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.chan robles virtual law library

The benefits herein provided shall cover the XVIth Southeast Asian Games (SEA Games) held in Manila from November 25 to December 5, 1991.cralaw 

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.cralaw 

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other executive issuances, rules and regulations, or parts thereof, which are inconsistent with this Act, are hereby repealed or modified accordingly.chan robles virtual law library

Sec. 5. This Act shall take effect upon the completion of its publication in at least two (2) newspapers of general circulation.