Carlos Yulo exempt from taxes on Olympic winnings, says BIR
MANILA, Philippines —Two-time Olympic gold medalist Carlos Yulo does not need to pay taxes on millions of incentives he received due to his historic feats at the 2024 Paris Olympics.
The Bureau of Internal Revenue issued this clarification on Monday, National Heroes' Day, citing amendments to the National Internal Revenue Code that allow Yulo to receive money and property tax-free.
Hailing Yulo a hero, BIR Commissioner Romeo Lumagui Jr. cited Section 32(B)(7)(d) of the code, which states that all prizes and awards of athletes in local and international sports tournaments, as long as they are permitted by their respective national sports associations, are exempt from income tax.
"Therefore, all prizes, awards, and gifts received by Yulo from the 2024 Paris Olympics Committee as well as from our National Government are not taxable under Republic Act (RA) No. 10699, or the 'National Athletes and Coaches Benefits and Incentives Act,' and other applicable laws," Lumagui said in a statement in Filipino.
Even prizes and gifts Yulo received from private entities or individuals also fall under exemptions by law.
"Yulo does not need to declare these as part of his gross income, and he does not need to pay income tax," the commissioner added.
Section 98 also states that the donee or recipient is not liable for donor's tax.
What went before. Carlos Yulo made history at the 2024 Paris Olympics by winning two gold medals for the Philippines in artistic gymnastics. The 24-year-old gymnast topped the men's vault and floor exercise events, becoming the first Filipino to win multiple gold medals in a single Olympics.
For his victories, Yulo is receiving more than P100 million worth of gifts and cash incentives.
He received tens of millions in cash incentives from the Philippine government under Republic Act 10699. He was also awarded a house and lot in Tagaytay City from the Philippine Olympic Committee and a lifetime free 150,000 Mabuhay Miles per year from Philippine Airlines.
Various private companies and individuals also pledged gifts and incentives to Yulo, including a cash reward from tycoon Manny V. Pangilinan, a three-bedroom property from Megaworld as well as brand new Toyota and Cherry Tiggo SUVs.
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