Solons seek to exempt donations to athletes from tax

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The story "Solons seek to exempt donations to athletes from tax" was covered 18 hours ago by Business Mirror, a news publisher based in Philippines.

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Solons seek to exempt donations to athletes from tax - Business Mirror

Quick Summary:

FOLLOWING Carlos Yulo’s victory and the possibility of additional gold medals by Filipino athletes from the Olympics, the House Committee on Ways and Means last Monday approved a bill providing tax exemptions for donations to national athletes competing in international sports competitions.

Salceda and Villafuerte, principal authors, said the legislation is also being proposed to honor Yulo, the first Filipino Olympian to win two consecutive gold medals.

The proposal aims to exempt not only the prizes awarded by brands and companies after an athlete wins a gold medal but also the donations made towards athletes’ training a year before the competition.