PACQUIAO'S LAWYER DISCUSSES HIS TAX CASE
By Eddie Alinea
PhilBoxing.com
Sun, 27 Apr 2014
The lawyer of WBO welterweight champion Manny Pacquiao has expressed confidence that with the lifting of the freeze order on his client's bank deposits, properties and assets imposed by the Bureau of Internal Revenue, the boxing icon's tax case will now be heard and decided according to its merits.
Lawyer Tranquilino Salvador. likewise, announced in last Thursday's SCOOP Sa Kamayan on Air public service forum that the camp of the "Pambansang Kamao" is currently preparing to comply with the Court of Tax Appeal's order to post a cash or surety bond, which he added, it will get from either the Government Service Insurance System or from a reputable bonding firm.
"But first, we will see if the CTA can reduce it (the required bond) to a more reasonable amount," he said during the forum, adding that the little over P3 billion the court had set is much, much more than Pacquiao's net worth P1.4 billion.
"We are hoping the CTA will reduce the bond amount because in its order, it recognized the fact that Pacquiao's net worth is only more than P 1.4 billion," Atty. Salvador told his interviewers during the weekly program aired over DZAR 1026 khz on the AM band and sponsored by the Triple V Food Corp.
The premium for the surety bond, according to the tax lawyer, who will be remembered having played the role as one of ousted Chief Justice Renato Corona's defense counsels during the latter's impeachment trial, will, more or less, cost the Sarangani Povince Congressman about P17 million.
A pre-trial conference, he said, will start on June 6 when Pacquiao is expected to present proofs to negate the erroneous assessment for the disputed taxable years (2007 and 2008), disclosed Salvador during the forum also viewed via streaming at www.sonshinetvradyo.com.
"The proofs we are presenting will include IRS confirmation on tax payments made by Top Rank Promotions for and in behalf of Manny," Salvador disclosed.
"The fact that the CTA lifted the freeze order can already be viewed as a positive indicator of a strong possibility that in the end Pacquiao will be vindicated. Had the CTA found our petition to be without merit, it could have dismissed our appeal outright," Atty. Salvador pointed out.
The ring sensation's tax problems stemmed from a BIR finding of his alleged P2.2 billion (roughly $50 million) deficiencies in payment for the years 2007-2008 released right after the Filipino fighter won his first fight against Brandon Rios last November following a first back-to-back losses the year prior, including a controversial split decision defeat to Timothy Bradley and a near career-ending sixth round KO to arch rival Juan Manuel Marquez.
Only weeks before the Filipino boxing hero fought and overwhelmed Bradley over 12 rounds in Las Vegas, to re-claimed his 247-pound belt, the BIR re-opened the case in what was considered in the boxing circle another unsuccessful attempt to disarmed him in his bid.
Salvador noted that Pacquaio, was actually denied by the BIR enough time to explain the supposed deficiency in tax payments for the period covering the disputed two years.
"The BIR was in a haste or extreme hurry to collect from the boxing icon. He was practically deprived of his right to due process," he lamented, noting, too, that the tax assessment made by the government's tax agency was "very confiscatory in nature as it even exceeds the total net worth of Pacquiao which was properly noted by the CTA in its order lifting the BIR freeze order.
Atty Salvador called on the public not to unfairly judge Pacquiao, who is expecting a fifth child with Sarangani Vice Gov. wife Jinkee, on his tax issue and just wait for the decision of the court.
Photo: Pacquiao (L) and BIR's Kim Henares.
Click here to view a list of other articles written by Eddie Alinea.
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