The United States (US) Internal Revenue Service (IRS) has lifted the tax lien on boxing champion Manny Pacquiao’s financial assets and properties in the US.
A tax lien authorizes the IRS to seize the assets of a taxpayer who has unpaid back taxes.
Pacquiao’s personal and business adviser Mike Koncz forwarded the statement from their US tax lawyer Steven Toscher of Hochman Salkin Retting Toscher & Perez PC to the media on Sunday.
“There have been numerous public reports about tax issues involving boxing superstar Manny Pacquiao,” the statement said. “Many of those reports have contained inaccurate and misleading information and were triggered by the filing of a federal tax lien. The lien is in the process of being released by the Internal Revenue Service.”
“Manny’s US tax counsel has been working with the IRS and Manny’s counsel David Marroso stated that the IRS has abated the tax assessments against Manny which triggered the filing of the lien and has released or is in the process of releasing all federal tax liens and levies.”
“Mr. Toscher stated that Manny is serious about his tax obligations and will continue to work with the IRS to resolve any outstanding tax issues,” the statement said.
“The attorneys emphasized that matters regarding Manny’s finances and tax matters are confidential, and both the IRS and his advisors have respected his privacy and continue to focus their attention on the facts, not misleading rumors perpetuated by others.”
The IRS had given Pacquiao a notice of federal tax lien, claiming he failed to pay $18 million in income taxes from 2006 to 2010.
Pacquiao’s American tax lawyers questioned the lien.
“Our team of lawyers and bunch of accountants in America have exerted a total effort to lift the levy and finally no more freeze on Manny’s bank accounts and properties in the US,” Koncz told The Manila Times in a phone interview. “Manny is a good person and everything is fine now.”
“We’re making every effort to resolve whatever other taxes he may have in America too.”
Pacquiao and the Bureau of Internal Revenue (BIR) here in the Philippines are waiting for the final resolution of the Court of Tax Appeals regarding the writ of garnishment issued by the BIR to some of Pacquiao’s bank accounts and local properties.
The BIR issued the writ of garnishment to the Saranggani representative for allegedly failing to settle his tax debts.
Pacquiao has denied he has unpaid taxes, saying the issue is politically motivated.