Pacquiao seeks SC's help on tax case

Posted at 08/15/14 9:56 PM

MANILA – Fighting Congressman Manny Pacquiao and his wife Jinkee have asked the Supreme Court to bar the Court of Tax Appeals (CTA) from forcing them to pay a multi-billion cash bond in relation to his tax case.

The CTA has ordered the Pacquiao couple to post a P3.2 billion cash bond or a surety bond worth P4.9 billion in exchange for the suspension of collection of the boxer’s alleged tax liabilities worth P3.29 billion.

The CTA has given Pacquiao until August 17 to settle the bond.

But in a 75-page petition filed before the Supreme Court, Pacquiao asked for a temporary restraining order (TRO) on the CTA’s ruling.

Pacquiao argued that they were denied due process by the Bureau of Internal Revenue (BIR), and that the agency reportedly “bloated” the computation of his tax deficiency.

He said the CTA also abused its authority, claiming it is impossible for them to come up with the P3.2 billion cash bond since their net worth as of July 1 is only P1.18 billion. – From a report by Ina Reformina, ABS-CBN News