House approves tax exemption for national athletes' cash grants and prizes

The House of Representatives approved House Bill No. 10723 on Wednesday to exempt cash grants and prizes received by national athletes and coaches from taxes.

During the plenary session, all 203 lawmakers voted in favor of the bill with no objections or abstentions, making it ready for enactment.

If signed into law, the bill will amend Republic Act No. 10699 to provide tax exemptions for incentives, rewards, bonuses, and other emoluments received by national athletes competing or winning in international sports competitions and their coaches.

The measure also allows donors to claim tax deductions within one year before a competition and three months after the event, provided that donations are made through official sports committees.

Speaker Ferdinand Martin Romualdez assured that this measure is a fitting reward for athletes like Carlos Yulo and Hidilyn Diaz who brought pride to the country.

The bill's authors, including Gus Tambunting and Midy Cua, emphasized the importance of incentivizing preparation for athletes to achieve their full potential.