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BIR confirms tax-free status of gymnast Yulo’s prize haul
The Bureau of Internal Revenue (BIR) has confirmed that two-time Olympic gold medalist Carlos Yulo is exempt from paying taxes on his prizes and incentives.
BIR Commissioner Romeo D. Lumgui Jr. stated that these exemptions are part of the privileges granted to successful athletes under Section 32(B)(7)(d) of the National Internal Revenue Code (NIRC).
This tax exemption also applies to other Filipino athletes who have won medals in recent Olympic Games, with rewards from individuals and companies falling under Section 32(B)(3) of the NIRC.
The NIRC also clarifies that the receiver is not liable for donor's tax under Section 98.
Yulo is set to receive P20 million, P10 million for each of his two gold medals, under Republic Act 10699.
He is the first Filipino to win multiple medals in a single Olympics and the first to win two gold medals.
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The House of Representatives approved on third reading House Bill No. 10723, which grants tax exemption to cash grants and prizes received by national athletes and coaches, with 203 lawmakers voting in favor and none against.
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Gymnast Carlos Yulo received a P3-million incentive from Chooks-to-Go and Bounty for winning two gold medals at the Paris Olympics.
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ABS-CBN honored Filipino gymnast Carlos Yulo for his achievements at the Paris Olympics.
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Sports patron Manny V. Pangilinan, through the MVP Sports Foundation (MVPSF), announced a P10 million cash reward for Carlos Yulo for his double gold medal achievement at the Paris Olympics.
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Manila Mayor Honey Lacuna urged the city's youth to draw inspiration from the achievements of Filipino gymnast Carlos Yulo, particularly his recent success at the Paris Olympics.
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