Pacquiao welcomes court decision on tax case

Posted at 04/24/14 12:52 PM


MANILA, Philippines – Sarangani Rep. Manny Pacquiao thanked both President Benigno Aquino III and Bureau of Internal Revenue (BIR) Commissioner Kim Henares after it was reported that the Court of Tax Appeals (CTA) had ordered the bureau to stop garnishing his properties.

Pacquiao’s lawyer, Atty. Tranquil Salvador, confirmed that they have received the CTA’s decision, which favored their petition to lift the warrant of garnishment that the BIR had issued against the boxer’s assets.

“Salamat sa ating Pangulo, salamat sa tulong niya, at siyempre kay Kim Henares,” said Pacquiao, who left it up to his lawyer to explain the details.

Salvador noted that the CTA’s decision was only an interim relief, as the court had tasked them to post a bond within 10 days, amounting to either P3.2 billion in cash or a surety bond of P4.9 billion.

Henares said the CTA decision cannot be considered a victory for Pacquiao, however.

“Basically, the decision of the Court was not to determine if the assessment has become final… a full blown trial have to be conducted,” Henares said in a text message to ANC. “To stay the garnishment, he has to post a cash bond or a surety bond.”

“I do not see it as stopping the garnishment, as it will only stop if he is able to post the cash bond which is more than P3B, or a surety bond of more than P4B,” she added.

Pacquiao is coming off a unanimous decision victory over American Timothy Bradley Jr. last April 12, for which he was guaranteed to earn $20 million.

He was given a testimonial dinner in General Santos City Wednesday night. -- Reports from Apples Jalandoni, ABS-CBN News; Francis Canlas, ABS-CBN News SOKSARGEN; with a report from ANC.

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