Why Pacquiao needs good accountant, better lawyers

by RG Cruz, ABS-CBN News

Posted at Dec 11 2013 10:52 PM | Updated as of Dec 12 2013 07:53 AM

MANILA - Boxing icon and Sarangani Rep. Manny Pacquiao has sought the advice of House Minority Leader Ronaldo Zamora on his tax woes, amid talks he may be switching to Zamora's camp soon.

Zamora in a press conference Wednesday, said he spoke to the boxing champion on the phone wherein Pacquiao denied he owes unpaid taxes the US Internal Revenue Service (IRS).

“He denies completely, he doesn't owe the US government anymore taxes other than substantial amounts he already paid," he said.

Zamora said he told Pacquiao "to get a good accountant, [and] better lawyers."

"Get yourself the best kind of financial adviser you can afford. If you’re able to do that, many of these problems will disappear," he told the boxer.

As for Pacquiao switching to the minority, Zamora said, "Wala pa kami pinag-uusapan."

Pacquiao's lawyer earlier denied that the lawmaker owes unpaid taxes to IRS.

This amid an ongoing tax collection case filed against Pacquiao by the Bureau of Internal Revenue for tax liabilities in the Philippines.

"We deny," lawyer Tranquil Salvador said. "We have no knowledge of the so-called RS tax deficiency. We likewise stand by the order that we will not discuss the BIR case."

Both Pacquiao and the BIR have been issued gag orders by the Court of Tax Appeals.

Pacquiao's close friend, YACAP party-list Rep. Carol Jayne Lopez also said the boxer denied owing money to the IRS.

A TMZ report has that it "has obtained official documents which show the IRS claims Manny stiffed the government out of federal income taxes from 2006 to 2010 ... totaling $18,313,668.79 in debt."

The report said that the tax liabilities of Pacquiao in the US are: 

  • 2006 -- $1,160,324.30
  • 2007 -- $2,035,992.50
  • 2008 -- $2,862,437.11
  • 2009 -- $8,022,915.87
  • 2010 -- $4,231,999.01

"Manny had 3 big fights in 2008, including a match against Oscar De La Hoya in which MP reportedly banked $15-$30 million in guaranteed cash. In 2009, Manny famously fought Ricky Hatton and earned a $12 million purse," the report added.