Carlos Yulo Receives Multi-Million Cash Rewards, Property Gifts; BIR Speaks on Tax Exemption
BIR – The Bureau of Internal Revenue clarified that the rewards and gifts received by Carlos Yulo for his Olympic wins are free from tax deductions.
Carlos is the first Filipino to win a double gold in the Olympics. He set a legendary record not only in the Philippine gymnastics but as well as in the history of Olympics. He won gold for the Philippines in men’s floor exercise and vault in the recent international sports even held in Paris, France.
The Olympics is the biggest sports events in the world. The Philippines recently had its best performance in the Olympics so far. Carlos won two (2) gold medals and Pinay boxers Neshty Petecio and Aira Villegas won bronze medals for PH.
The Philippines finished the 2024 Paris Olympics in the 37th spot out of more than 200 countries which participated in the event. It is the best-performing Southeast Asian nation in the Olympics this year. Several rewards and gifts were given to the Olympic medalists.
Caloy received Php 20 million cash reward from the Office of President Bongbong Marcos, Php 20 million from the Philippine Amusement and Gaming Corp., Php 14 million from the House of Representatives, and Php 3 million from Megaworld.
Aside from the Php 3 million cash reward from the luxurious real-estate entity, Megaworld also gifted Carlos Yulo a three-bedroom condo unit in McKinley Hills in Taguig. He also received luxurious brand new vehicles from popular car-making companies.
Carlos Yulo got a Tiggo 7 Pro SUV from Chery Auto. The popular car-making company also offered insurance coverage, a lifetime of free oil change services, and a lot more. Carlos Yulo also has his own Land Cruiser Prado from Toyota.
Recently, the Bureau of Internatl Revenue (BIR) spoke and clarified that the rewards and gifts for Carlos Yulo for his Olympic wins are not subject under tax deductions. Based on a post of ABS-CBN News, BIR Commissioner Romeo D. Lumagui Jr. cited the National Internal Revenue Code which exempts Yulo from paying taxes for the rewards, donations, and gifts he received.
The tax-collecting bureau also congratulated the two-time Olympic Gold Medalist. His Olympics double gold win brought so much honor and pride to the Philippines.
“You are an inspiration to the men and women of the BIR,” Lumagui said to Caloy.