Philippines Taxman Sues Boxing Champ Pacquiao

Posted March 8th, 2012 at 4:55 am (UTC-5)
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Philippine officials have filed a lawsuit against world champion boxer and congressman Manny Pacquiao after he allegedly failed to submit documents to authorities investigating his tax returns.

Tax officials said Thursday they have filed contempt charges against Pacquiao, which will allow them to investigate his earnings and tax payments. Officials said the charges do not amount to tax evasion.

Philippine media say investigators want to examine 33 of Pacquiao's tax records, including his 2010 returns, which investigators say contained “discrepancies.”

A prolific fighter who has won titles in titles in four weight divisions, Pacquiao is one of the world's wealthiest athletes. He has gained dozens of product endorsements and hosts a reality television series in the Philippines, entitled “Manny Many Prizes.”

In 2010, he was elected to the Philippines Congress to represent the southern Sarangani province. Some have speculated that he will run for president of the Philippines when his fighting career is over.