Manny Pacquiao's tax case is just getting worse. Aside from his Philippine debt reportedly worth $50 million, Pacquiao is now facing $18 million tax problems with the U.S., as reported by TMZ.
Pacquiao can't really worry about his next fight just yet. He has to get his tax case settled before he can even entertain the idea of fighting again.
Even though the boxer's camp has denied any wrongdoing or lapse, it is really clear that Pacquiao is facing some serious money matters. TMZ reported that there were legal documents that have been filed, asserting that the Filipino boxer owes a huge amount of money to the Internal Revenue Service (IRS) amounting to $ 18,313,668.79 from the earnings he received in 2006 until 2010.
TMZ was able to obtain a breakdown of the total money that Pacquiao owes the IRS from 2006 to 2010:
$1,160,324.30 - 2006
$2,035,992.50 - 2007
$2,862,437.11 - 2008
$8,022,915.87 - 2009
$4,231,999.01 - 2010
Now, these numbers really seem a little vague. Every earning individual pay taxes for the previous year. TMZ did not state if those numbers are from the year when Pacquiao owed the U.S. government money.
Pacquiao fought for 13 times from 2006 to 2010. Some of the popular names in the boxing industry that he has fought with during the period in question include Erik Morales, Marco Antonio Barrera, Juan Manuel Marquez, Oscar De La Hoya, Ricky Hatton, Joshua Clottey, Antonio Margarito and Shane Mosley. All except one of those bouts were held in the U.S, and Pacquiao won all those 13 fights.
This is really a huge financial bluster to Pacquiao. It has initially been reported that the eight-division world champion owes the Bureau of Internal Revenue (BIR) in the Philippines $50 million. The Philippine government has ordered a freeze or garnishment on Pacquiao's bank accounts and other properties. The boxer, who also holds public office as a congressman, reportedly has to borrow money to help the victims of the Typhoon Haiyan.
This situation doesn't really look good on Pacquiao. We wonder how this will turn out for the Filipino hero.
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