The House of Representatives approved on second reading House Bill 10723 which seeks to exempt from taxes the incentives, rewards, bonuses and other forms of emoluments received by national athletes and coaches.
Quirino Representative Midy Cua, the sponsor of the measure, said HB 10723 not only exempts rewards awarded by brands and companies following a win, but its most crucial feature is exemption from tax for donations used on the preparation of national athletes one year before the tournament from tax.
“The best way forward is to incentivize preparation.”
“We believe that the best way forward is to incentivize preparation. Champions are not made overnight,” Cua stressed.
“We have included to exempt donations from tax for the entire training of our athletes.”
“Thus, in addition to our previous proposal, we have included to exempt donations from tax for the entire training of our athletes, provided that such donations are made through the Philippine Olympic Committee (POC), Philippine Sports Commission (PSC) or the Philippine Paralympic Committee (PPC),” the lady legislator added.
Parañaque City Representative Gus Tambunting said the measure provides that gifts and incentives given to national athletes are deductible from the donor’s gross income, as a way to further incentivize contributions towards training costs.
HB 10723 also proposes the removal of any time restriction in availing tax exemption when the donations to national athletes are coursed through the PSC, POC and the PPC.
Once enacted, the proposed measure would amend Republic Act 10699 or the “National Athletes and Coaches Benefits and Incentives Act.”
