Skip to content

Philippines Today

home of the Global Filipino

Menu
  • News Stories
  • Regional News
  • Business & Economy
  • Science & Technology
  • International
Menu

Pimentel wants special tax exemption be given to Pacquiao

Posted on February 27, 2015

By Jelly F. Musico

MANILA, Feb. 27 (PNA) – As Bureau of Internal Revenue (BIR) reminded Manny Pacquiao to properly pay tax in his mega-fight with Floyd Mayweather, a lawmaker believes the popular Filipino world champion should be given a special tax exemption privilege for putting the Philippines in the world map of boxing.

Senator Aquilino ‘Koko” Pimentel III on Friday said he is filing a bill to grant the tax privilege to Pacquiao to inspire him in his forthcoming fight, which is expected to break record in terms of revenue, including ticket sales.

“Manny being a Filipino promotes the Philippines,” said Pimentel, adding the special tax incentive is a fitting tribute to the priceless package proudly promoting the country once again in the international map.

“The marketing value for the country is priceless,” he said in justifying the proposal granting a special tax exemption to Pacquiao from his earnings in the world welterweight unification bout on May 2 in Las Vegas.

Pacquiao will stake his World Boxing Organization title while Mayweather, undefeated in 47 fights, will stake his WBC and WBA belts in the much-awaited fight which is worth from USD250 million to USD400 million on early estimates.

Pimentel said Pacquiao, the former eight-division world champion, needs all the support and inspiration he could get during his training preparations for the fight that took more than five years in the making.

“During his training, let us inspire Manny by way of passing a special tax exemption act for this particular fight. Anyway we are not blind that a substantial part of his boxing proceeds goes to the people through Manny’s helping hand,” said Pimentel.

Pimentel said the honor and world recognition the country will generate is unprecedented considering the tremendous publicity and promotion that will mark the run-up to the fight.

“Manny is now part of our history and of world sports history. Let’s give him this tax incentive in recognition to his invaluable efforts to promote boxing and the country around the world,” said Pimentel.

Boxing fans had wanted to see the fight as early as 2009, but it did not materialize until only recently when Mayweather finally agreed to tangle with the Filipino, who has a 57-5-2 win-loss-draw record.

Last Thursday, BIR chief Kim Henares reminded Pacquiao to accurately report to the BIR the taxes he will be paying the United States Internal Revenue Service (IRS) with supporting documents authenticated by the Philippine Embassy in the US.

In his previous fights, Pacquiao has been haunted with unsettled tax obligation by the BIR, a commitment he immediately resolved with the Philippines’ internal revenue agency. (PNA)

Share this:

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • More
  • Tumblr
  • Reddit

Related

News Categories

  • Announcement (34)
  • Business & Economy (1,567)
  • Comment and Opinion (74)
    • Random Thoughts (18)
  • Current Issues (425)
    • Charter Change (1)
    • Election (228)
    • Population (6)
  • International (389)
  • Life In Japan (66)
    • Everything Japan (41)
  • Literary (34)
  • Miscellaneous (610)
  • News Stories (5,312)
  • OFW Corner (297)
  • Others (75)
  • People (408)
  • Press Releases (163)
  • Regional News (3,362)
  • Science and Technology (502)
  • Sports & Entertainment (287)

Latest News

  • BSP keeps policy rates anew December 17, 2015
  • NEDA cuts PHL additional rice import for 2016 by 25% December 17, 2015
  • DA cites serious implications of banning genetically modified products December 17, 2015
  • BBL is not yet dead – Drilon December 17, 2015
  • Comelec recognizes Duterte’s CoC for president December 17, 2015
  • NEDA chief sees 2015 growth at 6% despite typhoons December 17, 2015
  • House of Representatives ratifies bicam report on P3.002-T national budget for 2016 December 17, 2015
  • Cebu-based developer invests PHP430M to build 709 townhouse units in north Cebu town December 17, 2015
  • City gov’t eyes P75-M income from economic enterprise December 17, 2015
  • Baguio City LGU presents traffic plan for holiday season December 17, 2015

Archives

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Science and Technology

  • DOST-ICTO targets 500,000 web-based workers from countryside by 2016
  • (Feature) STARBOOKS: A ‘makeover’ for librarians
  • Science, research reduce ‘cocolisap’ hotspot areas in PHL
  • Montejo to further improve PAGASA and empower scientists
  • 1st PPP in biomedical research produces knee replacement system fit for Asians

Press Releases

  • Microsoft to buy Nokia’s mobile devices business for 5.44-B euros
  • New World Bank climate change report should spur SEA and world leaders into action: Greenpeace
  • Save the Philippine Seas before it’s too late — Greenpeace
  • Palanca Awards’ last call for entries
  • Philippines joins the global call for Arctic protection

Comment and Opinion

  • Remembering the dead is a celebration of life
  • Killer earthquake unlikely to hit Panay Island in near future – analyst
  • It’s not just more fun to invest in the Philippines, it is also profitable, says President Aquino
  • How does one differentiate a tamaraw from a carabao?
  • Fun is not just about the place, it is also about the people, says DOT chief

OFW Corner

  • Ebola infection risk low in Croatia
  • Death toll rises to 41, over 100 still missing in landslide in India
  • Asbestos use in construction a labor hazard
  • 500,000 OFWs to benefit POEA on-line transactions — Baldoz
  • 25 distressed OFWs return home from Riyadh
©2025 Philippines Today | Design: Newspaperly WordPress Theme