Section
1. 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: Provided,
That
such prizes and awards given to said athletes shall be deductible in
full
from the gross income of the donor: Provided, further, That the
donors of said prizes and awards shall be exempt from the payment of
donor's
tax.
The
benefits herein provided shall cover the XVIth Southeast Asian Games
(SEA
Games) held in Manila from November 25 to December 5, 1991.
Sec.
2. As used in this Act the term:
Sec.
3. Upon the recommendation of
the Commissioner of the Bureau of Internal Revenue, the Philippine
Sport
Commission (PSC) and the Department of Finance shall, within thirty
(30)
days from the effectivity of this Act, jointly promulgate rules and
regulations
necessary for the effective implementation of this Act.
Sec.
4. All laws, decrees, executive
orders, other executive issuances, rules and regulations, or parts
thereof,
which are inconsistent with this Act, are hereby repealed or modified
accordingly.
Sec.
5. This Act shall take effect
upon the completion of its publication in at least two (2) newspapers
of
general circulation.
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