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To inspire Manny Pacquiao in his fight against Floyd Mayweather, a senator is set to file a bill seeking to grant special tax exemption for the Filipino ring icon's earnings in the world welterweight unification bout on May 2 in Las Vegas (May 3 in the Philippines).
In a press statement Friday, Senator Aquilino "Koko" Pimentel III said the special tax incentive is a fitting tribute to Pacquiao's effort to put the country once again on the international map. The bill will be filed next week.
"Manny being a Filipino promotes the Philippines. The marketing value for the country is priceless," he said.
Pimentel said Pacquiao, an eight-division world champion, needs all the support and inspiration he could get during his training for the fight, which took more than five years in the making.
"During his training, let us inspire Manny by way of passing a special tax exemption act for this particular fight. Anyway we are not blind that a substantial part of his boxing proceeds goes to the people through Manny’s helping hand," the senator said.
Pacquiao will stake his World Boxing Organization title while Mayweather, undefeated in 47 fights, will stake his WBC and WBA belts in the fight.
Pimentel said the honor and world recognition the country will generate is unprecedented considering the tremendous publicity and promotion that will mark the run-up to the fight.
"Manny is now part of our history and of world sports history. Let’s give him this tax incentive in recognition to his invaluable efforts to promote boxing and the country around the world," he said.
Pacquiao is facing a P3.2 billion tax evasion case before the Court of Tax Appeals. The case was filed by the Bureau of Internal Revenue after assessing that Pacquiao had incurred "deficiency income and value-added tax" from 2008 to 2009, worth P2.2 billion. Penalties and surcharges caused the deficiency to balloon to P3.2 billion. —JST, GMA News