Manila, Philippines – The Bureau of Internal Revenue (BIR) yesterday asked the Court of Tax Appeals (CTA) to compel Rep. Manny Pacquiao to pay P2.2 billion in back income taxes. The BIR made the request in answer to Pacquiao’s earlier appeal to Pacquiao said the assessment, which included interests and surcharges, was “arbitrary” and could not afford to pay as it as was more than his net worth. the tax court to nullify the BIR assessment for the years 2008 and 2009. BIR lawyers, however, said that the tax debts have become “demandable,” “ executory,” and “collectible” because the solon allegedly ignored to answer the Final Assessment Notice (FAN) sent to him. Under the Tax Code, FAN expires 30 days after receipt. The deficiency tax reportedly arose from the failure of his accountants to apply the multi-million dollar tax credits of the US Internal Revenue Service (IRS) in his Income Tax Return (ITR). Revenue officials explained that as a Filipino citizen, Pacquiao is required to declare his earnings from all sources all over the world in his ITR. The boxing great told the tax court that he earned a total of $28 million in prize money for successfully defending his various titles against Juan Manuel Marquez, David Rios, and Oscar dela Hoya in 2008 and Ricky Hatton and Miguel Cotto in 2009. Of the amount, Pacquiao said the IRS collected $8.4 million or about P395 million. The lawmaker explained he did not report the tax credit because the IRS had already collected the appropriate income tax. Pacquiao declared he was no longer required to pay the tax to the BIR because of the existing bilateral tax treaty agreement between Manila and Washington that stipulates that income tax paid by Filipinos in the US is creditable against his income tax liabilities here. What he paid the BIR, he said, was Value-Added Tax (VAT) amounting to P12 million to cover the P114 million he earned as endorser of at least 14 products, including Ginebra San Miguel and United Laboratories. He insisted that the BIR assessment has no legal force because it was based on “best obtainable sources.” Pacquiao accused revenue probers of ignoring the financial reports submitted by his promoter, Top Rank Promotions, and other actual transaction documents, relying only on the so-called “best obtainable evidence rule.” - See more at: viralnewsandvideos.blogspot/2013/10/pacquiao-must-pay-p22-b-tax_24.html#sthash.mTeH3WHf.dpuf URGENT HIRING! → laislajobs.us/jobs/work-outside-the-country Workers willing to work in: ✔ U.S.A ✔ AUSTRALIA ✔ CANADA ✔ U.A.E No Placement Fees ( Fly now Pay later ) Applicants with or w/o experience are welcome to register and apply! Apply Now ASAP!!!! → laislajobs.us/jobs/work-outside-the-country
Posted on: Thu, 24 Oct 2013 07:43:33 +0000
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