Tax Exemption on Sports Prizes

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Republic Act No. 7549: Tax Exemption on Sports Prizes

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Title Source: Supreme Court: Tax Exemption on Sports Prizes

Law: Republic Act No. 7549

Decision Date: May 22, 1992

Republic Act No. 7549 exempts athletes from paying income tax on prizes and awards received from local and international sports tournaments, while also exempting donors of these prizes and awards from donor's tax.

Definitions and Scope

"Sports tournaments and competitions" refer to those sanctioned by national sports associations following rules and regulations established pursuant to this Act.
"National sports association" means those duly accredited by the Philippine Olympic Committee.

Rules and Regulations for Implementation

The Philippine Sports Commission (PSC) and the Department of Finance shall jointly promulgate the necessary rules and regulations to implement this Act effectively.
This promulgation is to be done within thirty (30) days from the effectivity of the Act.
The promulgation is upon the recommendation of the Commissioner of the Bureau of Internal Revenue.

Repeal and Modification of Inconsistent Laws

Any laws, decrees, executive orders, rules, regulations or parts thereof that are inconsistent with this Act are repealed or modified accordingly.

Effectivity Clause

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

END