Tag Archives: BIR

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TAX-EVADING MANNY PACQUIAO PLANS TO BUY AN ENTIRE ISLAND

May 30, 2014 Pol Pinoy Leave a comment

Sarangani, Philippines (The Adobo Chronicles) – Manny Pacquiao: world champion boxer, congressman, soon-to-be basketball player and coach, potential 2016 presidential candidate, billionaire and tax evader. What’s next for ‘Pacman?’

Today, Pacquaio announced his retirement plans to buy an entire island in Palawan, the southwestern Philippine province known for its pristine beaches, breath-taking land formations and world-class resorts and tourist destinations. There he will build his retirement home, or is it palace?

Immediately following the announcement, Bureau of Internal Revenue Commissioner Kim Henares put out a “keep an eye advisory” to the tax agency’s Palawan branch to make sure that Pacquiao will pay the appropriate property and other applicable taxes in connection with his planned island purchase. Previously, Henares had charged Pacquiao of failing to pay taxes for his earnings in the boxing ring.

Pacquiao has dominated the headlines lately. In addition to his tax woes, he is reportedly eyeing the Philippine presidency come the 2016 elections. He has sealed an advertising agreement with KIA and signed up to be the Korean car company’s basketball player and coach in the Philippines’ professional basketball league. It was also revealed that Pacquiao remains to be the only billionnaire member of Congress, not to mention being the number one absentee.

Pacquiao is also known as ‘karaoke king, ” but almost everyone knows that already.

Pacquiao is still deciding which island in Palawan he will purchase.

Business, Food, Health & Medicine, Law Enforcement, Politics

PHILIPPINES TO TAX ‘BALUT,’ OTHER STREET FOOD VENDORS

May 6, 2014 Pol Pinoy 1 Comment

Manila, Philippines (The Adobo Chronicles) – Kim Henares will go down in history as the most enterprising commissioner of the Bureau of Internal Revenue (BIR), the Philippines’ tax agency.

She has been in the limelight for her personal crusade to collect taxes from the earnings of world Filipino boxing champ Manny Pacquiao. But she is not focusing only on the rich and famous. She has issued new policies taxing cigarettes and ultimately the cigarette vendors, as well as small business people who make a living by selling used items at flea markets and other short-time street festivals like the Christmas night market.

Now, in the boldest move yet in her career as the taxwoman, Henares has announced that all street food vendors will now be required to pay taxes and to issue official receipts for every sale. These include vendors of balut (boiled duck embryo), taho (sweet tofu snack), mani (roasted peanuts), barbecue pork, chicken, and other favorites like pig ears, chicken feet, and pork blood – more popularly known in the Philippines as walkman, adidas and betamax, respectively.

Balut and taho vendors will feel the brunt of the new regulations because in addition to the sales tax, they will be charged an additional 5% travel tax. Unlike other street vendors who set up stationary stalls along Metro Manila sidewalks, balut and taho vendors are constantly on their feet, moving from one neighborhood to another to sell their goods.

Business, International, Law Enforcement, Politics

PHILIPPINE TAXWOMAN GOES AFTER THE BIG FISH: MANNY PACQUIAO AND ROSE FOSTANES

January 21, 2014 Pol Pinoy 1 Comment

Manila, Philippines – Got money? Watch out, Kim Henares will go after you.

Henares is the commissioner of the Philippines’ Bureau of Internal Revenue (BIR), the counterpart of the U.S. Internal Revenue Service (IRS). She has gained the reputation of going after the big fish – Filipinos like world boxing champion Manny Pacquiao and newly-crowned X Factor Israel winner Rose Fostanes. Henares wants a chunk of their earnings abroad.

Analysts say that Henares’ actions are a desperate attempt to save her tax agency from bankruptcy. The BIR, which many Filipinos consider among the most corrupt agencies, continues to face declining revenues due to widespread tax evasion schemes especially among the country’s richest tycoons.

However, The Adobo Chronicles learned that Pacquiao and Fostanes are joining hands to challenge Henares in court and prevent her from taxing their foreign earnings. In papers to be filed in court today, Pacquiao and Fostanes claim that the BIR has no authority to collect taxes from their prize money earned in the U.S. and Israel, respectively.

“That is why the agency is called Bureau of INTERNAL Revenue,” lawyers said, so earnings outside the Philippines should be off limits to the tax agency.”

Makes perfect sense.