Professional Documents
Culture Documents
28, 2014
NR # 3360
The bill provides for further amendment of 8ection - (2 -B2 -<2 d of +' =;(;/ otherwise known as the Tax +eform 'ct of )::</ as amended/ so that all prizes and awards to amateur and professional athletes in local and international sports competitions and tournaments/ whether held in the &hilippines or abroad/ sanctioned by their national sports association or any recognized world or international sports associations/ shall not be included in gross income and shall be exempt from taxation under this title. The tax exemption shall apply to prizes and awards in all aforementioned competitions earned )" years prior to the effectivity of the proposed 'ct. Furthermore/ the tax incentives may be availed of or enjoyed by the winner.taxpayer who may have/ or in connection with any pending assessments/ tax cases or pending assessment charges or warrants and levy in the process of or yet to be implemented. The bill also provides that any taxpayer who otherwise would have been exempt as provided for in the proposed 'ct/ who has paid income tax for prizes or awards/ or both/ in internationally recognized competitions within the last )" years of the 'ct shall be entitled to apply for tax credit in accordance with the law. The bill is co.authored by +eps. Ferdinand @artin +omualdez -)st 7istrict/ 6eyte2/ 'leta 8uarez - rd 7istrict/ Auezon2/ 6ani @ercado.+evilla -(nd 7istrict/ 9avite2/ ,onathan dela 9ruz -&arty.list/ 'B'B'7'2/ Cictor >rtega -)st 7istrict/ 6a 0nion2/ &hilip &ichay -)st 7istrict/ 8urigao del 8ur2 and 7iosdado @acapagal 'rroyo -( nd 7istrict/ 9amarines 8ur2. - "2 rbb