floyd.

In his fight against a deficiency tax assessment amounting to three billion (3,000,000,000) Philippine pesos, the Court of Tax Appeals required him to post a bond amounting to twice such amount. In posting a bond, he must pay an insurance company amounting to four hundred ninety million (490,000,000) pesos. His lawyers filed a motion for reconsideration to reduce if not to totally eliminated this imposition.

Before his tax case was elevated to the Court where it was believed that more than one hundred million (100,000,000) pesos were paid to the Court and the lawyers who are handling the case, the BIR Chief was also interviewed by a TV station wherein she discussed the available remedy that PACMAN may opt to exercise. She told the Filipino people that PACMAN may settle his obligation using Section 204, National Internal Revenue Code.... As a taxnocrat for the past 30 years, when Section 204 is invoked, it means that PACMAN would only pay forty (40) percent of the basic deficiency tax... In peso-term, 40% of one billion (1,000,000,000) pesos is four hundred million (400,000,000). The amount that he would pay to the insurance company is more than enough to extinguish his tax due. The amounts that he paid for tickets, judicial fee and lawyers' fee totalled two hundred twenty million (220,000,000) pesos... Just one hundred eighty million (180,000,000) pesos away from the total amount.

If he really wanted to help the Filipino people, it is not enough that he must win every international fight. Not to mention that he will run for a higher governmental position in the coming year (2016), he must also show his sincerity and integrity by way of paying on time and correctly his internal revenue tax obligations.

Let's watch PACMAN do his very best against Mayweather this May 3, 2013 and hope that HE WILL WIN WITHOUT TOO MUCH DAMAGE TO HIS BODY AND MIND....

Mabuhay si Pacman.
Mabuhay ang mga Pilipino.

May 20, 21 & 22, 2015
University of the Philippines
Institute for Small Scale Industries
Diliman, Quezon City

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