Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - Pacquiao wins round in bruising tax fight  Join our daily free Newsletter

MENAFN - Arab News - 22/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) MANILAL Philippine world boxing champion Manny Pacquiao has won a Supreme Court reprieve in his battle to avoid paying tens of millions of dollars in extra taxes authorities said Thursday.

Pacquiao will not have to post a cash bond of 3.3 billion pesos (75.2 million) and the government is banned from seizing any of his assets while his income tax case is being heard according to a Supreme Court ruling.

The ruling handed down this week and sent to AFP by court spokesman Theodore Te on Thursday also ordered the proceedings be carried out more quickly as they began last year and are still in the pre-trial stage.

Pacquiao expressed relief at the ruling which came ahead of a China tour starting next week to promote the Macau defense of his World Boxing Organization welterweight title against unbeaten US challenger Chris Algieri in November.

'Let us now let the legal process take its course. For now I am just glad I will be able to concentrate on training for my upcoming bout' he said in a statement.

The dispute arose from an initial assessment from the government that Pacquiao 35 owed 2.2 billion pesos in unpaid taxes for 2008 and 2009.

President Benigno Aquino has waged a bruising campaign against tax evasion as part of a general crackdown on corruption during his four years in office.

Pacquiao who has held world titles in eight separate weight divisions and is also a member of Congress has become one of the highest-profile targets of the tax office's sweep.

 


Arab News




  MENA News Headlines
 Oct 1 2014 - Oman interested to invest in CyprusMENAFN
(MENAFN) Oman's Minister of Oil and Gas said that the country is very interested in investing in Cyprus, particularly in the field of research and exploitation of natural gas, Muscat Daily ...

 Oct 1 2014 - Emirates to launch new Dallas flightsMENAFN
(MENAFN) Emirates announced it has launched its first scheduled A380 daily service to Dallas Fort Worth International Airport, Gulf Business reported.The airline said it expects that the business ...

 Oct 1 2014 - Dubai Development Co. considering several offers of merger or acquisitionMENAFN
(MENAFN) Dubai Development Co, the company responsible for the Mirdif area of the emirate, announced it is considering several external offers of merger or acquisition, Arabian Business reported.The ...

 Oct 1 2014 - Etihad Rail starts on second phase of USD11bn UAE rail networkMENAFN
(MENAFN) Etihad Rail, the UAE's railway developer, announced it is set to secure government funding and award contracts for the construction of the second phase of its USD11 billion national rail ...

 Oct 1 2014 - Omani Renaissance awards 2 contracts for Duqm construction projectMENAFN
(MENAFN) Renaissance Services announced it has awarded the contractors S&T and Al Hajiry two main construction contracts in the Duqm permanent accommodation (PAC) project, Times of Oman reported. ...

 Oct 1 2014 - Oman's PEIE, Italian firm ink consultancy for Ibri projectMENAFN
(MENAFN) The Public Establishment for Industrial Estates (PEIE) announced it has signed consultancy agreements with F&M Ingegneria Spa, the leading Italian engineering consultancy firm to develop the ...

 Oct 1 2014 - ISIL militants advance in N. Syria - SHORKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Islamic State in Iraq and the Levant (ISIL) have crushed the Kurd defenses in the rural areas around Ayn Al-Arab city, known in Kurdish as Kobani, near ...

 Oct 1 2014 - Sharjah's tourists number reaches 1m in H1MENAFN
(MENAFN) The Sharjah Commerce and Tourism Development Authority (SCTDA) announced a significant increase in the number of visitors to the emirate, with over one million people visiting Sharjah in the ...

 Oct 1 2014 - Emirates expands Africa reach with Angola dealMENAFN
(MENAFN) Emirates announced it has signed a ten-year management agreement with TAAG Angola Airlines (Linhas Aereas De Angola), the national carrier of Angola, which is expected to strengthen its ...

 Oct 1 2014 - Flydubai launches new routes to Entebbe, BujumburaMENAFN
(MENAFN) Dubai-based flydubai's announced it has launched a new service to Entebbe and Bujumbura, with daily direct flights to Entebbe, and three flights a week to Bujumbura, thus doubling the ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help