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Manila Bulletin devider Business devider Yulo exempt from taxes on prizes, gifts—BIR

Yulo exempt from taxes on prizes, gifts—BIR

Published Aug 26, 2024 12:23 am

Two-time Olympic gold medalist Carlos Yulo will not be required to pay taxes on his winnings and incentives, according to the Bureau of Internal Revenue (BIR).

BIR Commissioner Romeo D. Lumgui Jr. explained that prizes, awards, rewards, gifts, or donations received by Yulo are not subject to taxation as part of the privileges granted to successful athletes. 

Lumagui added that other Filipino athletes who won medals at the recent Olympic Games are likewise exempt from taxes.

"The National Internal Revenue Code [NIRC] exempts Carlos Yulo from paying taxes for the prizes, awards, rewards, gifts, or donations he received,” Lumagui said in a statement on Monday, Aug. 26.

 

Estimates indicated that the total value of rewards, incentives, and gifts received by Yulo from both government and private sectors could surpass P100 million.

According to the NIRC, “All prizes and awards granted to athletes in local and international sports tournaments and competitions held in the Philippines or abroad and sanctioned by their respective national sports associations shall be exempt from income tax.”

For this reason, Lumgui Jr. said that all monetary and non-monetary items awarded to Yulo by the Paris 2024 Organizing Committee and the Philippine government are exempt from income tax.

Additionally, any property Yulo acquired through gifts and donations is excluded from his gross income and therefore not subject to taxation. 

Lumgui noted that it is the responsibility of the private entities or individuals providing rewards, gifts, or donations to declare these to the BIR.

“Therefore, Yulo need not declare these as part of his gross income, and he shall not be liable to pay any income tax thereon,” Lumagui said.

Meanwhile, the BIR chief congratulated Yulo’s performance in the 2024 Paris Olympics. 

“You are an inspiration to the men and women of the BIR," Lumagui concluded.

Related Tags

Bureau of Internal Revenue (BIR) BIR Commissioner Romeo D. Lumagui Jr. Carlos Yulo
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