Winner Philippines' Carlos Edriel Yulo bites his medal as he celebrates during the podium ceremony competes in the artistic gymnastics men's floor exercise final during the Paris 2024 Olympic Games at the Bercy Arena in Paris, on August 3, 2024. (Photo by Paul ELLIS / AFP)

MANILA -- Two-time Olympic gold medalist Carlos Yulo does not need to pay taxes on any of his winnings or rewards, the Bureau of Internal Revenue said Monday. 

In a statement, the BIR said Section 32(B)(7)(d) of the National Internal Revenue Code (NIRC) states that all prizes and awards granted to athletes in local and international sports tournaments and competitions held in the Philippines or abroad and sanctioned by their respective national sports associations shall be exempt from income tax. 

Section 32(B)(3) of the NIRC likewise categorically provides that the value of property acquired by gift, bequest, devise, or descent shall be excluded from gross income of the recipient and, therefore, exempt from income tax.

Rewards given to Yulo by individuals and companies fall under this category, the tax bureau noted.

Section 98 of the NIRC is also clear that the donee or receiver is not liable to donor’s tax, the BIR added.

Yulo is the first Filipino to win multiple medals in a single Olympics, and the first to win two gold medals.

He is set to receive P20 million--P10 million each for his 2 gold medals--under Republic Act 10699, or the National Athletes and Coaches Benefits and Incentives Act.

He also received a P20 million cash incentive from Philippine President Ferdinand Marcos Jr., and P14 million from the House of Representatives. The Philippine Senate, meanwhile, gave him P3 million.

Yulo will also receive a house and lot from the Philippine Olympic Committee.

He also received a P32 million fully-furnished three-bedroom condo unit from Megaworld, and an additional P3 million from the same company.

Yulo is also getting a Toyota Land Cruiser Prado, as the automobile giant pledged to work with him on his chosen advocacy.

Bounty Fresh and Chooks-to-Go also gave him P3 million.

He also received P10 million reward from sports patron Manny V. Pangilinan, and P2 million from the city government of Manila. Yulo hails from Leveriza Street in Malate, where his family still lives.

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