Gymnast Carlos Yulo,the country’s Olympic double gold medalist, does not have to pay taxes for the gifts and prizes he received from his victory in the recently held Paris Olympics 2024, according to Bureau of Internal Revenue (BIR).
In a Facebook post, BIR commissioner, Romeo Lumagui Jr. said the athlete’s prizes are exempted from taxes based on an amendment of National Internal Revenue Code (NIRC).
According to Section 32(B)(7)(d) of NIRC, all the gifts and prizes that an athlete receives in both local and international sport tournaments are exempted from tax as long as it was allowed by their national sports association.
Lumagui also added that under Section 32 (B) (3) of the NIRC also stated that the value of property acquired through gifts, bequest, devise, or descent are excluded from the gross income of the recipient and therefore, exempted from tax.
“Yulo does not have to declare them as part of his gross income and he does not need to pay income tax,” Lumagui said.
“The Bureau salutes all our athletes for their skill that serves to inspire every Filipino and the next generation,” he added.
