Yulo’s gifts, rewards are tax-exempt—BIR

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Gymnast Carlos Yulo,the country’s Olympic double gold medalist, does not have to pay taxes for the gifts and prizes he received from his victory in the recently held Paris Olympics 2024, according to Bureau of Internal Revenue .

According to Section 32 of NIRC, all the gifts and prizes that an athlete receives in both local and international sport tournaments are exempted from tax as long as it was allowed by their national sports association.

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