Pacquiao asks tax court to reconsider ‘impossible’ cash bond deposit
MANILA, Philippines – World boxing champion Manny Pacquiao has asked the Court of Tax Appeals to reconsider its order to him and his wife to deposit a cash bond that he considered “impossible”.
The tax court in its April 22 ruling granted the urgent motion filed by Pacquiao to lift the warrant of distraint and levy and garnishment on him as well as the collection of taxes by the Bureau of Internal Revenue (BIR) but added as a condition his payment of a P3 billion cash bond or P4 billion surety bond within 10 days upon receipt of the resolution. The 10th day is May 2.
Pacquiao did not post a bond but instead filed a partial motion for reconsideration, telling the tax court that the condition was “impossible.”
Pacquiao’s camp urged the Tax Court to either remove the bond payment condition or at least reduce the amount.
Pacquiao’s tax liability is P2.2 billion. According to the BIR, the bond was based on the updated amount including surcharges and penalties.
The exact amount of the cash bond is P3,298,514,894.35 and the surety bond equivalent to 1.5 of the amount being collected or P4,947,772,341.53.