Tax Exemption for Prizes and Awards from Sport Tournaments

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 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. cd i 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other executive issuances, rules and regulations, or parts thereof, which are inconsistent with this Act, are hereby repealed or modified accordingly. cd SECTION 5. This Act shall take effect upon the completion of its publication in at least two (2) newspapers of general circulation. Approved: May 22, 1992 Published in Malaya and the Philippine Times Journal on May 29, 1992. Published in the Official Gazette, Vol. 88 No. 27 page 4281 on July 6, 1992.