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Manila Bulletin devider Philippines devider National devider Cash gifts, other rewards for Hidilyn Diaz will be tax-exempt, says BIR

Cash gifts, other rewards for Hidilyn Diaz will be tax-exempt, says BIR

Published Jul 28, 2021 11:43 am

Here's more good news for Filipino weightlifter Hidilyn Diaz.

The Bureau of Internal Revenue (BIR) said cash gifts and other rewards to be received by Diaz--the first Filipino Olympic gold medalist--won't be subject to income tax.

Hidilyn Diaz shortly after her 'golden' moment in the ongoing Tokyo Olympics (Photo by Vincenzo Pinto / AFP)

According to Revenue Deputy Commissioner for Legal Group Marissa Cabreros, prizes bestowed to winners in the quadrennial Olympic games and other amateur competitions are tax exempt under the Tax Code.

She said, however, that prizes coming from the private sector will be subject to a six percent donor's tax.

The said tax will come from the donor or giver, and not from the recipient (Diaz).

Government officials and the country's top business executives are slated to give more than P35 million to Diaz in recognition and appreciation for giving the country it's first Olympic gold medal since it joined the games in 1924.

The rewards are expected to rise up to P50 million as Malacañang and other rich individuals promised to give more in appreciation of her unprecedented feat.

These prizes include cars, a luxurious condominium unit in Quezon City, and a vacation house plus lot in Tagaytay.

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Tokyo Hidilyn Diaz BIR gold medal 72821 tax-exempt prizes gifts cash Olympics rewards
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