HOUSE LEGISLATION on Tuesday approved a second reading bill that exempts monetary gifts and rewards from the tax for athletes and coaches competing in international competitions.
House Bill No. 9990, also known as the Hidilyn Diaz Act, would amend Section 4 of Republic Act No. 10699 or the National Athletes and Coaches Benefits and Incentives Act to include rewards and bonuses granted to athletes from taxes, fees, or fees to free and trainers who take part in international competitions.
Prices are also deducted from gross income when calculating the donor’s income tax. The tax relief applies one year before an athlete takes part in an international sports competition and three months after the event.
Donations made before the competition may only be used to finance training and competition costs.
The tax exemptions are expected to apply retrospectively to June 1, 2021 to cover incentives for athletes and coaches who participated in the Tokyo Olympics.
The move was approved by the House of Representatives Committee on Means and Ways on August 9.
Sharon S. Garin, one of the lead authors of the measure, on the AAMBIS-OWA party list, said the law was “long overdue” as recognition and support for Filipino athletes.
“We believe that support for training (weighs) every incentive athletes can receive after winning a medal. It is on this path that leads to their goals that they most need financial support, ”she said in her sponsorship speech. – Russell Louis C. Ku