Manny Pacquaio - Tax doesn't have to be taxing!

Source: The Ring Magazine.

The advisor of WBO welterweight beltholder Manny Pacquiao says he expects issues to be resolved relating to the boxer's financial problems, this, after Philippines tax officials filed a criminal complaint against the fighter for failure to submit documents to investigators looking into his tax returns.

According to the Associated Press, Pacquiao could could face up to two years in jail if convicted as prosecutors decide whether or not there is enough evidence to bring the case to court.

"We have teams of lawyers, teams of accountants, and, for whatever reason, some document wasn't produced, and I'm sure that it will be rectified very shortly," advisor Michael Koncz said of Pacquiao, who was ranked by Forbes magazine last year as the world’s 24th richest athlete.

"Other than that, there's no need to comment further on the tax issue. That's a personal matter, it's not a big issue, and we'll resolve it."

The complaint was filed on March 1 after Pacquiao failed to submit the documents despite being notified on three separate occasions by a subpoena, Bureau of Internal Revenue regional director Rozil Lozares told the AP.

On Thursday, Lozares said Pacquiao’s 2010 tax return contained "discrepancies" considering his many businesses and endorsements.

Pacquiao has an upcoming defense of his belt opposite WBO junior welterweight titleholder Tim Bradley that is slated for June 9 at the MGM Grand in Las Vegas.

So, Manny was interested in seeing his true financial standings in November 2011 and hired an auditor to check Top Ranks books... now this? This doesn't sit well for the Pacman (especially given his political standing). I just find it funny that Floyd had offered Manny $40m purse for the fight and this comes out.

Is he another fighter who has been played a fool by a big time promoter? Another fighter who couldn't handle his money properly? A guy who clearly has no confidence in his own numerical abilities? Or just a mix up which will blow over?

Having read his autobiography, just about everyone in the Phillipines seems to be running around with a Rolex courtesy of Manny.

I reckon he gives away a lot, and what he doesn't give away is probably being robbed from him by his "advisors" without his knowledge.

The whole tax issue issue is probably vastly exaggerated but regardless of this I think Pacman is a dumb person.

That's not trying to insult him but I don't think he's smart at all and therefore easily manipulated and his money is there for the taking.

Like Mandrake says above, he gives a lot away and his people take a lot, meaning what he should have as a personal fortune to what he does have is vastly different.

Valero's Conscience wrote:The whole tax issue issue is probably vastly exaggerated but regardless of this I think Pacman is a dumb person.

That's not trying to insult him but I don't think he's smart at all and therefore easily manipulated and his money is there for the taking.

Like Mandrake says above, he gives a lot away and his people take a lot, meaning what he should have as a personal fortune to what he does have is vastly different.

but what he 'should have' he's happier giving away and letting people have a good life working for him. well done him i say. he can't take his millions with him when he's gone, and his family will have more than enough for a few generations to come.

he's not unintelligent at all, and has shown nothing to show me otherwise. he's come from an underprivileged background so he's never going to be getting a degree in physics from oxford.

im sure a lot of people assume he's unintelligent based on his broken english.

I remember he bought his sparring partner a house as a gift, was a bloody nice one too.

To be fair Alex I'd want a house to get in the ring with Manny.

I'd love to get in the ring as a sparring partner, I mean I know I'd get proper tonked but would be a fun and painful experience. I'd try and test my circle to the left of him theory and try and confuse him, again I'd still get tonked but you know.

AlexHuckerby wrote:but would be a fun and painful experience.

There are easier ways to get a 'fun and painful experience' than getting punched in the face by Manny Pacquiao.

OasisBFC wrote: his family will have more than enough for a few generations to come.

The families of Tyson, Louis, Holyfield etc probably thought the same

Boxing history is littered with fighters that lost every penny

It's just a pity for him there are no mega fights out there for him that would guarantee him a career high pay day, life can be so cruel sometimes.

rowley wrote:It's just a pity for him there are no mega fights out there for him that would guarantee him a career high pay day, life can be so cruel sometimes.

actual LOL at that. Fair cheered me up.

Group Cpt Lionel Mandrake wrote:

rowley wrote:It's just a pity for him there are no mega fights out there for him that would guarantee him a career high pay day, life can be so cruel sometimes.

actual LOL at that. Fair cheered me up.

Mind the windows Tino thinks that using 'LOL' won't make rottley a happy dog.

[/quote]

but what he 'should have' he's happier giving away and letting people have a good life working for him. well done him i say. he can't take his millions with him when he's gone, and his family will have more than enough for a few generations to come.


im sure a lot of people assume he's unintelligent based on his broken english.[/quote]

I don't criticise him for helping others, what i was more steering towards is that i think he'll lose an awful lot from people chipping away at his money without him knowing i.e. you can imagine someone convinces him to give £30k to some good cause and the middle guy pockets £10k without Manny knowing etc.

I can't remember the figures but i remember last year his assets were less than $30m which considering the fights he's had the number of endorsements is far less than expected and when he has such a huge entourage/vultures it keeps getting bitten into.

I can imagine him being comfortable when he's older but not as which as he should and not all down to personal choice.

you're just insinuating his team are massively disingenuous without any evidence.

Yeah got to be fair there is no evidence that Manny is being robbed, seems more like the guy is giving a lot away and buying 250K Ferraris before his biggest fights.

The only guy robbing Manny is......Bob Arum (Allegedly)

OasisBFC wrote:im sure a lot of people assume he's unintelligent based on his broken english.

I've met Filipinos that speak the same language as Manny, they say he's not too sharp, and that he's being used for politics as he's very popular in the Philippines.

OasisBFC wrote:you're just insinuating his team are massively disingenuous without any evidence.

I hold my hands up, i have no facts and base my comments purely on my gut feeling, maybe not the wisest thing to do!

That Konc or whatever his name is definitely seems a slime-ball though! I wonder if he's salary based or earns a % of Manny's earnings?

I read the Pacquiao biography aswell and it basically shows that he squanders and mismanages money on pretty epic proportions. You often wonder how the likes of Tyson etc can squander small fortunes but when you read Pacquiaos attitude towards money it becomes pretty apparent. He would almost certainly broke if he was living in the U.S all year round given his lifestyle and generousity but because he spends so much time in the Phillipines his money goes so much further over there.

It's not good is it, his money won't last forever he's going to retire soon and the money will slowly dry up, maybe he doesn't want to have it because he knows how poor people in his country are and feels a bit guilty. If it was me you wouldn't see me for smoke but at the same time there will be a lot of pressure to help people out.

" he can't take his millions with him when he's gone, and his family will have more than enough for a few generations to come."


Mate, that statement could have been made about a lot of fighter that end up broke way before their time- Mike tyson lost nearly all of his estimated career earnings of $100million+ whilst still in his forties. It would be sad to see yet another fighter inthe same position, but it wouldn't be a suprise

Maybe if he makes it in politics, he will be the Phillipines answer to Osborne.

I genuinely think PAc is actually a nice guy after a long time of thinking his image was a bit fake, but to be honest he comes across to me as a bit of a simpleton.

Mind the windows Tino. wrote:

AlexHuckerby wrote:but would be a fun and painful experience.

There are easier ways to get a 'fun and painful experience' than getting punched in the face by Manny Pacquiao.

It involves a young and beautiful headteacher with a cane, and you've been a very very naughty boy.......