Boxing / Headlines

Manny Pacquiao accounts frozen for owing over $50 mil in back taxes

11/26/2013 at 8:31 am By

BOX-PHI-PACQUIAORecently crowned welterweight boxing champ Manny Pacquiao is looked upon as a hero in his home country the Philippines, but that didn’t stop the country’s government from hitting him where it hurts; his pockets.

According to Pacquiao, his bank accounts have been frozen by the Bureau of Internal Revenue, and the agency claims that he owes over $2.2 billion pesos (or about $50 million in American dollars) in back taxes from the years 2008 and 2009.

“I appeal to them to remove the garnishment so that I can move and pay for my staff’s salaries,” Pacquiao told reporters in his southern hometown of General Santos city. “I am not a criminal or a thief. The money that was garnished by (the Bureau of Internal Revenue) is not stolen,” he said. “This came from all of the punches, beatings, blood and sweat that I endured in the ring.”

“I really do not have any idea why I am being singled out,” said Pacquiao via the International Business Times. “My lawyers provided them all the information that they want but they refuse to believe,” he said. “They insisted that I earned more than what I actually did,”

Pacquiao says that he had to borrow $1 million in pesos ($22,700) to provide relief for typhoon victims and says that he plans to borrow more for the same purpose.

Manny Pacquiao is one of the highest-grossing boxers in history with over $300 million in career earnings following his victory over Brandon Rios November 23rd, but two out of 22 banks the Philippines Bureau has probed claim that Pacquiao has only made about $1.1 million pesos in deposits, or just $25,200 in US dollars.

“It is unbelievable to me that he has only 1.1 million pesos,” Revenue Commission Kim Henares said.

This is the second time Pacquiao has been accused of tax evasion. He was investigated for tax fraud in 2012 before the case was dropped later that year.

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