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Republic Act
Approved May 22, 1992

Republic Act No. 7549

An act exempting all prizes and awards gained from local and international sports tournaments and competitions from the payment of income and other forms of taxes and for other purposes

An Act Exempting All Prizes and Awards Gained from Local and International Sports Tournaments and Competitions from the Payment of Income and Other Forms of Taxes and for Other Purposes

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In plain language

This Act provides exemption from income tax for prizes and awards given to athletes in local and international sports tournaments and competitions, allows full deduction of such prizes from donors' gross income, exempts donors from donor’s tax, and requires the issuance of implementing rules.

  • Exemption of prizes and awards from income tax
  • Full deduction of prizes from donors' gross income
  • Exemption of donors from donor’s tax
  • Issuance of implementing rules within 30 days
  • Repeal of inconsistent laws
Tax Law
Sports
Income Tax
Philippines
Republic Act

[ REPUBLIC ACT NO. 7549, May 22, 1992 ]

AN ACT EXEMPTING ALL PRIZES AND AWARDS GAINED FROM LOCAL AND INTERNATIONAL SPORTS TOURNAMENTS AND COMPETITIONS FROM THE PAYMENT OF INCOME AND OTHER FORMS OF TAXES AND FOR OTHER PURPOSES

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1

All prizes and awards granted to athletes in local and international sports tournaments and competitions held in the Philippines or abroad and sanctioned by their respective national sports associations shall be exempt from income tax:Provided, That such prizes and awards given to said athletes shall be deductible in full from the gross income of the donor:Provided, further,That the donors of said prizes and awards shall be exempt from the payment of donor's tax.

The benefits herein provided shall cover the XVIth Southeast Asian Games (SEA Games) held in Manila from November 25 to December 5, 1991.

Section 2

As used in this Act, the term:

1."Sports tournaments and competitions" shall mean those tournaments and competitions sanctioned by the national sports associations in accordance with the rules and regulations pursuant to Section 3 hereof; and
2."National sports association" shall mean those duly accredited by the Philippine Olympic Committee.

Section 3

Upon the recommendation of the Commissioner of the Bureau of Internal Revenue, the Philippine Sports Commission (PSC) and the Department of Finance shall, within thirty (30) days from the effectivity of this Act, jointly promulgate rules and regulations necessary for the effective implementation of this Act.

Section 4

All laws, decrees, executive orders, other executive issuances, rules and regulations, or parts thereof, which are inconsistent with this Act, are hereby repealed or modified accordingly.

Section 5

This Act shall take effect upon the completion of its publication in at least two (2) newspapers of general circulation.

Approved,

NEPTALI A. GONZALES

President of the Senate

RAMON V. MITRA

Speaker of the House of Representatives

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This Act which is a consolidation of House Bill No. 22232 and Senate Bill No. 807 was finally passed by the House of Representatives and the Senate on February 5, 1992.

ANACLETO D. BADOY, JR.

Secretary of the Senate

CAMILO L. SABIO

Secretary General House of Representatives

Approved: May 22, 1992

CORAZON C. AQUINO

President of the Philippines

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.