Soon: Tax incentives for those who help Filipino Olympic medalists
MANILA, Philippines – A House committee has approved a bill seeking to give tax incentives to individuals and corporations who give donations, grants, and more to Filipino Olympic medalists.
In a hearing presided by House committee on ways and means vice chairman Rep. Joey S. Salceda (2nd District, Albay), the committee approved the tax provisions contained in House Bill 4054, a statement from the House said.
The House Bill states that any donation, contributions, gift, and grant of real or personal property to a Filipino athlete who has won a bronze, silver, or gold medal in the Summer Olympic Games constitutes an allowable deduction from the income of the donor for income tax purposes. They shall also be exempt from donor’s tax in accordance with the NIRC.
The bill also proposes that the value of each’s donors contribution for the tax exemption and deduction shall only be up to an amount not exceeding P1 million for one taxable year, and also that contributions given made within one year of the Olympic medal won shall be made eligible for tax incentives.
Furthermore, any incentive by the government, its corporations, institutions, instrumentalities, and agencies to Olympic medalists for any medal/s won shall be exempt from taxes.
Also, Section 7 – the “Retroactive Application” provision – states that the same benefits will be given to Hidilyn Diaz, the weightlifter who won silver in the 2016 Rio Olympics, as long as the donations where given within one year from when she prevailed. – Rappler.com