The Bureau of Internal Revenue (BIR) clarified that the rewards gained by two-time Olympic gold medalist Carlos Yulo would be tax-free.
It can be recalled that Carlos received more than P113-M in rewards from the government and private entities after he won two gold medals at the 2024 Paris Olympics.
“The National Internal Revenue Code (NIRC) exempts Carlos Yulo from paying taxes for the prizes, awards, rewards, gifts, or donations he received,” said BIR Commissioner Romeo Lumagui Jr.
“The BIR congratulates our two-time Olympic Gold Medalist for his performance in the 2024 Paris Olympics. You are an inspiration to the men and women of the BIR,” he added.
According to NIRC, Section 32 (B)(7)(d), prizes and awards granted to athletes in both local and international sports competitions are exempt from income tax.
It includes the “rewards, gifts, or donations” received by Carlos.
“Therefore, Yulo need not declare these as part of his gross income, and he shall not be liable to pay any income tax thereon,” said Lumagui.