Tax exemption for athletes’ rewards: House panel OKs proposed Hidilyn Diaz Law

By Billy Begas

The House Committee on Ways and Means on Monday approved with amendments the substitute bill seeking to exempt from taxes incentives, rewards and emoluments given to national athletes and coaches.

“As promised, we did it this week. There are still some issues to reconcile with the Committee on Youth and Sports, such as whether we want to include local sports competitions. But we’ll do that probably on the House floor. As for the duty of the Committee on Ways and Means, we have already dispensed it,” said committee chairperson and Albay Rep. Joey Salceda.

The unnumbered substitute bill, dubbed as the Hidilyn Diaz Act will also exempt donors from paying the 6% donors tax to encourage more private individuals to help national athletes.

The amount donated to the national athletes will be deducted from the gross income of the donor for the purpose of computing the taxable income in accordance with the provisions of the National Internal Revenue Code.

The measure, in substitution to House Bills 9888, 9891, and 9899 and House Resolution 2040, will amend Republic Act 10699 by inserting the new provision on tax exemptions.

The measures were filed following the victory of Hidilyn Diaz, the first Filipino to win gold medal in the Olympics.

Salceda said that “while the tax exemptions are one thing, public investment is the greater need, and we need to continue working on that.”

He said that under past administrations, the government budgeted only around P230 to P260 million to the Philippine Olympic Committee during Olympic years.

“Under President Duterte, the budget for the POC is at P944 million for this year, almost four times the budgets under past presidents,” Salceda noted. “Investment really makes a difference. I hope we can invest in training, facilities, nutrition, and conditioning.”

Salceda said that the “support has to be end-to-end” and “if we want to keep winning, we have to invest in our athletes when they are still preparing to win.”

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