National athletes and coaches will start to enjoy discounts on a number of purchases beginning next month.
The Bureau of Internal Revenue detailed the implementing rules and regulations of Republic Act 10699, or the National Athletes and Coaches Benefits and Incentives Act, giving beneficiaries a 20-percent discount on items such as food, medicine, recreation centers, hotels, and sports equipment purchases.
“We have been looking forward to this and we are thankful that our athletes and coaches will finally enjoy the privilege they deserve,” said William “Butch” Ramirez, Philippine Sports Commission chairman who confirmed the development during the sports body’s board meeting on Friday.
Those qualified will be required to first present an ID and a booklet to the business establishment as proof, similar to senior citizens.
The PSC is said to be preparing the booklets, while IDs have been issued.
According to the BIR, private businesses that grant the discounts will be given tax deductions.
“Double discounts” cannot be claimed, the bureau added, which means athletes and coaches who are senior citizens or persons with disabilities can only avail of one incentive.
Businesses that do not comply with the IRR will face fines or imprisonment.
The revenue regulation was approved by Finance Secretary Carlos Dominguez on Wednesday.
According to the regulation, the discounts will cover:
- Domestic air and sea transportation, and any public utility transportation
- Hotels, resorts and similar businesses, including amenities based in said establishments
- Restaurants, although the beneficiaries’ bill will be separated from companions not eligible for the incentive
- Recreation centers, such as workout gyms and yoga centers
- Prescription and non-prescription medicine approved by the Food and Drug Administration of the Philippines
- Sports equipment
- Admission fees to theaters, cinema houses, concert halls and museums.
The regulations will take effect within 15 days after publication in the Official Gazette or in any two newspapers of general circulation.
The full text of BIR Revenue Regulation 13-2020 can be read below:
(For more sports coverage, visit the ABS-CBN Sports website).