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Cash Bond in Lieu of Garnishment for Manny Pacquiao

welcome
By: Elena Grace Flores

Manny Pacquiao
Manny Pacquiao (Photo credit: bammm2008)

It is now a worldwide knowledge that Manny Pacquiao, the great Filipino boxer is always in the watch list of the Bureau of Internal Revenue for tax purposes. This even reached to the point that Manny’s assets were garnished until he makes settlements. Well, as expected, the Pacquiao camp will not just pay a substantial amount without a fight and, here’s the result of the first bout with BIR:

Pacquiao wins round 1 in BIR tax case

By: ABS-CBNnews.com

MANILA, Philippines (UPDATED) – Rep. Manny Pacquiao apparently won the first round against the Bureau of Internal Revenue (BIR) after the Court of Tax Appeals (CTA) ordered the bureau to stop garnishing the boxer’s properties.  http://www.abs-cbnnews.com/sports/04/23/14/pacquiao-wins-round-1-bir-tax-case


The condition bestowed by the court for Manny Pacquiao to pay a bond equivalent to the taxes owed is fair enough. It will serve as a guarantee that Manny can pay on time when the exact amount of the tax owed is determined despite the ongoing battle. May this continue to result into a mutually beneficial arrangement for both parties.

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Tax Deal with Manny Pacquiao Possible?

welcome By: Elena Grace Flores

English: Ricky Hatton and Manny Pacquiao at th...
English: Ricky Hatton and Manny Pacquiao at the Trafford Centre. From left to right: Floyd Mayweather, Sr., Hatton, Pacquiao and Freddie Roach. (Photo credit: Wikipedia)

OFWs or Overseas Foreign Workers are considered living heroes in the Philippines and they are actually given the Free of Tax Privilege. Yes, we can’t say who’s right or wrong between the Bureau of Internal Revenue’s bout with boxing champion Manny Pacquiao. They are both just justifying their actions as they claim that it’s their duty to do so. So, If Manny is also considered a living hero for giving dignity to the Filipino people, is he worthy of a tax consideration if not exemption for a job well done? Read this (most phrases are in English but there are also Tagalog expressions):

Govt open to compromise with Pacquiao on tax case, says BIR chief Kim Henares

By: www.gmanetwork.com

The Bureau of Internal Revenue (BIR) is open to a compromise deal with Philippine boxing champion and Rep. Manny Pacquiao in relation to a P2.2-billion tax case, based on the Internal Revenue Code which allows such an arrangement between government and the taxpayer. http://www.gmanetwork.com/news/story/337565/economy/finance/govt-open-to-compromise-with-pacquiao-on-tax-case-says-bir-chief-kim-henares


Nothing can’t be solved if both parties will have a heart to heart talk. Since Manny’s patronage to his native land and to his own people can’t be bought by billions of dollars, he will make amends to remain being a role model of a good Filipino citizen or else he could already have given up his nationality and enjoy his money in the US where he already has a house – and obviously, he is very welcome there. On the other hand, the BIR should also define the procedure to the public on how Manny should declare his taxes – because there might be other talented Filipinos who are earning overseas – the same as Manny!

Web Design by:  Miracquel Puelong
 

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BIR Penalizes Late Payments for Monthly Dues

welcome By: Elena Grace Flores

Tax protester
Tax protester (Photo credit: ibm4381)

It was surprising to learn that even if we have not issued the official receipt stubs from the Bureau of Internal Revenue yet, we are already penalized for 1,000 Pesos for not submitting a “no income” declaration. This gives us the idea why many people are not complying with the tax rules. Here’s the complete tax payment schedule – just in case you missed the seminar:

By: www.bir.gov.ph

Who Shall File

>       This return shall be filed in triplicate by every withholding agent (WA)/payor who is either an individual or non-individual, required to deduct and withhold taxes on income payments to Expanded/Creditable Withholding Taxes. http://www.bir.gov.ph/info-efps/Form%20Guidelines%20And%20Instructions/Form%201601E%20Guidelines%20and%20Instructions.html

If only the taxes paid by the public will go back to the people in general through government services, tax collection will not be a problem at all. However, since the disclosure of the pork barrel scam and the unconstitutional use of PDAF and DAF reserves, who can trust  the government now? Let me know should you wish to react on this!

Web Design by:  Miracquel Puelong

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