Pimentel Wants Special Tax Exemption be Given to Pacquiao

Manila (PNA) – As Bureau of Internal Revenue (BIR) reminded Manny Pacquiao to properly pay tax in his mega-fight with Floyd Mayweather, a lawmaker believes the popular Filipino world champion should be given a special tax exemption privilege for putting the Philippines in the world map of boxing.

Senator Aquilino ‘Koko” Pimentel III on Friday said he is filing a bill to grant the tax privilege to Pacquiao to inspire him in his forthcoming fight, which is expected to break record in terms of revenue, including ticket sales.

“Manny being a Filipino promotes the Philippines,” said Pimentel, adding the special tax incentive is a fitting tribute to the priceless package proudly promoting the country once again in the international map.

“The marketing value for the country is priceless,” he said in justifying the proposal granting a special tax exemption to Pacquiao from his earnings in the world welterweight unification bout on May 2 in Las Vegas.

Pacquiao will stake his World Boxing Organization title while Mayweather, undefeated in 47 fights, will stake his WBC and WBA belts in the much-awaited fight which is worth from USD250 million to USD400 million on early estimates.

Pimentel said Pacquiao, the former eight-division world champion, needs all the support and inspiration he could get during his training preparations for the fight that took more than five years in the making.

“During his training, let us inspire Manny by way of passing a special tax exemption act for this particular fight. Anyway we are not blind that a substantial part of his boxing proceeds goes to the people through Manny’s helping hand,” said Pimentel.

Pimentel said the honor and world recognition the country will generate is unprecedented considering the tremendous publicity and promotion that will mark the run-up to the fight.

“Manny is now part of our history and of world sports history. Let’s give him this tax incentive in recognition to his invaluable efforts to promote boxing and the country around the world,” said Pimentel.

Boxing fans had wanted to see the fight as early as 2009, but it did not materialize until only recently when Mayweather finally agreed to tangle with the Filipino, who has a 57-5-2 win-loss-draw record.

Last Thursday, BIR chief Kim Henares reminded Pacquiao to accurately report to the BIR the taxes he will be paying the United States Internal Revenue Service (IRS) with supporting documents authenticated by the Philippine Embassy in the US.

In his previous fights, Pacquiao has been haunted with unsettled tax obligation by the BIR, a commitment he immediately resolved with the Philippines’ internal revenue agency. (PNA) RMA/JFM