Friday, October 7, 2011

Pacquiao buys hotel for P1B

source: Jun Ramirez | Tempo

Manila, Philippines – The Bureau of Internal Revenue (BIR) is monitoring confidential reports that boxing icon Manny Pacquiao and his wife Jinkee now owns a hotel in Manila.

Informed sources said the hotel is located near the US Embassy on Roxas Boulevard in Manila.

The Pacquiaos reportedly purchased the hotel for P1 billion.

Meanwhile, Pacquiao paid the government more than P29.1 million in capital gains and documentary stamp taxes for buying a house and lot at the posh Forbes Park subdivision in Makati City, it was learned yesterday.

Makati Revenue Regional Director Nestor Valeroso disclosed that the amount Pacquiao paid represents the six percent capital gains tax and 1.5 percent documentary stamp tax on the property he acquired in the Philippines’ most famous enclave of the rich.

Valeroso said the transfer taxes were supposed to be paid by the seller of the 2,000-square meter lot but the congressman from Sarangani opted to shoulder the tax liabilities of the vendor, identified only as a certain “Mr. Chua.” (Jun Ramirez)