BIR clarifies Yulo's Olympic rewards exempt from taxes

The Bureau of Internal Revenue (BIR) has clarified that Olympic gold medalist Carlos Yulo does not need to pay taxes on any winnings or rewards he receives, including those from the House of Representatives and President Ferdinand Marcos Jr.

Under Section 32(B)(7)(d) and Section 32(B)(3) of the National Internal Revenue Code, prizes and awards given to athletes in local and international sports tournaments are exempt from income tax.

Gifts, bequests, devises, or inheritances received by Yulo also fall under this exemption category.

Yulo is set to receive P20 million from Republic Act 10699 for his two gold medals at the Olympics and additional cash incentives from various entities including President Ferdinand Marcos Jr. and the House of Representatives.

He has also been awarded a house and lot from the Philippine Olympic Committee, a P32 million condo unit from Megaworld, and other significant rewards from companies and individuals.

Earlier this month, Yulo won gold medals in the men's floor exercise and men's vault in the Paris Olympics, with his total cash prizes and incentives valued at over P100 million.