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Friday, October 24, 2014

Manny Pacquiao has big tax problems – owes IRS $18.3 million

Manny PacquiaoManny Pacquiao continues to have major tax problems in both the US and Philippines.

TMZ reports that Pac-Man owes $18.3 million to the IRS for income earned from 2006-2010.

Here’s how the money owed breaks down for those years, according to TMZ:

2006: $1.16 million — fought twice in Las Vegas

2007: $2.03 — fought once in Vegas and once in Texas

2008: $2.86 million – fought three times in Las Vegas

2009: $8.02 million – fought twice in Las Vegas

2010: $4.23 million – fought twice in Texas

Pacquiao recently had to borrow money to give to charity to help Typhoon Haiyan victims because his bank accounts in the Philippines were frozen. The Philippines said he owed $50 million in taxes for 2008 and 2009, but Pacquiao’s team says that money has been paid. The government is waiting for concrete proof.

Pacquiao’s tax, and to a larger extent money problems, have been rumored to be the reason why he fought in China in his last fight. But things didn’t go as well as hoped for Top Rank Promotions, so promoter Bob Arum said Pac-Man’s next fight would be back in the US. Maybe by then, Pacquiao’s tax situation will be squared away. My guess is he doesn’t have the money to pay that off.



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