House OKs 'Hidilyn Diaz law' exempting athletes' perks from tax
MANILA, Philippines — The House of Representatives unanimously approved Tuesday a measure named after the Philippines’ first Olympic gold medalist that seeks to exempt bonuses, gifts and incentives received by national athletes from tax.
House Bill No. 9990 or the Hidilyn Diaz Act, which passed the chamber with 205 votes, seeks to make all financial benefits received by national athletes who win in international competitions tax-free.
The proposed law wants to insert a new section in Republic Act No. 10699 or the National Athletes and Coaches Benefits and Incentives Act which would exempt all perks of winning national athletes and coaches from tax.
It also wants to allow donors to deduct from their gross income tax donations made to athletes for their training a year before they compete.
Currently, persons who donated money to athletes are subject to a 6% donor's tax which donors will pay for.
“With additional support and financial incentives such as those provided in HB 9990, we hope to encourage more local athletes to push themselves further and continue to bring honor to the Philippines,” House Speaker Lord Allan Velasco said.
Filipino athletes at the Tokyo Olympics delivered the Philippines’ best performance yet in the Summer Games, clinching a bronze medal through boxer Eumir Marcial, two silver medals from boxers Nesthy Petecio and Carlo Paalam, and its first gold medal courtesy of Diaz. — Xave Gregorio
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