MANILA, Philippines — Olympic gold medalist Carlos Yulo will not have to pay taxes on the prizes, awards and gifts he received for his historic performance at the 2024 Paris Olympics, the Bureau of Internal Revenue said Monday.
“The National Internal Revenue Code (NIRC) exempts Carlos Yulo from paying taxes on the prizes, awards, rewards, gifts or donations he received,” said BIR Commissioner Romeo Lumagui Jr.
“The BIR congratulates our two-time Olympic champion on his performance at the Paris 2024 Olympic Games. You are an inspiration to the men and women of the BIR,” he added.
According to Section 32(B) and 7(d) of the NIRC, all prizes and awards given to athletes in local and international sports competitions are exempt from income tax.
These include the prizes and rewards Yulo received from the Paris 2024 Organizing Committee and the Philippine government.
“The rewards, gifts or donations (in any form) given to Yulo by private companies or individuals clearly fall under this exception,” Lumagui said.
“Therefore, Yulo does not have to declare these amounts as part of his gross income and does not have to pay income tax on them,” he added.
Under Republic Act 10699 (National Athletes and Coaches Benefits and Incentives Act), Olympic gold winners receive P10 million from the government.
