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Pacquiao Gets A Win in Tax Case

BY The Sweet Science ON August 20, 2014
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Pacquiao

MANILA (August 20, 2014) - The Philippine Supreme Court issued a Temporary Restraining Order (TRO) to stop the enforcement of the Court of Tax Appeals (CTA) ruling which ordered Saranggani Congressman Manny Pacquiao and his wife Jinkee to post a cash bond in the amount of P3,298,514,894.35 (US$74.9 Million) or a surety bond in the amount of P4,947,772,341.53 (US$112.4 Million), as a condition for suspending the collection of alleged deficiency 2008 and 2009 income tax and value added tax by the Bureau of Internal Revenue while their appeal is still being heard.

The CTA (First Division) was further ordered to proceed with CTA Case No. 8683 with “deliberate dispatch”.

The Supreme Court likewise enjoined the BIR from issuing, executing, enforcing, implementing, or otherwise giving effect to any Warrant of Distraint and/or Levy, Warrants of Garnishment, and Notice of Tax Lien, and from attempting to collect any tax on the basis of the deficiency income tax and VAT assessments against petitioners for the years 2008 and 2009.

The TRO is to be extended "indefinitely and until further orders".

Cong. Pacquiao and Jinkee thanked God for the welcome development in what has been a bitter dispute with the Philippine tax authorities. The couple were likewise grateful that the Supreme Court was able to urgently act on their Petition.

Cong. Pacquiao stated, “The issuance by the High Court of a TRO allows both side to have a fair opportunity to present evidence and prove their case before the CTA. I think I have said all that needs to be said in connection with the taxes I have paid in the United States and in the Philippines. Let us now let the legal process take its course. For now, I am just glad I will be able to concentrate on training for my upcoming bout in Macau.”

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Comment on this article

Radam G says:

A complete win is down the road. I guess Fam May needs to come up with another lie now. Claiming that Da Manny was wanting to fight Money May and is still boxing now because Da Manny is in tax trouble and broke, were just outrageous.

Fam May could have done a better lie than that. Because it was never going to work. Just as Rev. (Big) George Foreman has made more moolah out of boksing than in it, so has and will Da Manny.

What Money May has made outside of da squared jungle in endorsements and entrepreneurships couldn't pass the smell test compared to Da Manny, Big (Rev.) George, Sugar Ray Leonard and GOAT Ali, just to name a few boxing greats. Holla!

The Shadow says:

A complete win is down the road. I guess Fam May needs to come up with another lie now. Claiming that Da Manny was wanting to fight Money May and is still boxing now because Da Manny is in tax trouble and broke, were just outrageous.

Fam May could have done a better lie than that. Because it was never going to work. Just as Rev. (Big) George Foreman has made more moolah out of boksing than in it, so has and will Da Manny.

What Money May has made outside of da squared jungle in endorsements and entrepreneurships couldn't pass the smell test compared to Da Manny, Big (Rev.) George, Sugar Ray Leonard and GOAT Ali, just to name a few boxing greats. Holla!


Ali sold his likeness for [URL="http://targetmarketnews.com/storyid04140601.htm">$50 million. He wasn't in great financial shape when he retired. George did extremely well, though.

Mayweather got involved with concert promotions back in 2007 or 2008. The reason he doesn't do traditional endorsements is not due to a bad image; it's because he wants stock. LOL.

Besides, he has the biggest endorsement deal in sports with CBS.

And Bob Arum advances him a lot of money before fights. He may have other income sources but his main revenue stream has to be from Top Rank.

deepwater2 says:

Good fo MP. Every 2 weeks the Taxman robs me blind. The Taxman and death are the only two sure things in life. Speaking of Lil Floyd I think he has his own share of tax problems and liens put on him by the Taxman.

Manny will always have some solid endorsements like Nike, Hennessy and such. He also has a career in acting,politics,coaching/playing basketball.

Who would win in a 1 on 1 basketball game MP or Floyd? If MP challenged Floyd to a charity basketball match would Floyd make an excuse?

Has anyone ever put this MP commercial on here? Here it is.....Funny stuff.


http://www.youtube.com/watch?v=iX_WrybSuNw

The Shadow says:

[QUOTE=deepwater2;61887]Good fo MP. Every 2 weeks the Taxman robs me blind. The Taxman and death are the only two sure things in life. Speaking of Lil Floyd I think he has his own share of tax problems and liens put on him by the Taxman.

Manny will always have some solid endorsements like Nike, Hennessy and such. He also has a career in acting,politics,coaching/playing basketball.

Who would win in a 1 on 1 basketball game MP or Floyd? If MP challenged Floyd to a charity basketball match would Floyd make an excuse?

Has anyone ever put this MP commercial on here? Here it is.....Funny stuff.


[url]http://www.youtube.com/watch?v=iX_WrybSuNw[/QUOTE]

I don't get why they don't do something like that. 1 on 1. Do THAT for charity. Don't know who would win.

Someone should bring that to their attention!

Radam G says:

[QUOTE=The Shadow;61883]Ali sold his likeness for [URL="http://targetmarketnews.com/storyid04140601.htm">$50 million. He wasn't in great financial shape when he retired. George did extremely well, though.

Mayweather got involved with concert promotions back in 2007 or 2008. The reason he doesn't do traditional endorsements is not due to a bad image; it's because he wants stock. LOL.

Besides, he has the biggest endorsement deal in sports with CBS.

And Bob Arum advances him a lot of money before fights. He may have other income sources but his main revenue stream has to be from Top Rank.

Not quite true. GOAT Ali was doing all right, but his wife Lonnie wanted him to be doing better. His retirement hook up from boxing was $17,500 a month. [ Fakers and posers, not in da know will tell you $75thou.] That 210,000 a year was not sitting well because the GOAT wanted to holla at some medical procedures to try to beat "the Parkinson Disease Syndrome" that has affected him.

Money May has a boxing/sport endorsement with CBS -- true da! But they are going to Jimmy "The Greek" Synder him as soon as he says an off-the-wall racist-like slur. And as Holy's "concert promotions" have gone busted, so has Money May's. Dude is a master at tricks of the trade and conning people to think that he is worth more than he is.

He loves to exaggerate all of the up-front money that da Bobfather has given Da Manny. Ev'ybodee and dey momma get up-front money. [CBS and Showtime always advance Money May, as HBO and da Bobfather did. And as amateur boxing did when he was an amateur.] It comes with the territory.

Worldwide in the last two years, Da Manny has made slightly more money from his day jobs, acting, singing, producing, doing commercials, endorsements and entrepreneurship than boxing.

Money May is my boy too. But I'm not blinded about him or Da Manny. I will always call a spade a spade, and never hide in the shade. At the end of the rainbow, Da Manny is going to have a bigger pot of gold than Money May. And Money May and his pops and uncles will be lying on da Bobfather being the reason that Money May never stepped up, and manned up, and took his arse thrashing fro Da Manny like a man. Hehehe! Holla!

Radam G says:

Good fo MP. Every 2 weeks the Taxman robs me blind. The Taxman and death are the only two sure things in life. Speaking of Lil Floyd I think he has his own share of tax problems and liens put on him by the Taxman.

Manny will always have some solid endorsements like Nike, Hennessy and such. He also has a career in acting,politics,coaching/playing basketball.

Who would win in a 1 on 1 basketball game MP or Floyd? If MP challenged Floyd to a charity basketball match would Floyd make an excuse?

Has anyone ever put this MP commercial on here? Here it is.....Funny stuff.


http://www.youtube.com/watch?v=iX_WrybSuNw[/QUOTE]

"Lil Floyd" has been challenged. And weaseled outta that one. Orpah was going to televise the event($) for "Operation Change" charity on her channel. Games was going to be played in the USA and P-Islands.

Money May is jealousy of Da Manny. And will not appear in any events that Da Manny is featured in. Money May honestly believes that many AmerKanos are "hypocrites," and have turned against him in favor of "a high yellow-@$$ [skin-colored] foreigner"

Da Manny has brought a basketball team in the P-Islands. And Lil' Floyd is jealous because he couldn't do the same in the States.

People in da loot and who know da poop just won't get real with it. They rather play like everything is copacetic and stoop. But y'all know me. I down with O-P-P! Holla!

The Shadow says:

[QUOTE=Radam G;61899]Not quite true. GOAT Ali was doing all right, but his wife Lonnie wanted him to be doing better. His retirement hook up from boxing was $17,500 a month. [ Fakers and posers, not in da know will tell you $75thou.] That 210,000 a year was not sitting well because the GOAT wanted to holla at some medical procedures to try to beat "the Parkinson Disease Syndrome" that has affected him.

Money May has a boxing/sport endorsement with CBS -- true da! But they are going to Jimmy "The Greek" Synder him as soon as he says an off-the-wall racist-like slur. And as Holy's "concert promotions" have gone busted, so has Money May's. Dude is a master at tricks of the trade and conning people to think that he is worth more than he is.

He loves to exaggerate all of the up-front money that da Bobfather has given Da Manny. Ev'ybodee and dey momma get up-front money. [CBS and Showtime always advance Money May, as HBO and da Bobfather did. And as amateur boxing did when he was an amateur.] It comes with the territory.

Worldwide in the last two years, Da Manny has made slightly more money from his day jobs, acting, singing, producing, doing commercials, endorsements and entrepreneurship than boxing.

Money May is my boy too. But I'm not blinded about him or Da Manny. I will always call a spade a spade, and never hide in the shade. At the end of the rainbow, Da Manny is going to have a bigger pot of gold than Money May. And Money May and his pops and uncles will be lying on da Bobfather being the reason that Money May never stepped up, and manned up, and took his arse thrashing fro Da Manny like a man. Hehehe! Holla![/QUOTE]

Nice post! Thanks.

Yes, broadcasters always front the guarantee and recoup on the back-end.

As I explained in another post, Showtime just committed to doing it six times -- hence the "endorsement" nature of the deal.

And hence why it is IMPOSSIBLE for Showtime and CBS to lose only on that deal.

Impossible. Can't happen. Fact. (I'll break it down in a piece very soon.)

But there's a big difference between a broadcaster's advance to the promotion/promoter and a promoter's advance to a fighter.

One is bound to the event, another locks you up to your employer.

Gigantic difference!

(Especially when dude shouldn't even be paying back those advances in the first place; they're back-end monies from satellite.)

Other than that, nice info about Ali's retirent. It's OK but far from the heights a guy like Ali should've been to financially.

Where did you get those figures and how was that retirement set up?

Man, if Magic can beat AIDS, they should be able to cure my man Ali!!

Does he still sign autographs nowadays?

Radam G says:

[QUOTE=The Shadow;61904]Nice post! Thanks.

Yes, broadcasters always front the guarantee and recoup on the back-end.

As I explained in another post, Showtime just committed to doing it six times -- hence the "endorsement" nature of the deal.

And hence why it is IMPOSSIBLE for Showtime and CBS to lose money on that deal.

Puck what motherpuckers tell you -- they already recouped their investment and then some!

They can't lose money. Impossible. Can't happen. Fact. (I'll break it down in a piece very soon.)

But there's a big difference between a broadcaster's advance to the promotion/promoter and a promoter's advance to a fighter.

One is bound to the event, another locks you up to your employer.

Gigantic difference!

(Especially when dude shouldn't even be paying back those advances in the first place; they're back-end monies from satellite.)

Other than that, nice info about Ali's retirent. It's OK but far from the heights a guy like Ali should've been to financially.

Where did you get those figures and how was that retirement set up?

Man, if Magic can beat AIDS, they should be able to cure my man Ali!!

Does he still sign autographs nowadays?[/QUOTE]

It a nice, true story about the GOAT nowadays and how he is really doing in a May or June issues of the AARP magazine/newsletter/website.

I know the figures and retirement sets up about the GOAT from being in the loop with the same business and estate lawyers myself. [Many of the lawyers are related to me in some way.] Also many boxers get the hook up of a retirement (investment) policies that will pay them a certain amount of money starting at a certain age -- usually 35-years old -- for life.

The Louisville 10 Group guaranteed by investing in young Cassius Clay that the GOAT would get a lifetime retirement paid to him in after-boxing years. A Philadelphia Group did the same thing for the late, great Smokin' Joe Frazier. A group of business men did it for Sugar Ray Leonard and a lot ofother fighters. A lot of these fighters, who get set up with after-boxing years retirement policies, hardly ever make mid-life comebacks.

Some commissions -- California -- even give pugs some retirement money after a certain age. "The Sweet $cience" has even written a story to alert retired Cali pugs and those pugs who had fought in Cali numerous times to holla at retirement moolah waiting on them. Holla!

deepwater2 says:

Hector Camacho Jr had bought a annuity when he was fighting. He got $12000 a month every month I think.

amayseng says:

[QUOTE=The Shadow;61892]I don't get why they don't do something like that. 1 on 1. Do THAT for charity. Don't know who would win.

Someone should bring that to their attention![/QUOTE]

Pac would whoop Floyd in basketball.

I would destroy Floyd in basketball. He does not have basketball coordination and skills.

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