Pacquiaos get relief on P2.2B tax ‘deficiency’

The Supreme Court (SC) has issued a temporary restraining order (TRO) in favor of Sarangani Rep. Emmanuel “Manny” Pacquiao and his wife Jinkee in connection with their alleged tax deficiency of over P2.2 billion plus surcharge and interest for 2008 and 2009.

Acting on a petition from the Pacquiaos, the High Court resolved to issue the TRO against the April 22, 2014 and the July 11, 2014 resolutions of the Court of Tax Appeals in CTA Case No. 8683 that required the petitioners to either deposit a cash bond in the amount of P3,298,514,894.35 or to post a surety bond in the amount of P4,947,772,341.53 as a condition for suspension of collection of deficiency income taxes and value-added tax against the petitioners for 2008 and 2009.