TWO-TIME Olympic gold medalist Carlos Edriel P. Yulo is exempt from paying taxes on the prizes and incentives he received after he won two events at the Paris games, the Bureau of Internal Revenue (BIR) said.
“The National Internal Revenue Code (NIRC) exempts Carlos Yulo from paying taxes for the prizes, awards, rewards, gifts, or donations he received. The BIR congratulates our two-time Olympic gold medalist for his performance in the 2024 Paris Olympics,” BIR Commissioner Romeo D. Lumagui, Jr. said in a statement.
Under Section 32(B)(7)(d) of the NIRC, prizes or rewards given to athletes who participated in both domestic and international competitions are exempt from income taxes.
Mr. Yulo is also covered by the Republic Act (RA) No. 10699 or the National Athletes and Coaches Benefits and Incentives Act, which classified his prizes as exempt from income tax, the BIR said.
Section 32(B)(3) of the NIRC also indicates that the value of property acquired by gift, bequest, devise, or descent are also excluded from gross income, shielding these assets from income taxes.
“The rewards, gift or donations (in any form) given to Mr. Yulo by private entities, or individuals clearly fall under this exemption. Therefore, Mr. Yulo need not declare these as part of his gross income, and he shall not be liable to pay any income tax thereon,” BIR said.
Earlier this month, Mr. Yulo won gold medals in the men’s floor exercise and men’s vault in the Paris Olympics.
Mr. Yulo’s cash prizes and incentives have been valued at over P100 million, according to reports.
These include prizes he is entitled to under law, such as the P20 million as prescribed by RA 10699, which provides for a P10-million cash gift for each Olympic gold medal earned. — Beatriz Marie D. Cruz
