People are wondering if all Hidilyn Rewards, both monetary and non-monetary are taxable. Will the Bureau of Internal Revenue (BIR) tax her rewards?
Hidilyn Diaz made history by being the first Filipino to win an Olympic gold medal after nearly 100 years of trying to reach the top spots.
According to Republic Act No. 10699 or An Act Expanding the Coverage of Incentives Granted to National Athletes and Coaches, the national government will reward 10 million pesos for Olympic Gold medalist. Likewise, pursuant to Section 32 B.7.d of the Tax Code, the sum of monetary rewards given to the athletes is exempted from Income Tax.
Here’s the List of Monetary Prizes (Cash Rewards)
- Php 10M cash from the government-
- As amended by Law (Republic Act No. 10699)
- Php 10M cash from Manuel V. Pangilinan Foundation
- Php 10M cash from Ramon Ang
- Php 5M cash from Dennis Uy
- Php 3M cash from Deputy Speaker Mikee Romero
- Php 2.5M pesos from LGU-Zamboanga City
- Hidilyn Diaz wins Gold in Tokyo 2020 Olympics
- 30 Million Pesos reward for Hidilyn Diaz for winning Gold in Tokyo 2020 Olympics
- List of Hidilyn Diaz Rewards and Prizes for winning Gold in Tokyo 2020 Olympics
According to Philippine Taxation, any form of property or any form of cash rewards from either private companies or individuals granted to athletes are treated as donations, and thus subject to 6% donors tax.
Meaning, the donors will borne the 6% taxed from the donations.
Here’s the List of Properties and other Donations for Hidilyn:
- Php 14M worth of Condominium from Megaworld in Eastwood City
- Php 4M worth of House and Lot in Tagaytay City
- Php 4M worth of House and Lot from Century Properties
- Lifetime Free Flights from Air AsiaLifetime
- 80,000 miles per year free flights from PAL
- Lifetime Free fuel from Phoenix Petroleum
- 13-seater van from Foton
Meanwhile, lawmakers proposed a bill called “Hidilyn Diaz Act of 2021”, that would exempt taxes to both donors and beneficiaries. This was proposed by the House of Ways and Means Chair Panel Albay Rep. Joey Salceda.
“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 our winning athletes and coaches,” he said.
“This guarantees that no administrative omission will prevent the athletes and coaches from availing of the benefit,” he added.
What’s your reactions to Hidilyn’s prizes? Please feel free to drop one below.