Pacquiao can dodge tax issues
MANILA, Philippines—It looks like eight-division World Champion Manny “Pacman” Pacquiao can finally knock his tax problems out.
Once he follows the conditions that the Court of Tax Appeals laid out.
On Thursday, the CTA granted Pacquiao’s motion to lift the warrant of distraint and levy and garnishment as well as the collection of taxes.
Pacquiao, and his wife Jinkee, are ordered to deposit a cash bond worth P3,298,514,894.35 or post a Government Service Insurance System bond, or any bond from other reputable surety companies that the Supreme Court accredited, in the amount equivalent to one-and-a-half of the amount being collected or P4,947,772,341.53 within 10 days upon the receipt of the resolution.
Failure to do so, the Tax Court warned, shall set aside the order of suspension of collection of taxes.
Bureau of Internal Revenue Commissioner Kim Henares saw that the order is not a total stoppage of Pacquiao’s tax issues, rather a condition.
“Basically the decision of the Court was not to determine if the assessment has become final, a full blown trial has to be conducted,” Henares said. To stay the garnishment, he has to post a cash bond or a surety bond.”
“I do not see it as stopping the garnishment, as it will only stop if he is able to post the cash bond which is more than P3 billion or a surety bond of more than P4 billion.”
Presiding Justice Roman del Rosario signed the 10-page resolution promulgated on April 22 and Associate Justices Erlinda Uy and Cielito Mindaro-Grulla concurred the documents.
