A bill was tabled in the Senate to provide tax exemption on donations and rewards to athletes who get Olympic medals and their coaches.
Under Senate Bill No. 2341 by Sen. Pia Cayetano, the cash incentive, bonus, reward, and everything else Filipino Olympic medalists and their coaches can receive will be tax-exempt. The proposal covers rewards from the government and the private sector.
Once enacted, it will be retroactive or enforced on athletes and coaches who have won the Tokyo Olympics.
In filing the bill, Cayetano said it would recognize the important role of the private sector as the government’s partner in supporting Filipino athletes.
The Bureau of Internal Revenue (BIR) had earlier said that the reward for athletes coming from the government is tax-exempt based on Republic Act No. 10699, legislation on the benefit of national athletes, coaches, and trainers.
But according to the BIR, a 6 percent donors’ tax will be levied on cash rewards and other gratuities from the private sector.
So far, the Philippines has had an Olympic gold medal won by weightlifter Hidilyn Diaz and a silver medal from boxer Nesthy Petecio.
Millions of pesos, houses, land, etc. Diaz was awarded by the government and the private sector after taking home the Philippines’ first gold medal at the 2021 Tokyo Olympics.
Tax exemption on donations, rewards to Olympic medalists, pushed
Under the law, Diaz will receive P10 million from the government. Manny V. Pangilinan will also give her another P10 million.
Millionaire Ramon S. Ang will also give Diaz P10 million, while deputy speaker Mikee Romero will give her an additional P 3 million.
Meanwhile, the weightlifter will get P2.5 million from her hometown Zamboanga City also by law.
Meanwhile, Olympic silver-medalist Nesthy Petecio will get P17 million in cash incentives for giving the Philippines its second 2020 Tokyo Olympics medal.
Under the Republic Act 10699, runner-up finishers at the Olympics will get P5 million.
Manny Pangilinan also pledged P5 million pesos to Petecio while Ramon Ang. Cong. Mikee Romero also promised P2 million for the Filipina boxer.
Petecio will also get a P10-million Suntrust condominium in Davao City from real estate tycoon Andrew Tan.
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