The British heavyweight boxing star Anthony Joshua is set to lose approximately $66 million of his reported $92 million earnings from last Friday’s blockbuster fight against Jake Paul due to tax obligations in both the United States and the United Kingdom, according to reports.
The Miami-hosted bout – part of a $184 million prize pool reportedly shared equally between Joshua and Paul – marked one of the richest purses of Joshua’s career. However, the taxman will significantly reduce his take-home pay.
Because the fight took place on U.S. soil, Joshua faces a federal income tax rate of roughly 37 per cent, which could amount to about $52 million of his earnings. In addition, he is expected to pay around $11.3 million to His Majesty’s Revenue and Customs in the UK plus $2.8 million in National Insurance contributions when he returns home pushing his total tax bill to about $66 million.
After these deductions, the boxing champion is projected to retain about $74 million from the event, significantly less than the headline figure, while Paul who will reportedly only owe U.S. federal tax stands to keep a greater share of his earnings despite losing the fight.
The event, held at the Kaseya Center and streamed live on Netflix, ended in the sixth round when Joshua dispatched Paul with a decisive knockout, breaking the YouTuber-turned-boxer’s jaw in two places.
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