Drilon to Roque: No need to pass law to exempt Diaz’s Olympic prizes from tax

Senate Minority Leader Frank Drilon corrected Presidential Spokesperson Harry Roque’s claim that a law was needed to exempt Hidilyn Diaz’ Olympic winnings from income tax, including donations and incentives given by businesses and private individuals.

“Olympic-related prizes, awards and incentives received by Olympic Gold Medalist Hidilyn Diaz by virtue of RA 10699 and through private sector are exempted from the payment of income tax,” Drilon said.

“There is no need for Congress to pass a law to do that. Roque’s statement is erroneous, if not malicious,” the senator said on Friday.

“The Congress, through RA 10699 which was passed during the Aquino administration, already exempted all prizes and awards granted to athletes from the payment of income tax. It is erroneous interpretations such as of Roque’s that creates confusion,” Drilon said.

“The BIR has already spoken contradicting Roque’s misplaced interpretation of RA 10699. All prizes and incentives, whether from the government or private sector, are tax-exempt,” he said.

The BIR clarified yesterday that the P10 million cash incentive for Olympic gold medal winners from the Philippine government mandated under Republic Act No. 10699, “shall be considered an exclusion from gross income by virtue of Section 32(B)(7)(d) of the Tax Code.”

Under Section 32 (B) (7) (d) of the National Internal Revenue Code, all prizes and awards granted to athletes in local and international sports competitions and tournaments whether held in the Philippines or abroad and sanctioned by their national sports associations are excluded from gross income, according to Drilon.

Consistent with the BIR position, the donations given to her by businesses, private individuals, and entities shall

also be excluded from the computation of her gross income under Section 32(B)(3) of the Tax Code, according to Drilon.

The post Drilon to Roque: No need to pass law to exempt Diaz’s Olympic prizes from tax first appeared on .

Source: Latest Politics News Today (Politics.com.ph)