Tax on prizes and awards

Quick Summary:

Indeed, prizes galore for our athletes who are bringing home accolades for the Philippines from the recently concluded Paris Olympics.

With the long list of prizes awaiting our winning athletes, there is now a question as to whether or not these prizes and awards are subject to tax.

So, the awards, rewards or incentives given to the coach or to someone else may qualify for income tax exemption on the premise that these are in the nature of gifts that are given to them out of the liberality of the giver.

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Article Details

Author / Journalist: Atty. Rodel C. Unciano

Category: BusinessStartups

Markets: Philippines

Topics: Column Opinion

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-12 @ 16:01:00 (19 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 886 words

Reading Time: 5 minutes read

Sentences: 27 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 22044498

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About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 52 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 13 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #37

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