PacMan's Corner

[agentjackbauer]

Eto, sure na. Section 23 of Republic Act No. 8424:

 

 

Section 23. General Principles of Income Taxation in the Philippines. - Except when otherwise provided in this Code:

 

(A) A citizen of the Philippines residing therein is taxable on all income derived from sources within and without the Philippines;

 

(b ) A nonresident citizen is taxable only on income derived from sources within the Philippines;

 

( c ) An individual citizen of the Philippines who is working and deriving income from abroad as an overseas contract worker is taxable only on income derived from sources within the Philippines: Provided, That a seaman who is a citizen of the Philippines and who receives compensation for services rendered abroad as a member of the complement of a vessel engaged exclusively in international trade shall be treated as an overseas contract worker;

 

(D) An alien individual, whether a resident or not of the Philippines, is taxable only on income derived from sources within the Philippines;

 

(E) A domestic corporation is taxable on all income derived from sources within and without the Philippines; and

 

(F) A foreign corporation, whether engaged or not in trade or business in the Philippines, is taxable only on income derived from sources within the Philippines

Edited May 9, 2009 by agentjackbauer

[grail80]

I believe the tax bracket still applies although Im not sure since I dont practice tax law. Pero Im a lawyer and hindi lang 10% ang tax ko. I dont know if its because Im employed in a law firm (so employee rin). Pero it doesnt make sense for lawyers who are individual practitioners to be taxed only a flat 10% rate while those in law firms or corporations are taxed at a higher rate based on their monthly income.

 

 

 

Ahh in my experience kasi 10% lang taxed sa akin if you go solo (I went freelance dati, but current tax rate is about 32%). Kaya siguro you are taxed higher is because you have a permanent employment, hence a fixed income. Professionals, as classified in our tax system, are those without regular income: those who need to find their own projects to make a living. Case in point: Willie Revillame. I think the declared annual income is 400M pesos, and he got taxed 40M.

 

There are special benefits to those who earn their money abroad, both corporations and individuals (OFWs) alike, and their income are tax-free. Maybe that could apply to Pac as well.

 

 

 

----

 

 

posted this before I read your post. It seems I'm wrong on the corporation.

Edited May 9, 2009 by grail80

[agentjackbauer]

Hindi pasok si Pac sa exception eh. Hindi sya OFW . Paminsan-minsan lang sya pumunta abroad para lumaban. At resident sya ng Pinas.

Edited May 9, 2009 by agentjackbauer

[grail80]

Hindi pasok si Pac sa exception eh. Hindi sya OFW. Paminsan-minsan lang sya pumunta abroad para lumaban.

 

Yun nga lang. The taxes wouldn't help the economy at all. Sa bulsa lang ng pulitiko mapupunta yan hehehe

[agentjackbauer]

Bottom-line, mayaman na mayaman na si Pac. Kahit ilang Ara Mina (o higit pa), kaya nyang bayaran.

[grail80]

Bottom-line, mayaman na mayaman na si Pac. Kahit ilang Ara Mina (o higit pa), kaya nyang bayaran.

 

 

Teka I forgot about it: Pacman was BIR's model taxpayer. So malamang taxed nga ang earnings nya from boxing. I thought it was from his many businesses.

 

 

International Star na si Manny, baka international na rin ang kabit nya hahaha

[djrs]

Hindi pasok si Pac sa exception eh. Hindi sya OFW . Paminsan-minsan lang sya pumunta abroad para lumaban. At resident sya ng Pinas.

 

he is somewhat like OFW-Expat hindi taxable sa philippines ang kinita nya sa boxing(laban sa U.S.).. pero sa u.s. taxable yung kinita nya...

 

actually kakafile lang ni pacquiao last january ng ITR nya for 2008.. bakit? kasi lahat ng kinita nya sa local endorsement/TV appearance nya is considered as LOCAL INCOME and it is Taxable. even the contract sa solar sports taxable din yun...

 

actually pacquiao is one of the good example of TAX payer.. kasi di sya nag papalate at nagbabayad sya ng tama sa tax nya...

 

--

 

 

how do i know? nakapag trabaho ako sa POEA. hehehehe.

 

Tax Exemption

 

Filipinos overseas are exempted from paying taxes on their earnings from foreign sources.

 

hope this one clear things up...

Edited May 9, 2009 by djrs

[agentjackbauer]

Djrs,

 

Sorry but Pac is not an OFW, as defined by law. I guess we just have to agree to disagree.

 

 

 

Grail,

 

It seems the 10% tax is the EVAT. So every amount paid to a professional such as lawyer for his fees are subject to a 10% final tax. Then, that same professionalis still subject to income tax based on his gross income (using the tax bracket).

Edited May 9, 2009 by agentjackbauer

[djrs]

Djrs,

 

Sorry but Pac is not an OFW, as defined by law. I guess we just have to agree to disagree.

 

 

 

Grail,

 

It seems the 10% tax is the EVAT. So every amount paid to a professional such as lawyer for his fees are subject to a 10% final tax. Then, that sme lawyer is still subject to income tax based on his gross income (using the tax bracket).

 

so ano sya? san ba yung source of income nya pag lumaban sya sa U.S.?

[grail80]

Djrs,

 

Sorry but Pac is not an OFW, as defined by law. I guess we just have to agree to disagree.

 

 

 

Grail,

 

It seems the 10% tax is the EVAT. So every amount paid to a professional such as lawyer for his fees are subject to a 10% final tax. Then, that same professionalis still subject to income tax based on his gross income (using the tax bracket).

 

 

Interesting how the government steals our money eh? The way I look at it, my work from January to April is done to pay my taxes. I then pay e-VAT for all products I purchase and services I use. That means almost half of my salary actually goes to the government! Sheeet!

[djrs]

Boxers income from advertising consumer products were already subjected to withholding tax.

 

Pacuiao Guaranteed purse was subject for 30 percent cut by the Internal Revenue Service in the US.

[djrs]

Interesting how the government steals our money eh? The way I look at it, my work from January to April is done to pay my taxes. I then pay e-VAT for all products I purchase and services I use. That means almost half of my salary actually goes to the government! Sheeet!

 

 

Philippines is the most TAXED Country.. one of the highest... considering na 3rd world country tayo..

[djrs]

pero kung gross income ang pag uusapan taxable ng 32% si pacman...

[dragonei]

Bottom-line, mayaman na mayaman na si Pac. Kahit ilang Ara Mina (o higit pa), kaya nyang bayaran.

 

Kaya nga sarap maging kasama sa entourage ni Pacquiao. Actually aside from taxes, ito ang isa sa me pinakamalaking kurot sa kita ni Manny. Ang dami dami dyang freeloaders sa team pacquiao. Lumilipad sila kasama ni pacquiao, and they stay in the US with him for the duration of the training till the end of the fight, kahit wala naman sila naiaambag. Ang iba dyan religious and political adviser kuno na di nya naman kailangan. At kung at some point kailanganin nya man sila, hindi naman dapat all the time nakabuntot sila sa kay manny. Isipin mo sagot ni manny pamasahe nila, board and lodging, me sweldo sila, at ang mga kupal me kwarto pa sa mandalay bay hotel.

 

Hay pag sikat ka nga naman, kung sino sinong linta ang kumakapit sayo.

[oracle_man]

Djrs,

 

Sorry but Pac is not an OFW, as defined by law. I guess we just have to agree to disagree.

 

 

 

Grail,

 

It seems the 10% tax is the EVAT. So every amount paid to a professional such as lawyer for his fees are subject to a 10% final tax. Then, that same professionalis still subject to income tax based on his gross income (using the tax bracket).

 

I would have to agree.

 

He is not OFW so he will be taxed. Just like me, I currently work here in Japan on a business visa (90 days maximum stay) and my salary in the Philippines is still taxable. However, there is one way Manny would not be taxed - he has to stay/work overseas for at least 183 days within the year. In this case, he will be taxed only on the salary he earned when he was in the Philippines.

 

Edited to add: That's cumulative 183 stayed days within one year.

Edited May 10, 2009 by oracle_man

[oracle_man]

Well the problem kasi with boxing malaki nga kita mo pero malaki din syempre kaltas not just taxes but you have to pay sacntioning fees, training expenses and equipments, plus miscellaneous. Oh and of course ka freddie will take a cut of at least 2 million dollars pa. Then there are promoters, managers, and lawyers and accountant he has to pay. Then syempre andyan yung iyong personal entourage, kasama siyempre dyan sina Bubuy Fernandez, Chavit Singson, at iba pang nakikisabit lang kay pacquiao. Sagot nya pamasahe, board and lodging at yung iba me regular na sweldo din yan. These assholes will get to stay in the mandalay bay hotel, kahit wala naman talaga silang naiaambag sa training ni Manny.

 

So kahit kumita ka ng 12 million dollars, lampas din halos sa kalahati ang makakaltas dyan. Of course pag dating pa ng pinas me kaltas pa yan. Now with what is left, kung masyado ka pang magastos at ninanakawan ka pa ng mga nagaasikaso ng finances mo, eventually di mo mapapansin mauubos at mauubos din pera mo. Look at Tyson, yung entourage nya ang umuubos ng kita nya, and this guy was earning 30 million per fight.

 

I hope manny will live comfortably after he hangs those gloves. But in the end, its his money and his life. Kung mabutas man bulsa nya at maghirap siya parang daga in the end, masasabihan ba natin siya ng, ikaw kasi eh, tatanga tanga ka! yan tuloy nangyari sayo.

 

Chavit Singson is a bad, corrupt politician but you are barking at the wrong tree. He's been paying for his own expenses. He got the means from his corruption and jueteng moolah - see expensive yacht, Baluarte, construction company, bus company, etc. He is in good graces with Pacquiao because unlike other politicians, Singson didn't abandon Manny when he lost the 1st fight against Morales.

 

As for Buboy, at least he is Manny's personal trainer.

 

I do agree that there are lots hangers on and free loaders, but these two are just minor culprits.

[photographer]

Chavit pays his own expenses. (Dont know sa case ni Bulaklakin) Pacman did acknowledged this nuon pa. Si Buboy, yan talaga ang pinakamahabang pinagsamahan nila ni Pacman. Eversince the poverty stricken days of Pacman, si Buboy ang kasama niya sa karton na higaan sa kalye at sa sidewalk. Tagal nga daw niya (Pacman) hinanap si Buboy when Pacman was still a rising star. Who would know, one day, na magiging ganito ang kahihinatnan ng pagkakaibigan nila ni Pacman? No one knows the future talaga.

Edited May 10, 2009 by photographer

[dragonei]

Chavit Singson is a bad, corrupt politician but you are barking at the wrong tree. He's been paying for his own expenses. He got the means from his corruption and jueteng moolah - see expensive yacht, Baluarte, construction company, bus company, etc. He is in good graces with Pacquiao because unlike other politicians, Singson didn't abandon Manny when he lost the 1st fight against Morales.

 

As for Buboy, at least he is Manny's personal trainer.

 

I do agree that there are lots hangers on and free loaders, but these two are just minor culprits.

 

OK my bad, looks like I did not phrase it correctly. The main gist of my point is that Manny has to spend money for his entourage that chavit and bubuy are a part of. While some of them do pay for some of their expenses, inevitably manny at some point will still have to cover the expenses of the group as a whole, and each individual benefits. Parang ganito yan, halimbawa magaarkila ka ng Van, eh marami pala kayong sasakay di syempre mas malaking van aarkilahin, at sasagutin mo pati gasolina. Syempre yung iba mong kasama dyan willing naman magambag panggasolina, yung iba hindi. Pero kung ikaw si manny sisingilin mo ba yung mga kaya magbayad sa hindi? Syempre ikaw na sasagot para sa lahat. Yung iba dyang nakiangkas di naman pareho ng pupuntahan with the rest of the group, yung iba di mo nman talaga kelangan isama. Now kung isasama mo lang kelangan mo di mas maliit lang gastos di ba?

 

I have no problem with Bubuy Fernandez, time and again sabi ko nga bale wala si Freddie roach kung ala si Bubuy. Si bubuy ang nagpapakundisyon kay manny dito pa lang sa pinas bago lumipad papuntang LA. In fact si bubuy fernandez ang mas nagbibigay ng instructions sa corner nya during fights.

 

The simple GIST of my post is that a big entourage eats the cake of your income. Part of mike tyson's financial problems were caused by his huge entourage.

 

But like I said kung maghirap man si manny in the end, eh di bahala siya. Its his money, its his life. Kung magutom ba siya sa huli, pwede ba tayo pumunta sa kanya para batukan siya sa katangahan niya?

[skitz]

I don't ever see Pacman becoming dirt poor again. I see him becoming a lot less richer, minus the entourage, bodyguards, politico hangers-on. But the Pacman name has become a product in itself. Even after his fighting days are long over, the name is still a marketable commodity. Furthermore, while there are Navarettes and the Espinosas which has set the bad example, on the other side of the coin, there is the Bay Elorde, even now, 20 or so years after his death, still the breadwinner of his family. His family is still dependent on the investments he has made (Elorde Coliseum).

[oracle_man]

OK my bad, looks like I did not phrase it correctly. The main gist of my point is that Manny has to spend money for his entourage that chavit and bubuy are a part of. While some of them do pay for some of their expenses, inevitably manny at some point will still have to cover the expenses of the group as a whole, and each individual benefits. Parang ganito yan, halimbawa magaarkila ka ng Van, eh marami pala kayong sasakay di syempre mas malaking van aarkilahin, at sasagutin mo pati gasolina. Syempre yung iba mong kasama dyan willing naman magambag panggasolina, yung iba hindi. Pero kung ikaw si manny sisingilin mo ba yung mga kaya magbayad sa hindi? Syempre ikaw na sasagot para sa lahat. Yung iba dyang nakiangkas di naman pareho ng pupuntahan with the rest of the group, yung iba di mo nman talaga kelangan isama. Now kung isasama mo lang kelangan mo di mas maliit lang gastos di ba?

 

I have no problem with Bubuy Fernandez, time and again sabi ko nga bale wala si Freddie roach kung ala si Bubuy. Si bubuy ang nagpapakundisyon kay manny dito pa lang sa pinas bago lumipad papuntang LA. In fact si bubuy fernandez ang mas nagbibigay ng instructions sa corner nya during fights.

 

The simple GIST of my post is that a big entourage eats the cake of your income. Part of mike tyson's financial problems were caused by his huge entourage.

 

But like I said kung maghirap man si manny in the end, eh di bahala siya. Its his money, its his life. Kung magutom ba siya sa huli, pwede ba tayo pumunta sa kanya para batukan siya sa katangahan niya?

 

 

We get what you are saying, nobody is disagreeing that there are lots of freeloaders and opportunists in Manny's camp.

[fatso8]

"Hindi lahat ng natutulog sa kama" - Ricky Hatton

 

belated congratulations Pacman! napatalon mo na naman ako!

 

sino nga yung kalaban ni Pacquiao na umangat yung paa nung ma-KO?

[ixnay]

sino nga yung kalaban ni Pacquiao na umangat yung paa nung ma-KO?

 

thats JMM dude!..

[uaeboy25]

thats JMM dude!..

 

 

jmm made a history sa mga laban ni pacman, sya lang ang napatumba ng 3 times sa 1st round. 3 times umangat ang paa nya. well nde na tayo magtaka kung bakit matindi ang ambisyon nya na matalo si pacman. sobrang panghihiya ang ginawa sa kanya.

[fatso8]

meron pa 1 no-name fighter na nakalaban si Pacman before JMM, dito ginawa sa Pinas.. Sa sobrang lakas ng uppercut parang umangat paa nya sa lupa..

 

not Larios..

[Fusarium_jimini]

lahat ngayon humahabol kay pacman..siya na ngayon ang may upperhand when it comes to contract negotiations..the 4-million difference in his and hatton's earnings is significant..kaya itong si money gayweather et. al. & JMM et. al. tuloy ang pambubuyo kina pacman makatikim lang uli ng malaking pera, hehehe..