ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 7549 - AN ACT
EXEMPTING ALL PRIZES AND AWARDS GAINED FROM LOCAL AND INTERNATIONAL
SPORTS TOURNAMENTS AND COMPETITIONS FROM THE PAYMENT OF INCOME AND
OTHER FORMS OF TAXES AND FOR OTHER PURPOSES 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. 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other executive issuances, rules and regulations, or parts thereof, which are inconsistent with this Act, are hereby repealed or modified accordingly.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. Approved: May 22, 1992 |
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