Will Manny Pacquiao’s Huge Tax Bill Be Enough for the IRS?

[Draggingtree]

Mises: Will Manny Pacquiao’s Huge Tax Bill Be Enough for the IRS?

APRIL 3, 2015Matthew Doarnberger

Global boxing star Manny Pacquiao, in spite of the fact he isn’t a US resident or citizen, owes the IRS $18 million, and they plan to demand a lot more when Pacquiao fights in Las Vegas next month.

 

As most people who at least casually follow boxing know, Floyd Mayweather and Manny Pacquiao will finally be squaring off against one another on May 2. Many sports fans wanted the fight to first take place as far back as six years ago. But hey, better late than never, I guess.

 

What a lot of sports fans don’t know is that Pacquiao has been engaged in his own fight against both the IRS and its Filipino counterpart, the Bureau of Internal Revenue (other countries have tax collecting monstrosities just like we do). The government in the Philippines (where Pacquiao is from) levied a tax evasion case against him and is attempting to obtain the equivalent of $75 million from the boxing champion. Meanwhile, the IRS has slapped on a federal tax lien for $18.3 million in allegedly unpaid taxes for 2006 through 2010. Pacquiao claims that a treaty between the US and the Philippines prevents his money from being taxed twice.