A bill providing tax incentives for those who will give grants and donations to Filipino Olympic medalists has passed the committee level at the House of Representatives, a lawmaker said Saturday.
Under House Bill 4054, "donations, contributions, gifts, and grant of real or personal property" given to any Filipino athlete who won a medal in the Summer Olympic Games will be exempted from donor's tax provided that the donation will not exceed P1 million.
The value of the donation in excess of P1 million shall be subject to donor’s tax and shall no longer be allowed as tax deduction, the bill read.
"Hidilyn Diaz and other Filipino Olympic heroes like her deserve not only our praise, but also our support," House Speaker Pantaleon Alvarez and other authors of the bill said in a statement.
Despite opposition from the Department of Finance and the Bureau of Internal Revenue, both the House committees on youth and sports development, and ways and means approved the provisions of the bill, saying the BIR will lose nothing because usually no one donates to the country’s Olympians.
"I would like to stress that the proposed legislation with the tax exemption is only focused on the donor’s tax, and second it can only be activated if the athlete will win," PBA Party-list Rep. Jericho Nograles said.
"Our Olympians are not professionals. So if you will talk about equal protection, these people are not out there to make money. They are not professionals, they are athletes who don’t do it for money."
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