Senator Pia Cayetano has moved a senate bill that seeks tax exemptions on the rewards and donations received by the Olympic medalists and their coaches.
On August 3, Cayetano filed Senate Bill No. 2341 which seeks to amend the country’s tax code to exempt all cash incentives, rewards, and donations received by Olympic medalists and their coaches from taxes, fees and charges imposed by the government.
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Cayetano, who chairs the Senate Ways and Means Committee, noted in her bill that while incentives received by the athletes are exempted from tax as provided for in Section 32 of the National Internal Revenue Code those from the private sector are still subject to six percent donor’s tax.
The tax exemption bill, if passed into law, shall have a retroactive effect to cover national athletes and coaches who won medals in the 2020 Summer Olympics in Tokyo, Japan.
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In the Tokyo Olympics, weightlifter Hidilyn Diaz bagged the Philippines’ first-ever Olympic gold medal and Filipina boxer Nesthy Petecio also won a silver medal. It is after decades that the Filipino athletes have shown such a performance and in 1932 Olympics the Philippines had won three medals. (AW)
