Manny Pacquiao Loses Endorsement Deals In US Because of Tax Case in PH

The chief of the Bureau of Internal Revenue revealed that Manny Pacquiao paid less than seven million pesos in income taxes for the year 2010.

Pacquiao’s declared assets is P1.13 billion and has no liabilities at the end of 2010.

He’s the wealthiest member of the House of the Representatives.

The boxing champion spent $7 million in his election campaign in 2010 but earned $35 million for his two fights against Joshua Clottey and Miguel Cotto.

He accused the BIR of harassment after it sued him for contempt, for failure to submit copies of his endorsement contracts and TV deals.

Pacquiao also urged the BIR to fire Cotabato Revenue Regional Director Rozel Lozares for filing a case against him.

His lawyers claimed the boxing champ lost several endorsement deals in the United States because of the said tax case.