HB04344: AN ACT GRANTING TAX EXEMPTION FOR PRIZES AND AWARDS GRANTED TO FILIPINO ATHLETES IN INTERNATIONALLY SANCTIONED SPORTS COMPETITIONS AND FURTHER AMENDING FOR THIS PURPOSE SEC. 32(B)(7)(4) OF 1997 TAX CODE (R.A. 8424)
This bill seeks to grant tax exemption for prizes and awards granted to Filipino athletes in internationally sanctioned sports competitions. This is a way to recognize and reward their achievements, encouraging more Filipinos to excel in sports.
The key provision of this bill is the amendment of Section 32 (B) (7) (d) of the 1997 Tax Code (R.A. 8424) to include professional athletes in the tax exemption for prizes and awards. This will provide a significant financial benefit to Filipino athletes who bring honor to the country in international sports competitions.