The Philippine House Ways and Means Committee on Monday approved a bill to exempt national athletes and coaches from taxes on rewards and donations given in international sports competitions.
The substitute bill for House Bills 9888, 9891, and 9899, as well as House Resolution 2040 and its corresponding committee report were approved in the committee hearing. The House Bill No. 9891, or the “Hidilyn Diaz Act of 2021,” seeks to amend Republic Act No. 10699 or the National Athletes and Coaches Benefits and Incentives Act . The bill was moved after the historic gold-medal victory of Filipina weightlifter Hidilyn Diaz in the 2020 Tokyo Olympics.
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After the move, rewards, bonuses and other forms of emoluments for national athletes and coaches who compete or win in international sports competitions shall be exempted from taxes, fees, and charges.
The section 3 (I) of the bill specifies the exemption in incentives, rewards, bonuses, and other forms of emoluments to persons or entities, “whether public or private, as well as national athletes and coaches who compete or win in international sports competition as defined in this act, from any and all taxes, fees, and charges levied by any government agency, local or national, subject to rules and regulations to be used by the Secretary of Finance, as recommended by the Commissioner of Internal Revenue.”
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Also the “incentives, rewards, bonuses, and other forms of emoluments donated under this subsection, or the fair market value in case of gifts made in property, shall be considered as allowable deductions from gross income for purposes of computing the taxable income of the donor in accordance with the provisions of the National Internal Revenue Code of 1997, as amended.”
Panel chairperson Representative Joey Salceda said the “honor” that Filipino athletes have brought to the country in the Tokyo Olympics was unprecedented and it was Philippines best Olympic performance ever. He said the House Bill 9891 will exempt rewards for national athletes and coaches who compete or win in international sports competitions from any and all taxes, fees, and charges. (AW)
