House approves tax exemption for athletes' rewards

The House of Representatives approved on second reading House Bill No. 10723, which exempts cash rewards and incentives for national athletes and coaches from taxation.

This consolidated bill, comprising six previous proposals, will amend Republic Act No. 10699, also known as the National Athletes and Coaches Benefits and Incentives Act.

The proposed exemption covers all incentives, rewards, bonuses, emoluments, donations, gifts, endowments, and contributions received by national athletes and their coaches from public and private sources for competing or winning in international sports competitions.

The bill will retroactively take effect in January, covering incentives received by athletes who competed in the 2024 Paris Summer Olympics.

Congress expedited the bill's passage following Filipino gymnast Carlos Yulo's historic double gold medal win at the Paris Olympics.

Donations and contributions made before competitions for training and related expenses, as well as incentives received, will be allowable deductions from the donor's gross income.