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Manny Pacquiao is broke; he had to borrow $22k to give for typhoon aid
Posted on 11/26/13 at 9:35 am
Posted on 11/26/13 at 9:35 am
quote:
MANILA, Philippines -- Despite returning like a hero from beating Brandon Rios over the weekend, Manny Pacquiao said Tuesday he has no money to keep his promise to help typhoon victims because Philippine revenue authorities have frozen his bank accounts.
quote:
The Bureau of Internal Revenue says Pacquiao hasn't proved he paid taxes in 2008-2009. It has assessed that Pacquiao, once one of the world's highest paid athletes, owed 2.2 billion pesos ($50 million) in back taxes as of July.
Pacquiao, the wealthiest member of the Philippine Congress, said Tuesday he borrowed over 1 million pesos ($22,700) to purchase relief supplies before his fight Sunday with Rios in Macau and will borrow more to keep his word to typhoon victims.
quote:
Revenue Commission Kim Henares, however, said that the only proof Pacquiao has given of his tax payments was a letter from promoter Top Rank and HBO of the taxes he has paid to the United States, but nothing from the U.S. Internal Revenue Service.
"That is self-serving and a mere scrap of paper," she said. "What he can do is go to the IRS, ask IRS to certify this copy (of his tax payments) as a true copy. We have been waiting for that for two years."
She said of 22 banks her agency has ordered to report on Pacquiao's accounts, only two said they held deposits for Pacquiao and that the total was only 1.1 million pesos ($25,200), which is now covered by the garnish.
"It is unbelievable to me that he has only 1.1 million pesos," Henares said.
LINK
This post was edited on 11/26/13 at 9:39 am
Posted on 11/26/13 at 9:38 am to SPEEDY
Hey Manny, you can make all that debt go away with one fight.
Posted on 11/26/13 at 9:41 am to SPEEDY
Nah bro all of his shite is hidden
This post was edited on 11/26/13 at 9:42 am
Posted on 11/26/13 at 9:44 am to Broski
quote:
Hey Manny, you can make all that debt go away with one fight.
He knows who to call to make it happen
Posted on 11/26/13 at 9:47 am to SPEEDY
quote:
owed 2.2 billion pesos ($50 million) in back taxes as of July.
No wonder he's hiding his money. What kind of tax rate is this? This is just for 08-09?
Posted on 11/26/13 at 9:49 am to skullhawk
those taxes are a biatch.. and manny has always had a problem saying no to people and his country giving out money like crazy.
Posted on 11/26/13 at 9:50 am to skullhawk
btw the gifs in this thread crack me up
Posted on 11/26/13 at 9:51 am to SPEEDY
Posted on 11/26/13 at 9:55 am to skullhawk
no shite. I just looked it up and I haven't seen anything saying he made more than $30 million in 2008.
Those backtaxes are a bitch.
Those backtaxes are a bitch.
Posted on 11/26/13 at 10:07 am to SPEEDY
quote:
he borrowed over 1 million pesos ($22,700) to purchase relief supplies before his fight Sunday with Rios in Macau and will borrow more to keep his word to typhoon victims.
This is great and all, but umm...if I owe 50 million dollars and am practically broke, I'm not donating shite to anybody.
Posted on 11/26/13 at 10:10 am to WG_Dawg
i doubt he's broke. hiding money is much more likely and he's just doing all of this to act broke
Posted on 11/26/13 at 10:13 am to WG_Dawg
Could make a quick $100 million with 2 fights with Mayweather. Bob Arum is screwing Pacquiao over, big time.
Posted on 11/26/13 at 10:15 am to SlowFlowPro
quote:
i doubt he's broke
Yeah it seems impossible, but
quote:
hiding money is much more likely and he's just doing all of this to act broke
why? What does he have to gain by acting broke? I mean if he wants to walk around the streets like Joe Everyman I get that..but when the IRS is freezing your accounts because you owe taxes from 5 years ago, I'd say the jig should probably be up at that point yes? And he can still "act" broke..just quietly send them a check for the $50M and go on about your life.
Posted on 11/26/13 at 10:18 am to WG_Dawg
quote:
why?
why does anybody hide money? taxes
quote:
What does he have to gain by acting broke?
apparently, about $50M
Posted on 11/26/13 at 10:20 am to SlowFlowPro
quote:
why does anybody hide money? taxes
True, I guess I just don't understand the mindset. For a normal working stiff I can see wanting to keep a little extra to buy a new dishwasher or pay off the house. But Manny could still pay all the taxes he's supposed to and still be one of the richest people on the planet.
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