Olympic gold medalist Carlos Yulo is exempt from paying taxes on the prizes, awards, and gifts he received for his performance at the 2024 Paris Olympics, according to the Bureau of Internal Revenue (BIR).
“The National Internal Revenue Code (NIRC) exempts Carlos Yulo from paying taxes for the prizes, awards, rewards, gifts, or donations he received,” BIR Commissioner Romeo Lumagui Jr. stated in a The Manila Times report.
The tax exemption covers all rewards given to Yulo by the Paris 2024 Organizing Committee, the Philippine government, and private entities or individuals. According to the BIR, under Section 32(B) and 7(d) of the NIRC, prizes and awards received by athletes in both local and international competitions are not subject to income tax.
“The rewards, gifts, or donations (in any form) given to Yulo by private entities or individuals clearly fall under this exemption,” Lumagui added. “Therefore, Yulo need not declare these as part of his gross income, and he shall not be liable to pay any income tax thereon.”
Additionally, under Republic Act 10699, known as the National Athletes and Coaches Benefits and Incentives Act, Olympic gold medalists like Yulo are entitled to receive PHP 10 million from the government.