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This page features the full text of
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.
REPUBLIC
ACT NO. 7549AN
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.chanrobles virtuallaw libraryred
The
benefits herein provided shall cover the XVIth Southeast Asian Games
(SEA
Games) held in Manila from November 25 to December 5, 1991.cralaw:red
Sec.
2. As used in this Act the term:
(1) "Sports
tournaments and competitions" shall mean those tournaments and
competitions
sanctioned by the national sports associations in accordance with the
rules
and regulations pursuant to Section 3 hereof; and
chanrobles virtuallaw libraryred
(2) "National
sports association" shall mean those duly accredited by the Philippine
Olympic Committee. chanrobles virtuallaw libraryred
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:red
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which are inconsistent with this Act, are hereby repealed or modified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.chanrobles virtuallaw libraryred
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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