Philippines’ encourages the future of sport with attractive tax breaks.
The dust may have settled on the 2016 Olympics, but the legacy of the games hosted by Brazil still lives on today. For the Philippines, the country was placed in the limelight as one of its athletes stepped up to the podium – the first time in 20 years. In total the country has won ten medals since joining the Olympics in 1924.
Filipino Hidilyn Diaz competed in the women’s weightlifting in Brazil and took home a silver medal. This win is being used to pave the way for future generations’ hopes and ambitions to strive to become professional athletes and represent their country.
This momentous event for the Philippines has been recognised and marked with the recent announcement of a tax break for those involved in making it happen, and to encourage the future of medal winners in subsequent games. Those who have contributed to an athlete who wins a medal at the four yearly event will enjoy this tax incentive.
Approved by the House of Committee on Youth and Sports Development, the House Bill 4054 will benefit any corporations or individuals who gives grants, donations or contributions to the medal winning Filipino athletes. The amount of which can be used an allowable deduction for the donor’s income and will also be exempt from tax. The contribution cannot exceed PP 1 million per tax year. In the case of property, it will be calculated on the costs of the acquisition of the property.