After the alleged 2.2 Billion tax case Filipino Champ Manny Pacquiao was involved, the boxing promotion company “Top Rank Inc.” has already mailed certified true copies of the fighting congressman’s income tax returns in the US to his lawyers as Top Rank CEO Bob Arum said.
Dave Lopez, Top Rank Inc. Chief Financial Officer, exclusively revealed Pacquiao’s income tax return to ABS-CBN North America Bureau regarding the boxer’s tax issues with the Bureau of Internal Revenue (BIR) in the Philippines.
Bob Arum, was a former tax lawyer and used to work in New York at the Department of Justice tax division before he became a boxing promoter.
Arum said: “I wanna ask the BIR …how many times have they asked for certification from the Internal Revenue Service (IRS)? Probably slim and far between. So what they’re doing to Manny is absolutely outrageous and it’s politics at its worst.”
BIR Commissioner Kim Henares was then invited by Arum to send her agents from Philippines to oversee and notify audited earnings of Manny Pacquaio from Top Rank.
“Let them come to our office let them sit down and we will take them through every single wire transfer because I can represent here today that for all the time we promoted Manny 30 percent was taken out of any moneys paid to Manny and that includes not only his fights but also endorsements in the United States,” he said.
According to Bob Arum, under the US law and guidelines, Top Rank Promotions is required to pay the IRS funds withheld earnings from fights and endorsements in the US and copy-furnished withholdings must be forwarded electronically to the BIR as basis for payment.