Diaz incentives won’t be taxed

Hidilyn Diaz can get to enjoy the fruits of her labor without worrying about taxes.

A Philippine Sports Commission (PSC) official said they will enforce the Republic

Act (RA) 7549 in rewarding Diaz following her golden triumph in the weightlifting competition of the Tokyo Olympics.

According to RA 7549, all prizes and awards granted to athletes in local and international sports competitions held in the Philippines or abroad sanctioned by their respective national sports associations shall be exempted from income tax.

The tax exemption would also be applicable provided that such prizes and awards would be deductible in full from the gross income of the donors.

The donors — either private or public — would also be exempted from paying the donor’s tax.

Diaz stands to receive P10 million from the government in accordance to the Republic Act 10699 or the National Athletes and Coaches Benefits Act.

Aside from that, private companies like San Miguel Corporation and MVP Sports Foundation had also offered a total of P20 million cash reward while Deputy Speaker Mikee Romero (P3 million), the City of Zamboanga (P2.5 million) and Phoenix Petroleum (P5 million) have made their respective pledges as well.

All in all, Diaz will receive cash incentives worth P40.5 million on top of a P14-million residential condominium unit in Eastwood City from property developer Megaworld, a P4-million property from Century Property Group, a house and lot in Tagaytay City from Philippine Olympic Committee president Abraham “Bambol” Tolentino, lifetime free airfare from AirAsia, lifetime supply of gasoline from Phoenix Petroleum and a brand-new TransVan from Foton Motor Philippines Inc.

The donors — either private or public — would also be exempted from paying the donor’s tax.

The source said all of these will be tax-free on the part of the 30-year-old Diaz.

“Hidilyn will not pay a single cent for tax because we will enforce RA 7549,” the source said, speaking for lack of authority from PSC chair William “Butch” Ramirez, who is still with the national delegation in Tokyo.

“The BIR (Bureau of Internal Revenue) is already coordinating with us since the Department of Finance is also already inquiring.”

Diaz arrived Wednesday and is now undergoing the mandatory seven-day quarantine at the Sofitel Philippine Plaza.

After the quarantine, she will fly to her hometown of Zamboanga City where she is tipped to get a welcome fit for a returning hero.