Boxing: Taxman ready to punch a 25% hole in boxers' purses

Boxers will soon find huge chunks of cash missing from their purses - courtesy of the tax man. Boxing South Africa will deduct 25% tax from every boxer's gross purse, says acting CEO Krish Naidoo. Boxers must then still pay their trainers and managers (traditionally 25% of gross) as well as 1.5% to the benevolent fund. In other words, many boxers will be taking home less than 50% of the purses they sign for. The good news is boxers can claim back training-related expenses - so keep all records!

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They are probably better off that way for the most part. The training equiptment and stuff can get pretty expensive, and now, the boxers are sure to buy nothing but the best there is. I'll admit that some of the really good baoxers are getting screwed, but thats life, and I like that approach better. It starts everybody on level ground if the supplies are paid for.

I guess it was on the cards as you get taxed up to the eyeballs on everything else so i don't see why boxers should be any different.