Pacquiao vs. Henares

[Xaxal Eternitum]

---

**** Kim Henares.

[Vino Kid]

More and more like a
‘trapo’ By Solita Collas-Monsod
Philippine Daily Inquirer 11:14 pm | Friday, November 29th, 2013 I may help to get the basic
facts correct in the
appreciation of the issues
surrounding the controversy
involving Manny Pacquiao and
the Bureau of Internal Revenue with regard to the taxes he
paid (or did not). The following
is a background and a time line
of events: In 2008 Pacquiao paid some
P125 million (roughly $2.5
million) in taxes. He reported
all his income including the
income he earned from abroad,
and he claimed taxes paid in the United States as a credit
against his taxes due in the
Philippines, which is his right
under the law. So what was the
problem? Well, the BIR
assessed his tax liability (what he should have paid) to be
close to P400 million. He failed
to substantiate some expenses
and he failed to pay his value-
added tax. The discrepancy between P125
million and P400 million is
much more than 30 percent,
which means, again by law,
that there is a presumption of
fraud. So he was slapped with a 50-percent surcharge, and
interest of 20 percent per
annum computed up to Dec. 31,
2012. Everything done
according to Hoyle. Thus, his
tax liability was P767 million. In 2009 he paid P7.4 million in
income taxes. Why the sudden
drop? Because he did not
report any income earned from
the United States, or any taxes
paid to it. He was assessed P1.4 billion in taxes, resulting
from his total income from the
United States, plus his
undeclared income from the
Philippines, plus the disallowed
expenses (he did not present the supporting documents),
plus the VAT, plus the 50-
percent surcharge, plus the 20
percent per annum computed
to Dec. 31, 2012. (Please realize, Reader, that
anytime your tax liability drops
between one year and the next
(especially from P125 million to
P7.4 million), that is like a red
flag waved before the BIR bull. You have to be ready for an
audit, and that is what
happened.) On July 27, 2010, a Letter of
Authority (LOA) was served on
Pacquiao, informing him that
the taxman was coming. That
is, he was informed that his tax
returns of 2008 and 2009 were to be audited. On Sept. 21, 2010, that LOA
was converted to another LOA,
and this time Jinkee Pacquiao
was included. For some reason,
the couple received this only on
Dec. 1, 2010. Then a long hiatus. On June 21,
2011, six months after Manny
and Jinkee received the LOA, a
subpoena duces tecum was
issued, requiring them to
submit a list of documents to the BIR on July 15, 2011. (A
subpoena is usually issued
when a taxpayer, after being
served the LOA, fails to present
documents. Among the
documents being required for submission is their US income
tax return.) The spouses submitted a sworn
affidavit stating that they had
received the subpoena and
would submit the documents
on July 29, 2011. (P.S. They did
not submit their US income tax return, nor did they submit
their books of accounts,
receipts, and contracts.) On Jan. 20 2012, Pacquiao
received a notice of informal
conference, which was
subsequently held. On March 22, 2012, a
preliminary assessment notice
(PAN) dated Feb. 20, 2012, was
served, which Pacquiao
protested. His protest was denied, and on
June 28, 2012, Pacquiao
received the formal letter of
demand with final assessment
notice (FLD/FAN) dated May 2,
2012. On July 20, 2012, Pacquiao filed
a protest against the FLD/FAN,
essentially invoking the same
arguments raised against the
PAN. On May 20, 2013, the final
decision on disputed
assessment dated May 14,
2013, was received by Pacquiao
at his congressional office. On July 1, 2013, warrants of
distraint and levy were issued
to companies and banks who
may be holding cash for
Pacquiao. (Thirty warrants
were issued; 22 answered and eight have not yet replied. Of
the 22, two banks said they
held P300,000 and P800,000 of
his money.) On July 23, 2013, Pacquiao
received a copy of the
preliminary collection letter
(PCL) dated July 19, 2013. NOTE:
The final decision on disputed
assessment became final after 30 days, when the BIR did not
receive any protest from
Pacquiao, hence the issuance
of the PCL. On Aug. 1, 2013, Pacquiao went
to the Court of Tax Appeals and
filed a petition for review. He
has filed (in October 2013) an
urgent motion to lift the
warrants of distraint and/or levy and garnishment, for the
issuance of an order to suspend
the collection of tax (praying
for the issuance of a temporary
restraining order). The BIR is
fighting it tooth and nail. The next court hearing is on Dec. 5. What does this all tell us? First,
there was an audit of Manny
Pacquiao’s tax returns when
the taxes he paid fell from
P125 million to P7 million.
Please to remember: This was in 2009 when he was at his
peak (in 2008 he had Marquez,
Diaz, and De la Hoya under his
belt, while in 2009 he had
Hatton and Cotto). Would you
believe that his income fell that much when he was pound-
for-pound champion, plus the
darling of the world? Second, he was already a
congressman when all this
started (July 2010). Third, the BIR seemed to lean
backward on its treatment of
him. Look at the timeline and
see where the BIR gave him
every opportunity (short of
breaking the law). No tax evasion case was filed; the BIR
did not try to name and shame
him. Pacquiao even went on the
offensive. He went to the Court
of Tax Appeals. He could have
produced his US income tax
returns anytime. He didn’t. He
could have sought compromise or abatement. He didn’t. He
acted like a spoiled brat. And he is still acting like one,
putting all the onus on the BIR
for everything, including his
failure to pay his staff and
borrowing to help the
“Yolanda” survivors. The BIR just garnished P1.1 million of
his money. He is acting more and more
like a trapo. For shame.

[miramax]

More and more like a
‘trapo’ By Solita Collas-Monsod
Philippine Daily Inquirer 11:14 pm | Friday, November 29th, 2013 I may help to get the basic
facts correct in the
appreciation of the issues
surrounding the controversy
involving Manny Pacquiao and
the Bureau of Internal Revenue with regard to the taxes he
paid (or did not). The following
is a background and a time line
of events: In 2008 Pacquiao paid some
P125 million (roughly $2.5
million) in taxes. He reported
all his income including the
income he earned from abroad,
and he claimed taxes paid in the United States as a credit
against his taxes due in the
Philippines, which is his right
under the law. So what was the
problem? Well, the BIR
assessed his tax liability (what he should have paid) to be
close to P400 million. He failed
to substantiate some expenses
and he failed to pay his value-
added tax. The discrepancy between P125
million and P400 million is
much more than 30 percent,
which means, again by law,
that there is a presumption of
fraud. So he was slapped with a 50-percent surcharge, and
interest of 20 percent per
annum computed up to Dec. 31,
2012. Everything done
according to Hoyle. Thus, his
tax liability was P767 million. In 2009 he paid P7.4 million in
income taxes. Why the sudden
drop? Because he did not
report any income earned from
the United States, or any taxes
paid to it. He was assessed P1.4 billion in taxes, resulting
from his total income from the
United States, plus his
undeclared income from the
Philippines, plus the disallowed
expenses (he did not present the supporting documents),
plus the VAT, plus the 50-
percent surcharge, plus the 20
percent per annum computed
to Dec. 31, 2012. (Please realize, Reader, that
anytime your tax liability drops
between one year and the next
(especially from P125 million to
P7.4 million), that is like a red
flag waved before the BIR bull. You have to be ready for an
audit, and that is what
happened.) On July 27, 2010, a Letter of
Authority (LOA) was served on
Pacquiao, informing him that
the taxman was coming. That
is, he was informed that his tax
returns of 2008 and 2009 were to be audited. On Sept. 21, 2010, that LOA
was converted to another LOA,
and this time Jinkee Pacquiao
was included. For some reason,
the couple received this only on
Dec. 1, 2010. Then a long hiatus. On June 21,
2011, six months after Manny
and Jinkee received the LOA, a
subpoena duces tecum was
issued, requiring them to
submit a list of documents to the BIR on July 15, 2011. (A
subpoena is usually issued
when a taxpayer, after being
served the LOA, fails to present
documents. Among the
documents being required for submission is their US income
tax return.) The spouses submitted a sworn
affidavit stating that they had
received the subpoena and
would submit the documents
on July 29, 2011. (P.S. They did
not submit their US income tax return, nor did they submit
their books of accounts,
receipts, and contracts.) On Jan. 20 2012, Pacquiao
received a notice of informal
conference, which was
subsequently held. On March 22, 2012, a
preliminary assessment notice
(PAN) dated Feb. 20, 2012, was
served, which Pacquiao
protested. His protest was denied, and on
June 28, 2012, Pacquiao
received the formal letter of
demand with final assessment
notice (FLD/FAN) dated May 2,
2012. On July 20, 2012, Pacquiao filed
a protest against the FLD/FAN,
essentially invoking the same
arguments raised against the
PAN. On May 20, 2013, the final
decision on disputed
assessment dated May 14,
2013, was received by Pacquiao
at his congressional office. On July 1, 2013, warrants of
distraint and levy were issued
to companies and banks who
may be holding cash for
Pacquiao. (Thirty warrants
were issued; 22 answered and eight have not yet replied. Of
the 22, two banks said they
held P300,000 and P800,000 of
his money.) On July 23, 2013, Pacquiao
received a copy of the
preliminary collection letter
(PCL) dated July 19, 2013. NOTE:
The final decision on disputed
assessment became final after 30 days, when the BIR did not
receive any protest from
Pacquiao, hence the issuance
of the PCL. On Aug. 1, 2013, Pacquiao went
to the Court of Tax Appeals and
filed a petition for review. He
has filed (in October 2013) an
urgent motion to lift the
warrants of distraint and/or levy and garnishment, for the
issuance of an order to suspend
the collection of tax (praying
for the issuance of a temporary
restraining order). The BIR is
fighting it tooth and nail. The next court hearing is on Dec. 5. What does this all tell us? First,
there was an audit of Manny
Pacquiao’s tax returns when
the taxes he paid fell from
P125 million to P7 million.
Please to remember: This was in 2009 when he was at his
peak (in 2008 he had Marquez,
Diaz, and De la Hoya under his
belt, while in 2009 he had
Hatton and Cotto). Would you
believe that his income fell that much when he was pound-
for-pound champion, plus the
darling of the world? Second, he was already a
congressman when all this
started (July 2010). Third, the BIR seemed to lean
backward on its treatment of
him. Look at the timeline and
see where the BIR gave him
every opportunity (short of
breaking the law). No tax evasion case was filed; the BIR
did not try to name and shame
him. Pacquiao even went on the
offensive. He went to the Court
of Tax Appeals. He could have
produced his US income tax
returns anytime. He didn’t. He
could have sought compromise or abatement. He didn’t. He
acted like a spoiled brat. And he is still acting like one,
putting all the onus on the BIR
for everything, including his
failure to pay his staff and
borrowing to help the
“Yolanda” survivors. The BIR just garnished P1.1 million of
his money. He is acting more and more
like a trapo. For shame.

This is very well presented bro, but sad to say for Pacquiao Fanatics this is just a waste of ink as to speak kay moderecho manlang sila ug ingon nga " BIR stop harrassing our idol and started name-calling Henares, faets..

Ang ako lang d ma gets , when it comes to giving aid to Yolanda victims , manghuwam man gyud siya or gamiton ang pondo sa Sarranggani for that matter but budget for Dionesia's grandiose pablessing, party, atbp. waman gyuy namention nga manghuwam kay di ka withdraw sa banko maski piso chaar..., naa man permi budget (it's Dionesia 3rd house for the record). KAso ang defense sa argument nasab sa mga fans kay kesyo nasuya ta or d manghilabot kay ila ng kwarta silay gahago, pagka nalang gyud!

If money is an issue with Pacquaio at present, daghan man means pagtabang sa Yolanda victims.
He can provide them shelter sa iya mga mansions sa Pinas plus pa haus ni Dionesia, isakay sa C30 , that is even more than money. Then makigcoord sya sa LGU , use his influence with his businessman kumpares to give them job like sa mga pabrika sa sardinasan sa Gen.San. kesa man motabang unya dala pakonsensya.

Parehas gud Nonito, automatic hatag 1M with no much publicity and pakonsensya eklavooo.

[Vino Kid]

nanguhag sympathy ky ingon lagi sikat hehehe... Fans ko ni manny sa ring, pag gawas na sa ring not anymore...

Dia pay article ni Atty Fortun

Raymond Fortun LEGAL ARTICLE TO TAX THE PACMAN The Pacman returns home a
hero, then finds himself facing a
formidable foe where his
boxing skills have no use. What DOES the law say? The Bureau of Internal Revenue
(BIR) levies income tax on
taxable income from within and
outside of the country on all
citizens of the Philippines, even
those working abroad. Of course, another country (e.g.
the US) also has the right to tax
people for incomes earned
within its jurisdiction. In order
to avoid the unfair situation
where a Filipino earns income abroad and taxed there and is
subsequently obligated to pay
taxes for the SAME income as a
Filipino citizen, the Philippines
and the US have an income tax
convention as early as 1976, providing for "Relief from
Double Taxation". So without
having to bore you all with
details, it is possible for a
Filipino working abroad to be
slapped with taxes by the US, but can use this fact as a "Tax
Credit" in filing his income tax
return in the Philippines. So what does the Pacman have
to do to avoid being taxed
twice? 1. He has to pay taxes in the US
for income earned therein.
2. He has to secure the official
IRS form that the taxes have
been paid. A CERTIFICATION
FROM TOP RANK BOXING JUST WON'T DO.
3. He has to file an income tax
return in the Philippines for the
year covered. NOTE that the
Pacman has other incomes
aside from boxing, such as TV advertisements, product
endorsements etc.
4. He has to submit the IRS "tax-
paid" form and other tax-
withheld forms to support his
claim that he should only pay X amount of tax.
5. He should answer in a timely
manner all letters sent by the
BIR, including assessment
notices.
6. If he does not agree with the assessment, he should then
avail himself of legal remedies
as provided under the Internal
Revenue Code. If he did NOT do any of these,
then the BIR has the right to
impose the appropriate tax on
him, and to run after his
properties in the process. Again,
it must be stated: DURA LEX, SED LEX. The law is harsh, but
that is the law. If the Pacman
violated the law, then he should
be held answerable. Keeping my fingers crossed that
the tax money doesn't find its
way into the DAP. *rolls eyes

https://facebook.com/raymond.fortun/...51821602657057

[digitalsuperman]

Spoiler! 

More and more like a
‘trapo’ By Solita Collas-Monsod
Philippine Daily Inquirer 11:14 pm | Friday, November 29th, 2013 I may help to get the basic
facts correct in the
appreciation of the issues
surrounding the controversy
involving Manny Pacquiao and
the Bureau of Internal Revenue with regard to the taxes he
paid (or did not). The following
is a background and a time line
of events: In 2008 Pacquiao paid some
P125 million (roughly $2.5
million) in taxes. He reported
all his income including the
income he earned from abroad,
and he claimed taxes paid in the United States as a credit
against his taxes due in the
Philippines, which is his right
under the law. So what was the
problem? Well, the BIR
assessed his tax liability (what he should have paid) to be
close to P400 million. He failed
to substantiate some expenses
and he failed to pay his value-
added tax. The discrepancy between P125
million and P400 million is
much more than 30 percent,
which means, again by law,
that there is a presumption of
fraud. So he was slapped with a 50-percent surcharge, and
interest of 20 percent per
annum computed up to Dec. 31,
2012. Everything done
according to Hoyle. Thus, his
tax liability was P767 million. In 2009 he paid P7.4 million in
income taxes. Why the sudden
drop? Because he did not
report any income earned from
the United States, or any taxes
paid to it. He was assessed P1.4 billion in taxes, resulting
from his total income from the
United States, plus his
undeclared income from the
Philippines, plus the disallowed
expenses (he did not present the supporting documents),
plus the VAT, plus the 50-
percent surcharge, plus the 20
percent per annum computed
to Dec. 31, 2012. (Please realize, Reader, that
anytime your tax liability drops
between one year and the next
(especially from P125 million to
P7.4 million), that is like a red
flag waved before the BIR bull. You have to be ready for an
audit, and that is what
happened.) On July 27, 2010, a Letter of
Authority (LOA) was served on
Pacquiao, informing him that
the taxman was coming. That
is, he was informed that his tax
returns of 2008 and 2009 were to be audited. On Sept. 21, 2010, that LOA
was converted to another LOA,
and this time Jinkee Pacquiao
was included. For some reason,
the couple received this only on
Dec. 1, 2010. Then a long hiatus. On June 21,
2011, six months after Manny
and Jinkee received the LOA, a
subpoena duces tecum was
issued, requiring them to
submit a list of documents to the BIR on July 15, 2011. (A
subpoena is usually issued
when a taxpayer, after being
served the LOA, fails to present
documents. Among the
documents being required for submission is their US income
tax return.) The spouses submitted a sworn
affidavit stating that they had
received the subpoena and
would submit the documents
on July 29, 2011. (P.S. They did
not submit their US income tax return, nor did they submit
their books of accounts,
receipts, and contracts.) On Jan. 20 2012, Pacquiao
received a notice of informal
conference, which was
subsequently held. On March 22, 2012, a
preliminary assessment notice
(PAN) dated Feb. 20, 2012, was
served, which Pacquiao
protested. His protest was denied, and on
June 28, 2012, Pacquiao
received the formal letter of
demand with final assessment
notice (FLD/FAN) dated May 2,
2012. On July 20, 2012, Pacquiao filed
a protest against the FLD/FAN,
essentially invoking the same
arguments raised against the
PAN. On May 20, 2013, the final
decision on disputed
assessment dated May 14,
2013, was received by Pacquiao
at his congressional office. On July 1, 2013, warrants of
distraint and levy were issued
to companies and banks who
may be holding cash for
Pacquiao. (Thirty warrants
were issued; 22 answered and eight have not yet replied. Of
the 22, two banks said they
held P300,000 and P800,000 of
his money.) On July 23, 2013, Pacquiao
received a copy of the
preliminary collection letter
(PCL) dated July 19, 2013. NOTE:
The final decision on disputed
assessment became final after 30 days, when the BIR did not
receive any protest from
Pacquiao, hence the issuance
of the PCL. On Aug. 1, 2013, Pacquiao went
to the Court of Tax Appeals and
filed a petition for review. He
has filed (in October 2013) an
urgent motion to lift the
warrants of distraint and/or levy and garnishment, for the
issuance of an order to suspend
the collection of tax (praying
for the issuance of a temporary
restraining order). The BIR is
fighting it tooth and nail. The next court hearing is on Dec. 5. What does this all tell us? First,
there was an audit of Manny
Pacquiao’s tax returns when
the taxes he paid fell from
P125 million to P7 million.
Please to remember: This was in 2009 when he was at his
peak (in 2008 he had Marquez,
Diaz, and De la Hoya under his
belt, while in 2009 he had
Hatton and Cotto). Would you
believe that his income fell that much when he was pound-
for-pound champion, plus the
darling of the world? Second, he was already a
congressman when all this
started (July 2010). Third, the BIR seemed to lean
backward on its treatment of
him. Look at the timeline and
see where the BIR gave him
every opportunity (short of
breaking the law). No tax evasion case was filed; the BIR
did not try to name and shame
him. Pacquiao even went on the
offensive. He went to the Court
of Tax Appeals. He could have
produced his US income tax
returns anytime. He didn’t. He
could have sought compromise or abatement. He didn’t. He
acted like a spoiled brat. And he is still acting like one,
putting all the onus on the BIR
for everything, including his
failure to pay his staff and
borrowing to help the
“Yolanda” survivors. The BIR just garnished P1.1 million of
his money. He is acting more and more
like a trapo. For shame.

great article VinoKid.very detailed. now if only pacman fantards know how to read.

[H.Wolowitz]

case dismissed due to technicality!

oh well may point naman yung DOJ. yung credit card nga, ang person applying for the card yung dapat mag.receive, eto pa kayang tax evasion case?

DOJ junks tax case vs Pacquiao | ABS-CBN News

[cliff_drew]

^ but BIR can still file a case against Manny

[Echelnalf]

Dulz Speaks: A LAWYER'S TAKE ON PAQUIAO-BIR BOUT: AN INSTANT LESSON ON TAXATION

[miramax]

case dismissed due to technicality!

oh well may point naman yung DOJ. yung credit card nga, ang person applying for the card yung dapat mag.receive, eto pa kayang tax evasion case?

DOJ junks tax case vs Pacquiao | ABS-CBN News

The one you're referring to bro was an outdated Tax issue with Pacman. Re-read the article it's was posted at 11/16/2012 4:31 PM | Updated as of 11/16/2012 7:17 PM.

[leo_trams]

dugo at pawis...

unsa-on na lang mi mga ordinary salaried employees?
we always pay the right amount of tax, deduct pa daan sa sweldo...overtime, naa gihapon tax.
unya si Manny, ilaron pa ang BIR nga nakabayad na siya...pastilan!
insakto ba kaha ang iyang gibabayad?

Maayo kuno siya mosangyaw sa maayong balita mahitungod sa Ginoo, kay preacher siya.
Hain kaha'y maayo kung iya na lang pud isangyaw pila gyud ang tinood niya nga kita sa boxing, para ma compute ug insakto ang tinood niya nga bayranan nga buhis?



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