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MANILA -- Boxing superstar Manny Pacquiao and his wife Jinkee have turned to the Supreme Court (SC) to stop the Court of Tax Appeals (CTA) from enforcing an order for them to post multi-billion peso bond while their tax assessment case is ongoing.
The Pacquiaos asked the SC on July 24 to issue a temporary restraining order (TRO) on the CTA First Division’s July 11 resolution denying their motion for partial reconsideration, which called on the tax court to reduce the bond and extend the deadline for posting the bond.
The couple has until August 17 to post a cash bond worth P3,298, 514,894.35 or a surety bond in the amount of P4,947,772,341.53.
Otherwise, the CTA will set aside its April 22 resolution, which ordered the suspension of collection of the Pacquiaos’ alleged tax liabilities worth P3.29 billion.
If that happens, the Bureau of Internal Revenue (BIR) can seize all of the couple's properties for the purpose of liquidating them and applying them toward the settlement of their alleged tax liabilities.
The Pacquiaos admitted they could not afford the bond given that their net worth is only P1,185,984,697 as of July 1, 2013.
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