Manny Pacquiao might owe the largest amounts of income tax between two countries in history.
TMZ reports that the Filipino boxer owes the U.S. Internal Revenue Service $18,313,668.79. The government alleges Pacquiao failed to pay his taxes from 2006-2010.
Here's the breakdown:
2006 -- $1,160,324.30
2007 -- $2,035,992.50
2008 -- $2,862,437.11
2009 -- $8,022,915.87
2010 -- $4,231,999.01
That's just the beginning of Pacquiao's financial disater. The Associated Press reports that the Bureau of Internal Revenue in Pacquiao's home country of the Philippines says he failed to pay his taxes in 2008-2009.
The amount he owes there is a staggering 2.2 billion pesos ($50 million) in back taxes.
Rumors have followed Pacquiao for years alleging he spends his money freely and has to continue fighting to survive, but how he got into this nightmarish tax situation should be looked into. Does he have financial advisers? It's a question that needs to be answered.
The Philippine government has placed a lien on one of Pacquiao's most expensive properties in Manilla and have frozen his bank accounts, and those of his wife.
Pacquiao claims that there is a treaty that prevents double taxation and has asked that his bank accounts be unfrozen.
''I appeal to them to remove the garnishment so that I can move and pay for my staff's salaries,'' Pacquiao told reporters in his southern hometown of General Santos city. ''I am not a criminal or a thief.''
He also disputes the amount owed to the United States. He believes that if that were true he would have been arrested during one of his many trips to the country.
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