Lawmaker seeking tax exemption for homegrown boxers

Milan Ordoñez on Dec 23, 2014 12:18 PM
Lawmaker seeking tax exemption for homegrown boxers

MANILA – Filipino boxers may be exempted from paying taxes if House Bill 5234 gets passed.

Second District of Northern Samar Representative Emil L. Ong penned the said bill, also known as the Filipino Boxers’ Benefits and Protection Act of 2014. It aims to support Filipino boxers by having them take home 100% of their earnings during competitions, as recognition for the honor and glory they have brought to the country.

"Boxers are the principal players of boxing as a sports event,” Ong said in a statement. “It is worthy to recognize their role through legislation that will exempt them from paying taxes out of their prizes from winnings and money benefits derived from winning subject to certain exceptions.”

Ong added that since boxers are paid on a fight-to-fight basis, it is only proper for them to be able to take home all of their earnings that help support their families.

"As distinguished from other tax payers, Filipino boxers only enjoy the prize of their winnings for a limited period of time. Hence, the remainder of their income from winnings after taxes is what is left for a lifetime of support for the boxer and his family."

Manny Pacquiao, the country’s top fighter and representative to boxing’s world stage, is currently involved in a legal battle with the Bureau of Internal Revenue, as he is facing penalties and surcharges for tax liabilities, amounting to a total of P3 billion.

The Malacañang Palace, however, turned down the proposal of the bill, noting that it is every Filipino’s obligation as citizens of the country to pay taxes.

 

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