SENATOR SEEKS TAX EXEMPTIONS FOR DONATIONS AND GRANTS FOR YOUTH AND SPORTS DEVELOPMENT PROGRAMS
SENATOR Ramon “Bong” Revilla Jr. filed a measure that seeks to exempt from tax all donations, grants, endowments or contributions for the government’s youth and development programs.
In filing Senate Bill 1484 or the proposed Tax Exemption for Donations for Youth and Sports Development Act, Revilla said he wants to enhance the government’s youth and sports development programs and sports competitions.
The senator added that there’s a need to encourage the private sector to support and contribute resources to youth and sports development and it can be possible through tax exemption.
“As limitations in funding remain as the biggest roadblock to effectively training and fully developing athletes at the grassroots level, it is hoped that private citizens and corporations could fill in the gap in nurturing our young athletes and budding champions,” Revilla said in his explanatory note.
The measure also aims to upgrade sports facilities and equipment available to students in public educational institutions.
Revilla also stressed that his bill is in line with the Republic Act 11470 or the National Academy Sports System that stated that all grants, bequests and donations for the benefit of the NAS System, its support and maintenance, or for aid to any of its students, are tax-exempt and fully deductible from the gross income of the donors.