The Bureau of Internal Revenue (BIR) has clarified that the prizes and awards received by Filipino gymnast Carlos Yulo, a two-time Olympic gold medalist, are exempt from income tax. This exemption includes gifts and donations from private entities. According to BIR commissioner Romeo Lumagui Jr., Yulo will not have to pay income or donor’s taxes, in line with the National Internal Revenue Code (NIRC).
The BIR cited several sections of the NIRC that exempt athletes’ awards and donations from taxation. Yulo, who won gold in vault and floor exercise at the 2024 Paris Olympics, is also set to receive substantial cash rewards and gifts from both the government and private sector.