Pacman settles tax deficiency on Porsche SUV

Boxing champion Manny “Pacman” Pacquiao has settled the tax deficiency on the imported Porsche sports utility vehicle he bought after his successful bout against Mexican rival Eric Morales in the US last year, the Bureau of Customs (BOC) said yesterday.

Customs Commissioner Napoleon Morales said the camp of Pacquiao has availed of the bureau’s voluntary disclosure program (VDP) and admitted the importation of his Porsche Cayenne Turbo was underpaid by some P500,000 in duties.

Morales said the bureau would no longer be imposing penalties on Pacquiao as provided in the VDP.

“And we don’t think he deliberately tried to cheat the government so there’s no need for penalties or charges,” he added.

“As I expected, Manny will settle this issue properly. I hope other import tax delinquents would take cue on his action,” Morales noted.

The five-seater German vehicle, which costs $93,700 at the time of purchase and has 171 miles-per-hour top track speed, reportedly entered the country in July last year.

Officials of BOC Post Entry Audit Group (PEAG) said they have already reviewed documents of the boxer’s imported car and found that  Pacquiao’s lawyer, Atty. Jeng Gacal, earlier appeared before the BOC to express the boxing champion’s intention to correct any error in the payment of his taxes should any discrepancy be discovered.

The lawyer reportedly applied for VDP and submitted documents of importation of the Porsche SUV.

Under VDP, importers are given a chance to correct errors in their import entries without being penalized. If delinquent importers still refuse to avail of this program, the BOC would then pursue cases against them.