Olympic Prizes: Taxable or Non-Taxable?

The recent Paris Olympics showcased the exceptional performances of Filipino Athletes.

Exactly a century ago when Philippines joined the Olympics, and this year’s marks a history as the record shows that the Team Philippines achieved its best-ever medal haul ever since – 2 golds, 2 bronzes!

Apparently, the Athletes who gave honor and pride to our nation are rewarded with cash and incentives from both government and private corporations. Are these rewards exempted from tax? Find out!