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Old 01-07-2013, 04:49 PM   #103
dempsey1234
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Default Re: I am a boxing manager: if you have questions about the boxing biz, ask!

Quote:
Originally Posted by ezzard_charles View Post
What sort of taxes do overseas fighters pay? There has been alot of confusion in that area, do they pay taxes in the countries that they are fighting in or in their own country? (A while back there was some rumour going around that people were trying to make manny pacquiao a US citizen so he had to pay US tax. Also people say that Manny only trained in the US for a short while to avoid US taxes)
Are they taxed at the standard rate as other wage/salary earners, or are they taxed at a different rate?
Same with fighters in their own country, do they pay standard tax rates or do they pay different rates?
In the US, a fighter from overseas or Mexico gets clipped for 30% and is taken out of the purse before the fighter gets his. Let's say the purse is 1000, the taxman comes along and grabs 300, leaving the fighter with 700, out of which the fighter has to pay 100 to the trainer, leaving him with 600. The fighter still has to pay the taxes on that income to his home country. In the US they tax you based on income. A guy like Floyd pays taxes at a higher rate.
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