BIR: Carlos Yulo exempted from paying taxes for cash incentives, prizes for double gold feat at 2024 Paris Olympics

Gymnast Carlos Yulo would be exempted from paying taxes for the cash prizes, gifts, and other rewards he received for winning the historic double gold at the 2024 Paris Olympics.

Bureau of Internal Revenue Commissioner Romeo Lumagui Jr. said in a statement that Yulo is exempted from paying taxes in accordance with the National Internal Revenue Code (NIRC).

Under Section 32(B)(7)(d) of the NIRC, prizes or rewards given to Filipino athletes who participated in local and international competitions are exempt from income taxes.

Lumagui said Yulo is also covered by Republic Act No. 10699 or the National Athletes and Coaches Benefits and Incentives Act, which classified his prizes as exempt from income tax.

“The BIR congratulates our two-time Olympic gold medalist for his performance in the 2024 Paris Olympics,” Lumagui said.

“The rewards, gift or donations (in any form) given to Mr. Yulo by private entities, or individuals clearly fall under this exemption. Therefore, Mr. Yulo need not declare these as part of his gross income, and he shall not be liable to pay any income tax thereon," he added.

Yulo is the second Filipino athlete to ever win a gold medal at the Olympics after weightlifter Hidilyn Diaz at the 2020 Tokyo Olympics.

Yulo has received over P110 million cash to date. His base incentive was P20 million via RA 10699, which awards athletes with P10 million per gold medal they'd get.

A major property developer also promised Yulo a fully-furnished three-bedroom unit at McKinley Hill with a total value of P32 million, plus a cash bonus of P3 million. It was originally a a two-bedroom fully-furnished condominium unit worth P26 million following his first gold.

Several food establishments and services also vowed to give him a lifetime supply of their offerings.