Prizes, awards given to Yulo exempt from income tax — BIR

The prizes and awards given to Filipino athlete and two-time Olympic gold medalist Carlos Yulo —  including gifts and donations from private entities — are exempt from income tax, the Bureau of Internal Revenue (BIR) clarified Monday.

Citing the National Internal Revenue Code (NIRC), BIR commissioner Romeo Lumagui Jr. said Yulo will not have to pay income and donor’s taxes.

“The National Internal Revenue Code exempts Carlos Yulo from paying taxes for the prizes, awards, rewards, gifts, or donations he received,” Lumagui said in a statement.

“The BIR congratulates our two-time Olympic Gold Medalist for his performance in the 2024 Paris Olympics. You are an inspiration to the men and women of the BIR,” he added.

Under Section 32B7d of the NIRC, all prizes and awards granted to Filipino athletes in local and international sports tournaments and competitions shall be exempt from income tax while Section 32B3 indicates that property acquired by gift, bequest, devise, or descent are also exempt.

The BIR also cited Section 98 of the NIRC, which it said is “clear” that the donee or receiver is not liable for donor’s tax.

Yulo is the first Filipino to bag two gold medals in the Olympics, achieving the feat in Paris earlier this month after besting his competitors in the vault, and in the men’s floor exercise.

As mandated by Republic Act 10699 signed in 2015, medalists from the Philippines shall receive a cash incentive depending on their rankings in the Olympics — P10 million for gold, P5 million for silver, and P2 million for bronze for individual events.

President Ferdinand “Bongbong” Marcos Jr. also earlier doubled the cash rewards, giving P20 million to Yulo, and P2 million each to Filipina boxers and Olympic bronze medalists Aira Villegas and Nesthy Petecio, and P2 million to their coaches.

He also gave out P1 million to each Filipino Olympian who joined in the 2024 Paris games, and P500,000 for each of their coaching staff.

The Philippine Amusement and Gaming Corp. (PAGCOR) also said it would grant Yulo a P20-million reward for winning two Olympic gold medals, in accordance with its mandate.

Aside from the government, the private sector has also announced rewards for Yulo, the latest of which being P10 million from the billionaire Manuel Pangilinan, and a Chery Tiggo 7 Pro SUV from Chery Auto Philippines. — RSJ, GMA Integrated News