The House of Representatives on Tuesday approved on second reading the bill, which aims to exempt bonuses and donations to athletes from all taxes and fees, including donor’s taxes and income taxes.
In a viva voce or voice vote, House Bill No. 9990 or the proposed “Hidilyn Diaz Law” was approved.
The measure seeks to amend Republic Act No. 10699 or the National Athletes and Coaches Benefits and Incentives Act.
Under the measure, rewards, bonuses, and other forms of emoluments for national athletes and coaches who compete in international sports competitions will be exempted from all taxes and other fees.
“We hope to close this room for interpretation by clarifying that all “rewards, bonuses, and other emoluments” for national athletes and coaches shall be exempt from any and all taxes,” Albay Representative Joey Salceda, principal author of the bill, said.
“The bill also makes the tax exemption executory even if BIR (Bureau of Internal Revenue) does not issue rules and regulations. It also specifically indicates that it does not repeal other tax privileges of national athletes and coaches,” he added.
The said bill was filed by Salceda following the historic gold medal victory of Filipina weightlifter Hidilyn Diaz at the 2020 Tokyo Olympics.
“The honor that Filipino athletes have brought to the country this year is immense and historic. So unprecedented is this honor that it appears our laws were unable to anticipate the outpouring of material solidarity from different sectors of society for winning athletes and coaches,” Salceda said. -MDM, GMA News
Read more, click here: GMA News