The House of Representatives approved House Bill No. 10723 on Wednesday, August 21, in third and final reading.
The measures, once approved by President Ferdinand Marcos Jr., will grant tax exemptions to the rewards and incentives received by Filipino athletes.
203 lawmakers voted in favor of HB 10723 which will amend Republic Act 10699, also known as the National Athletes and Coaches Benefits and Incentives Act.
The tax exemptions will cover 'all incentives, rewards, bonuses and other forms of emoluments, as well as donations, gifts, endowments and contributions, whether from public or private persons or entities, received by national athletes who compete or win in international sports competitions, including those received by their coaches'.
HB 10723 said that donations, incentives, and rewards received by athletes and coaches prior to the competition and exclusively used to fund training and competition-related expenses 'shall be considered as allowable deductions from gross income for purposes of computing the taxable income of the donor'.
Under the bill, donors can avail the tax exemption within one year before the commencement of the internatinal sports competition where the national athlete will compete in, and within three months after the tournament.
The said period does not apply to donations, gifts, endowments and contributions for fund training and competition related expenses of national athletes coursed through the Philippine Sports Commission, Philippine Olympic Committee and the Philippine Paralympic Committee.
