No need to exempt Pacquiao from taxes, says Rep. Yeng Guiao

Pampanga Representative and Rain or Shine coach Yeng Guiao said on Friday that there is no need for a tax exemption on Manny Pacquiao's earnings from the Filipino fight icon's bout with Floyd Mayweather.

 

"I wouldn't go to that extent. Kasi hindi naman niya kailangan e," Guiao told GMA News Online in an interview. "Malaki na 'yung kikitain niya, and I'm sure he's also willing to pay taxes basta tamang taxes."

 

Senator Aquilino "Koko" Pimentel III intends to file a bill seeking to exempt Pacquiao's May 2 pay from taxes as a tribute to the boxing icon. Pacquiao is currently embroiled in a P3.2-billion tax case with the Bureau of Internal Revenue.

 

Pacquiao is reportedly set to earn at least $120 million for the May 2 bout, which is considered  the biggest fight in boxing history, financially speaking. The bout is expected to generate at least $300 million.

 

Pimentel said that the tax incentive is a way to recognize the eight-division champion's efforts to promote the country, and inspire him to do his best for his upcoming fight.

 

The senator added that a special exemption is a way of giving back to the Sarangani representative, who is known for spending his own money to help his constituents in his district.

 

For Guiao, however, a tax exemption is not necessary for someone as fortunate as Pacquiao.

 

"I don't think it's necessary because he's been blessed, he's been very lucky to earn that kind of money and then ie-exempt mo pa," he said. "Baka hindi na necessary." —JST, GMA News