Question & AnswerQ&A (EXECUTIVE ORDER NO. 225)
The promotion and development of sports is highlighted as a stated government policy in Executive Order No. 225.
Executive Order No. 225 specifically seeks to promote professional boxing through tax incentives.
It further amends Section 228, paragraph (3) by imposing a ten percent amusement tax on boxing exhibitions unless it is a World or Oriental Championship where at least one contender is a Filipino citizen, and the event is promoted by Filipino citizens or corporations with at least 60% Filipino ownership, in which case it is exempt.
The amusement tax rate on boxing exhibitions is ten percent.
Boxing exhibitions are exempt from amusement tax if they involve a World or Oriental Championship in any division, at least one contender is a citizen of the Philippines, and the exhibitions are promoted by Filipino citizens or corporations/associations with at least 60% Filipino capital ownership.
At least one of the contenders must be a citizen of the Philippines.
The corporation or association must have at least 60% of its capital owned by Filipino citizens.
The Secretary of Finance has the authority to promulgate the implementing rules and regulations for EO No. 225.
Executive Order No. 225 takes effect upon the promulgation of the implementing rules and regulations by the Secretary of Finance.
All provisions of law, decrees, letters of instructions, orders, rules and regulations or parts thereof that are inconsistent with or contrary to EO No. 225 are repealed and/or modified accordingly.