The usual foe of boxing icon, Manny Pacquiao, BIRCommissioner Kim Henares told the newly victorious boxer to pay his taxes after the convincing win over Chris Algieri in Macau. Manny Pacquiao was allegedly charged by the BIR over unpaid taxes from his earnings from previous fights and endorsement in the United States.
During an interview with BIR Commissioner Kim Henares, she noted that Manny Pacquiao’s earnings from his bout against Algieri are taxable because Macau has a lower income tax rate.
The top tax rate in Macau is at 12 percent, slightly lower compared to the toptax rate of nearly 40 percent in the United States. Commissioner Kim Henares was quoted as saying “Kung sa Macau siya lumaban, I would think na mayroon [siyang babayarang buwis] kasi mas mababa ‘yung income tax rate nila,” Henares told dzMM.
According to some reports, Manny Pacquiao could earn more than $20 million which is around P900 million for the Chris Algieri fight. If Manny Pacquiao according to Henares, for instance, made at least P1 billion for the fight, Manny will have to pay the Philippine tax rate of 32 percent, or a total of P320 million.
The BIR Commissioner clarified that if Manny Pacquiao had already paid P100 million in Macau, based on estimates, he will stay pay the remaining balance of P220 million to the BIR for his Philippine tax obligations.