Sarangani Representative Manny Pacquiao. INQUIRER FILE PHOTO
MANILA, Philippines — Senator Sonny Angara expressed readiness on Monday to tackle the proposed granting of a “special” tax exemption for Filipino world boxing champion Manny Pacquiao.
“We will consider it once filed and can conduct a hearing,” Angara said.
“Lahat ng tax exemption pinag-aaralan nang mabuti dahil pribilehiyo ‘yan at may mawawalang panggastos ang gobyerno,” (All tax exemptions should be studied well because they are privileges and will mean loss of revenue for government) Angara, chair of the Senate committee on ways and means, said in a statement.
He then lauded a proposal of Senator Aquilino “Koko” Pimentel III to grant a special tax exemption to Pacquiao to inspire him in his megafight with American Floyd Mayweather Jr. on May 2, 2015 (May 3 in Manila).
Angara said, “Maganda ang nilalayon ng panukala ni Sen. Koko na kilalanin man lang ng gobyerno ang karangalan at katanyagang ibinigay ni Manny sa bansa. Palagay ko kulang tayo sa pagkilala sa kanyang kontribusyon,” (Senator Koko’s objective to acknowledge the honor and fame that Manny is giving the country is good. I think we are not giving him enough recognition.)
Pimentel said the special tax incentive was a “fitting tribute to the priceless package of proudly promoting the country once again in the international map.”
But Senate President Pro Tempore Ralph Recto said there was no need for a tax exemption “because the taxes he will pay to the IRS on his income from the fight will be credited here in the Philippines by the BIR (Bureau of Internal Revenue).”
“It’s a matter of documentation,” Recto said in a text message to reporters.
RELATED STORIES
Robin Padilla to Pimentel: Leave Pacquiao out of ‘trapo tricks’
$300-million revenues expected for Mayweather-Pacquiao bout