Senate to study proposed tax exemption for Pacquiao

MANILA, Philippines - The Senate will carefully study the proposed special tax incentive for boxing icon and Sarangani Rep. Manny Pacquiao once it is filed, Sen. Juan Edgardo "Sonny" Angara said on Monday.

"Lahat ng tax exemption pinag-aaralan dapat nang mabuti dahil pribilehiyo 'yan at may mawawalang panggastos ang gobyerno kaya't pinagaaralan muna lahat bago ibigay," Angara said.

Sen. Aquilino "Koko" Pimentel III earlier proposed to grant tax exemption for Pacquaio to inspire him with his incoming fight with American boxer Floyd Mayweather.

READ: Senator seeks special tax incentive for Pacquiao

Pimentel's proposal would allow a special tax exemption from his earnings on his fight with Mayweather scheduled on May 2 in Las Vegas.

"Maganda ang nilalayon ng panukala ni Senator Koko na kilalanin man lang ng gobyerno ang karangalan at katanyagan na ibinigay ni Manny sa bansa natin sa mga nakalipas na taon," Angara added.

Pimentel explained that Pacquiao needed all the support and inspiration he could get for his fight with Mayweather, which boxing fans have been asking for as early as 2009.

On the other hand, the Palace said that it will be up to the Congress and the Bureau of Internal Revenue to consider the proposed tax exemption.

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