Allies seek tax exemption law for Pacquiao
MANILA, Philippines—Independent lawmakers led by Buhay party-list Rep. Lito Atienza have filed a bill that would stop the government from dipping its hands into boxing superstar Manny Pacquiao’s hard-earned winnings and those of other national athletes who win prizes and awards in international competitions.
Atienza’s bill provides tax exemptions for prizes of both amateur and professional Filipino athletes in sports competitions sanctioned by international groups or certified by the Philippine Sports Commission.
The exemption would apply to prizes and awards in all competitions earned 10 years prior to the effectivity of the proposed law. Those who had paid taxes for the prizes or awards they had received in internationally recognized competitions within the last 10 years of this act would be entitled to tax credits, the bill proposes.
In their explanatory note, the lawmakers said Pacquiao’s recent tax woes, which stemmed from his alleged failure to attach some documents about his earnings from two fights in the United States in his tax return, highlight the need to provide incentives to award-winning athletes.
These athletes bring honor to the country, and the tax break would be a fitting reward for this, they said.
The other authors of the bill are Leyte Rep. Ferdinand Martin Romualdez, Quezon Rep. Aleta Suarez, Cavite Rep. Lani Mercado-Revilla, Abakada party list Rep. Jonathan de la Cruz, La Union Rep. Victor Ortega, Surigao del Sur Rep. Philip Pichay and Camarines Sur Rep. Diosdado Macapagal Arroyo.
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