Pacquiao couple asks SC to stop tax court from collecting P3B cash bond | Inquirer Sports
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Pacquiao couple asks SC to stop tax court from collecting P3B cash bond

/ 09:58 AM August 15, 2014

Rep. Manny Pacquiao. FILE PHOTO

MANILA, Philippines–Boxing superstar and Saranggani Representative Emmanuel “Manny” Pacquiao and his wife, Jinkee, asked the Supreme Court to reverse the resolution of the Court of Tax Appeals ordering them to post over P3 billion cash bond or almost P5 billion surety bond, which was issued after they sought to stop the Bureau of Internal Revenue (BIR) from collecting P2-billion taxes from them.

In their petition for certiorari, the Pacquiao couple also asked the high court to issue a temporary restraining order against the implementation of the Tax Court’s July 11 resolution denying their motion for partial reconsideration.

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The Tax Court’s July 11 resolution dismissed the appeal of the couple for lack of merit and gave them 30 days to post a cash bond worth P3,298,514,894.35 or a GSIS bond or a bond from any reputable surety company accredited by the Supreme Court, in the amount equivalent to one and one half of the amount being collected, or P 4,947,772,341.53.

Pacquiao’s motion for partial reconsideration asked the tax court to reduce the bond and extend the deadline for the posting of the bond.

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Originally, the Pacquiaos were given 10 days to post a bond.

In 2013, Pacquiao filed a petition with the tax court to lift the warrant of distrain and levy and garnishment as well as the collection of taxes by the BIR.

However, the tax court ordered Pacquiao and his wife to deposit a cash or surety bond.

Instead of posting a bond, however, they filed a partial motion for reconsideration, telling the tax court that the condition was “impossible.”

Pacquiao’s tax liability was P2.2 billion. According to the BIR, the bond was based on the updated amount including surcharges and penalties.

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TAGS: BIR, Jinkee Pacquiao, Manny Pacquiao, Supreme Court, Tax Court, Tax evasion, Taxes
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