‘Fitting tribute?’ Pimentel eyes special tax incentive for Pacquiao
MANILA, Philippines–To inspire Manny Pacquiao in his megafight with American Floyd Mayweather Jr., a senator will file a bill, granting the Filipino world champion a “special tax exemption.”
“Manny being a Filipino promotes the Philippines,” Senator Aquilino “Koko” Pimentel III said in a statement on Friday where he disclosed his plan to file the bill.
Pimentel said the special tax incentive was a “fitting tribute to the priceless package proudly promoting the country once again in the international map.”
“The marketing value for the country is priceless,” he said in justifying the proposal granting a special tax exemption to Pacquiao from his earnings in the world welterweight unification bout on May 2 (US time) in Las Vegas.
The bout between Pacquiao and Mayweather is dubbed as this generation’s biggest and priciest fight. The two are expected to earn millions of dollars from ticket sales and broadcast returns.
Pimentel said Pacquiao needs all the support and inspiration he could get during his training preparations for the fight that took more than five years in the making.
“During his training, let us inspire Manny by way of passing a special tax exemption act for this particular fight,” said the senator.
“Anyway, we are not blind that a substantial part of his boxing proceeds goes to the people through Manny’s helping hand,” he further said.
Besides, he pointed out that the honor and world recognition the country would generate from the fight would be unprecedented “considering the tremendous publicity and promotion that will mark the run-up to the fight.”
“Manny is now part of our history and of world sports history. Let’s give him this tax incentive in recognition to his invaluable efforts to promote boxing and the country around the world,” Pimentel added.
Just recently, though, Bureau of Internal Revenue Commissioner Kim Henares reminded the Filipino boxing icon to pay correct taxes on time. Henares has also previously accused Pacquiao of misdeclaring his income.