Manny Pacquiao Could Face Legal Action for Incomplete Tax Filings
Champion boxer Manny Pacquiao is facing charges after allegedly failing to provide complete and accurate tax records in his native Philippines.
The Bureau of Internal Revenue regional director Rozil Lozares stated that a complaint was filed on March 1 after Pacquiao failed to provide proper documents even after receiving three notices as well as a subpoena, according to the Associated Press.
Lozares explained on Thursday that Pacquiao's 2010 tax return was filled with "discrepancies" and there was additional questions raised concerning his businesses dealings and endorsements.
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As of now reports state that the Bureau of Internal Revenue said Pacquiao stands accused of contempt charges rather than charges which are related to tax evasion.
Lozares confirmed that a criminal complaint had been filed, but added: "We haven't reached to the point that he is evading taxes. We are asking him for copies of his contracts to different companies, which he has not given or has refused to give."
Officials in the Philippines explained that Pacquiao, who is a political official back home, did not respond to a request to provide copies documents related to his fights, endorsements and contracts.
The Bureau of Internal Revenue wants to review 33 tax records. Those records include Pacquiao's annual income tax return for 2010.
They are also interested in a full accounting of the financial gains that he received after his fights with Antonio Margarito and Joshua Clottey, according to ABS-CBN.
Prosecutors in the southern city of Koronadal will consider if there is enough evidence to take Pacquiao to court, according to The Philippine Star.
The press released explained the actions of the Bureau of Internal Revenue: "We have filed a criminal case against Congressman Emmanuel Pacquiao for violation of Article 266 of the National Internal Revenue Code," as reported by The Philippine Star.
Pacquiao was ranked by Forbes magazine last year as the world's 24th richest athlete.
