Court of Tax Appeals orders freezing of Manny Pacquiao’s bank accounts
The boxer’s got a bigger fight to face now that he’s home.
Jun Ramirez of Manila Bulletin reports that the Court of Tax Appeals (CTA) has ordered the freezing of Manny Pacquiao's bank accounts in connection with the P2.2-billion tax case he is facing before the Bureau of Internal Revenue (BIR). (Note: It was later revealed that the CTA didn’t order the freezing of Pacquiao’s bank accounts. It was the BIR who issued the freeze order.)
According to the report, "the tax case arose from the alleged failure of Pacquiao's accountant to report in his income tax returns (ITR) the multi-million-dollar taxes collected by the US Internal Revenue Service (IRS) from his prize winnings for the years 2008 to 2009." Pacquiao's camp argued that he has already remitted P12 million to the BIR for those years and was not obligated to declare his earnings abroad because of an existing bilateral tax treaty agreement between Manila and the United States.
BIR officials, however, said that as a Filipino citizen, Pacquiao "is required to declare in his ITR all his earnings, including those derived from abroad." CTA only made the freeze order publicly known on Monday (November 25) although it was issued a few weeks ago.
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