BIR Speaks on Exemption of Carlos Yulo from Taxes on Rewards for Olympic Wins
CARLOS YULO – The Bureau of Internal Revenue (BIR) clarified that the Paris Olympics double gold medalist is exempted from taxes for the rewards he received.
The Olympic double gold win of Caloy has undeniably changed his life. It did not only win him fame and honor in the international arena but also made him an instant multi-millionaire. However, while it seems like an instant boost on his financial status, it took him more than a decade of continuous preparation, training, and hardwork to get to the gold.
Carlos Yulo is the first Filipino to win a double gold in the Olympics. He won the Philippines gold medals in men’s floor exercise and vault during the recent Olympics held in Paris, France.
The office of the President extended a Php 20 million reward for Caloy for his Olympic wins. His victory has greatly contributed in the country’s best spot so far in the Olympics. This year, PH finished the Olympics on the 37th spot out of more than 200 participating countries as well as the best-performing Southeast Asian nation in the event.
The Philippine Amusement and Gaming Corp. (PAGCOR) also gave Caloy a Php 20 million reward as set under the law. From the House of Representatives, the Olympics double gold medalist got Php 14 million.
Chery Auto gave Carlos Yulo his own Tiggo 7 Pro SUV along with several perks and privileges like a free lifetime oil change service. He also got a house and lot in Tagaytay, Vikings Restaurant free access, and another house and lot propery among others.
Megaworld also gifted Carlos with a three-bedroom condominium unit in McKinley Hills in Taguig. The real-estate firm also gave him a Php 3 million cash reward on top of the fully-furnished condo unit given to him.
Toyota also gave Carlos his own Land Cruiser Prado. Recently, the Bureau of Internal Revenue (BIR) clarified that Caloy is exempted from paying the taxes for the rewards, gifts, and donations that he has received.
Based on a post on ABS-CBN News, BIR Commissioner Romeo D. Lumagui Jr. cited the National Internal Revenue Code or the NIRC as the exempting factor in the case of Caloy. The tax-collecting entity also expressed its congratulations to the Paris Olympics double gold medalist:
“The BIR congratulates our two-time Olympic Gold Medalist for his performance in the 2024 Paris Olympics. You are an inspiration to the men and women of the BIR,” Lumagui said.