Tax Relief

Home approves third studying tax relief invoice for athletes’ awards

HIDILYN DIAZ OLY FB PAGE

HOUSE LEGISLATION approved a bill on Tuesday in its third and final reading that would make monetary gifts and rewards tax-free for athletes and coaches participating in international competitions.

House Bill No. 9990, also known as the Hidilyn Diaz Act after the country’s first Olympic gold medalist, would become Section 4 of Republic Act No. 10699 or the National Athlete and Coaches Benefits and Incentives Act.

As part of the measure, the prices for the donor’s income tax will also be deducted from gross income.

The tax break would be in effect for one year before an athlete competes 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 measure was passed in the House of Representatives Committee on Means and Ways on August 9 and approved in second reading on August 24.

House Speaker Lord Allan Jay Q. Velasco said the passage of the bill was “a token of gratitude and appreciation by Congress and the nation as a whole to the Filipino athletes who have brought joy, pride and glory to the country.”

The House of Representatives has already passed resolutions to award theCongressional Medal of Excellence for Ms. Diaz and TheCongress medal for boxers Nesthy A.Petecio, Carlo Paalam and Eumir Felix D. Marcial. – Russell Louis C. Ku

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