BIR: Yulo's prizes, gifts exempted from taxes
(UPDATE) OLYMPIC gold medalist Carlos Yulo need not pay taxes for the prizes, awards and gifts he received for his historic performance in the 2024 Paris Olympics, the Bureau of Internal Revenue said Monday.
«The National Internal Revenue Code (NIRC) exempts Carlos Yulo from paying taxes for the prizes, awards, rewards, gifts, or donations he received,» BIR Commissioner Romeo Lumagui Jr. said.
«The BIR congratulates our two-time Olympic Gold Medalist for his performance in the 2024 Paris Olympics. You are an inspiration to the men and women of the BIR,» he added.
Olympic gold medalist Carlos Yulo. PHOTO BY MIKE ALQUINTOUnder Section 32(B)(7)(d) of the NIRC, all prizes and awards given to athletes in local and international sports competitions are exempt from income tax.
This includes the prizes and rewards Yulo received from the Paris 2024 Organizing Committee and the Philippine government.
«The rewards, gifts or donations (in any form) given to Yulo by private entities, or individuals clearly fall under this exemption,» Lumagui said.
Advertisement«Therefore, Yulo need not declare these as part of his gross income, and he shall not be liable to pay any income tax thereon,» he added.
Under Republic Act 10699 or the National Athletes and Coaches Benefits and Incentives Act, those who win gold in the Olympics get P10 million from the government, while silver and bronze medalists get P5 million and P2 million, respectively.
