Tax Exemption for Prizes and Awards from Sport Tournaments
Republic Act No. 7549, enacted on May 22, 1992, exempts all prizes and awards earned by athletes from local and international sports tournaments from income tax and other forms of taxation. This applies to competitions sanctioned by national sports associations recognized by the Philippine Olympic Committee. The law also allows donors of these prizes to deduct the amounts from their gross income and exempts them from donor's tax. The Philippine Sports Commission and the Department of Finance are tasked with implementing the necessary regulations within 30 days of the Act's effectivity. The Act took effect following its publication in two newspapers and the Official Gazette.
Quick Answers
- What is Tax Exemption for Prizes and Awards from Sport Tournaments about?
- Republic Act No. 7549, enacted on May 22, 1992, exempts all prizes and awards earned by athletes from local and international sports tournaments from income tax and other forms of taxation. This applies to competitions sanctioned by national sports associations recognized by the Philippine Olympic Committee. The law also allows donors of these prizes to deduct the amounts from their gross income and exempts them from donor's tax. The Philippine Sports Commission and the Department of Finance are tasked with implementing the necessary regulations within 30 days of the Act's effectivity. The Act took effect following its publication in two newspapers and the Official Gazette.
- What type of law is Republic Act No. 7549?
- Tax Exemption for Prizes and Awards from Sport Tournaments (Republic Act No. 7549) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Tax Exemption for Prizes and Awards from Sport Tournaments enacted?
- Tax Exemption for Prizes and Awards from Sport Tournaments (Republic Act No. 7549) was enacted on May 22, 1992.
- What is the citation for Tax Exemption for Prizes and Awards from Sport Tournaments?
- Tax Exemption for Prizes and Awards from Sport Tournaments, Republic Act No. 7549, May 22, 1992 (Philippines)
Law Information
- Reference Number
- Republic Act No. 7549
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
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.
Cite This Law
Tax Exemption for Prizes and Awards from Sport Tournaments, Republic Act No. 7549, May 22, 1992 (Philippines)
Tax Exemption for Prizes and Awards from Sport Tournaments, Republic Act No. 7549 (Phil. 1992)
Related Laws
- Deduction by Person In Charge of Any Sweepstake, etc. of Income Tax Due from Winners of PrizesCommonwealth Act No. 380 • Aug 23, 1938 • Statutes
- Tax Exemption for Sale and Import of "Naphtha"Republic Act No. 4068 • Jun 18, 1964 • Statutes
- Exemption of Prizes of Miss Universe Contestants From TaxPresidential Decree No. 486 • Jun 19, 1974 • Presidential Issuances
- Revised Guidelines on the Issuance of Certification for Tax and Duty Exemption Application under RA 7459TAPI Administrative Order No. 015, s. 2022 • Jul 29, 2022 • Other Rules and Procedures
- Creation of the Marcos Golf Foundation of the PhilippinesPresidential Decree No. 1783 • Jan 15, 1981 • Presidential Issuances
- Exemption of Certain Exporters from Paying Travel TaxExecutive Order No. 589 • Dec 8, 2006 • Presidential Issuances
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