Repost from Bong Daza, here is a point of view by someone who seems to know the problem.. Pandy Aviado From Boo Chanco, from my friend Marcial Ocampo on PacMans tax woes: Manny and Bob Arum miss the point. Our tax laws also protect them from double taxation. But you have to show proof first of all your global incomes, then less the expenses paid to his boxing team and share of the managers and trainers and travel/lodging expenses to arrive at this net taxable income. Then apply the 32% maximum rate of the Philippine BIR applicable to all Filipinos to arrive at income tax due from all incomes. Then subtract the taxes paid kuno to the US IRS with filing copy of Manny as proof, duly certified by the US IRS and not the mere boxing promoter Bob Arum. The net tax due then is paid to the Philippine BIR. So there is absolutely no DOUBLE TAXATION. Why cant the accountant, lawyers and tax consultants of Manny understand this? Or they must be hiding something such as under-reporting of his boxing and product endorsements and pay-per-view incomes that could be easily spotted if he submits his official US IRS certificate of income and tax withheld/paid. If I were Manny, I should comply with the requirements and not wait for his rights to appeal to be prescribed by statutory time limits which the BIR could not waive lest the BIR personnel be charged before the Ombudsman for not doing their duty under our Philippine income taxation laws. Is that clear Manny? If not, please FIRE your consultants for giving you false and incorrect advise about the word DOUBLE TAXATION which is not the intent of Kim Henares of the BIR.
Posted on: Fri, 29 Nov 2013 22:09:59 +0000
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