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Ironman pro prize money9/6/2023 ![]() Under he National Internal Revenue Code of the Philippines otherwise known as the Tax Reform Act of 1997, “prizes (except prizes amounting to P10,000 or less ) shall be subject to tax.” In the elite division, the top three winners got P50,000, P30,000, and P20,000. ![]() The first six placers receive various amounts that start at $750. The prestige can also bring opportunities to become commercial endorsers later.Ĭaroline Steffen of Switzerland ruled the women’s pro division for the third year in a row.įoreign athletes usually top the pro division. We, the organizers, remitted the taxes to the BIR,” said Princess Galura, project director of Sunrise Events Inc. ![]() We agreed on this matter beforehand with the winners. “The prize money of the winners in all divisions of the Ironman 70.3 were already tax deducted 20 to 25 percent. Reached for comment, the organizer of the international triathlon assured that this basic tax guideline was already implemented. “Whether the winners are Filipinos or not, each of them has to comply with a withholding tax of 20 percent of the cash prizes they receive,” he told Cebu Daily News. ![]() The cash prizes, which range from $750 to $5,000 for the Ironman Pro athletes category, are taxable said lawyer Neri Yu, acting chief of BIR 7’s legal division. THE Bureau of Internal Revenue (BIR) isn’t done yet.Īfter going after doctors and lawyers, the country’s primary revenue agency is turning its sights on the organizer and winners of the recently concluded Cobra Ironman 70.3 Philippines. Ironman champ Brent Mcmahon (CDN PHOTO/CHRISTIAN MANINGO) ![]()
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