Manila – Gymnast Carlos Yulo, the Philippines’ first double-gold medalist at the 2024 Paris Olympics, will enjoy tax-free rewards for his historic achievements. Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. announced this exemption on August 26.

Lumagui clarified that Yulo’s Olympic accolades, which include cash prizes, gifts, and donations, will be free from income tax. This aligns with the National Internal Revenue Code (NIRC), recently amended to benefit athletes.

“The BIR extends its heartfelt congratulations to Carlos Yulo for his extraordinary performance,” said Lumagui. “His achievements inspire us all.”

Under Section 32(B)(7)(d) of the NIRC, athletes’ prizes and awards for both local and international performances are exempt from income tax. This exemption covers prizes from the Paris 2024 Organizing Committee and the Philippine government, by Republic Act No. 10699, the “National Athletes and Coaches Benefits and Incentives Act.”

Furthermore, gifts, bequests, and donations received by Yulo are also tax-exempt under Section 32(B)(3) of the NIRC. These will not be included in his gross income, and he is not required to pay taxes on them. Section 98 of the NIRC also exempts recipients from donor’s tax for any gifts received.

On August 21, the House of Representatives passed House Bill 10723, which aims to exempt Filipino athletes and their coaches from taxes on incentives and rewards for international sporting achievements.

Yulo received PHP 20 million from the Philippine Sports Commission under Republic Act 10699, with PHP 10 million designated for each Olympic gold medal. President Ferdinand R. Marcos Jr. matched this with an additional PHP 20 million—PHP 10 million for each medal.

Other rewards include PHP 4 million each from the Office of the President and the Philippine Amusement and Gaming Corporation (PAGCOR) for bronze medalists, PHP 2 million for other Paris Olympians, and various private incentives such as a PHP 35 million condominium from Megaworld Corp., PHP 10 million from MVP Sports Foundation, PHP 5 million from ArenaPlus, PHP 14 million from House members, and two vehicles—a Toyota Land Cruiser Prado and a Cherry Tiggo 7 Pro SUV.

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