[Ask the Tax Whiz] Does Carlos Yulo have to deal with taxed prizes?

The Philippine Tax Whiz tells us whether two-time Olympic gold medalist Carlos Yulo will have to pay taxes for the rewards he’ll receive once he comes home or if he can enjoy them with full points?

This is AI generated summarization, which may have errors. For context, always refer to the full article.For the P10-million incentive,since this is exempt from income tax due to provisions under Section 32 of the Tax Code.

On the other hand, the Philippine Olympic Committee has announced they will give Yulo a house and lot, which would also face the same exemptions. Given the incentives from various corporations and other private individuals to Yulo, does this mean he has to pay taxes for the prizes given to him?

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