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House OKs tax exemption bill for incentives, donations to national athletes

Paris 2024 Olympians wave to the crowd during the “Heroes’ Welcome Parade” around Manila on August 14, 2024. The country pays tribute to the 22 Filipino athletes for their successful representation at the Summer Games, highlighted by the first double gold won by gymnast Carlos Yulo and two bronzes earned by Filipina boxers Nesthy Petecio and Aira Villegas.

Jonathan Cellona, ABS-CBN News

Article (news)

OLYMPIC HOMECOMING PARADE

Vivienne Gulla

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib"><span class="fr-img-wrap"><img src="https://news-workbench-api.abs-cbn.com/api/upload-raw/20240821120832/bcd96c71f00c23c27b5b404456c65109a2c494ef1b4476a7c8e2bc7784537728.jpg" class="fr-fic fr-dii" alt="Paris 2024 Olympians wave to the crowd during the “Heroes’ Welcome Parade” around Manila on August 14, 2024. The country pays tribute to the 22 Filipino athletes for their successful representation at the Summer Games, highlighted by the first double gold won by gymnast Carlos Yulo and two bronzes earned by Filipina boxers Nesthy Petecio and Aira Villegas.  Jonathan Cellona, ABS-CBN News"/><span class="fr-inner" style="text-align:left">Paris 2024 Olympians wave to the crowd during the “Heroes’ Welcome Parade” around Manila on August 14, 2024. The country pays tribute to the 22 Filipino athletes for their successful representation at the Summer Games, highlighted by the first double gold won by gymnast Carlos Yulo and two bronzes earned by Filipina boxers Nesthy Petecio and Aira Villegas. <em>Jonathan Cellona, ABS-CBN News</em></span></span></span></div><p>MANILA - The House of Representatives approved on third and final reading a measure seeking to exempt from taxes the incentives, rewards, gifts, donations and contributions received by national athletes, who compete or win in international sports competitions, including those received by their respective coaches.</p><p>During Wednesday’s session, the lower house, voting 203-0, passed House Bill 10723.</p><p>Under the measure, once it is enacted, the application of exemptions and privileges shall be retroactive or cover incentives, rewards, bonuses, gifts and contributions to qualified athletes and coaches beginning January 1, 2024.</p><div><a href="https://news.abs-cbn.com/sports/2024/8/6/yulo-to-get-p20m-from-pagcor-coach-to-get-p10m-1606">Yulo to get P20M from PAGCOR; coach to get P10M</a></div><p>To qualify for tax exemptions, the bill requires that incentives, rewards, donations, gifts and contributions be made prior to the competition, and directly and exclusively used to fund training and competition-related expenses. The measure also covers those given by private or public entities.</p><p>It allows incentives, rewards, donations, gifts and contributions to be deducted from the gross income for purposes of computing the taxable income of the donor. The bill further qualifies that the period of availing exemption from donor’s tax and deductibility from gross income within one year before the commencement of the international sports competition where the national athlete will compete in, as certified by the Philippine Sports Competition, Philippine Olympic Committee or the Philippine Paralympics Committee, and within three months after the international sports competition.</p><p>“To acknowledge national athletes who compete and win in international sports competitions and their respective coaches,” the bill’s objective stated.</p><div><a href="https://news.abs-cbn.com/sports/2024/8/5/incentives-continue-to-pour-in-for-carlos-yulo-after-paris-triumph-1249">Incentives continue to pour in for Carlos Yulo after Paris triumph</a></div><p>“To encourage donations to fund training and competition-related expenses of national athletes competing in international sports competitions by granting donors incentives in the form of tax exemptions and corresponding deductions from gross income,” it added.</p><p>House Speaker Martin Romualdez welcomed the passage of the measure, noting that it is among the various initiatives in Congress to enhance the benefits to Filipino athletes, who bring pride and honor to the country. The House leader earlier said that the House is also contemplating the grant of monthly pension to Filipino Olympic medalists, beginning at the age of 40.</p><p>“The honor our Olympians Carlos Yulo and Hidilyn Diaz gave our country is immeasurable and priceless, but we can acknowledge their hard work and triumph by way of benefits from the government,” Romualdez said in a statement.</p><p>“It is clear that Filipino athletes are world-class, and our performance in international competitions affirms this. That is why now more than ever, it is imperative that Congress does its part in pro-actively supporting our athletes that will help them attain their full potential,” Parañaque 2nd District Rep. Gus Tambunting added.</p><div><a href="https://news.abs-cbn.com/sports/2024/8/5/house-prepares-incentives-for-carlos-yulo-pinoy-medalists-in-paris-1004">House prepares incentives for Carlos Yulo, Pinoy medalists in Paris</a></div><p>“We hope to further encourage various sectors to support our athletes by exempting donations, endowments, or contributions directly and exclusively for state youth and sports development programs and competitions from taxes,” he also said.</p><p>“We believe that the best way forward is to incentivize preparation. Champions are not made overnight. Thus, in addition to our previous proposal, we have included the exemption from tax of donations for the entire training of our athletes, provided that such donations are made through the POC, PSC, and PPC,” Quirino Rep. Midy Cua, sponsor of the measure, said.</p>

<p>The House of Representatives approved a tax exemption bill for the incentives and rewards for national athletes in international competitions.</p>

The House of Representatives approved a tax exemption bill for the incentives and rewards for national athletes in international competitions.