Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary rewards: Nature of Benefit/Reward Donor/Grantor Amount Cash incentive under RA 10699 National Government 10,000,000 Cash Donation Private individuals (MVP and RSA) 20,000,000 Cash Donation President of the Philippines 3,000,000 Cash Donation City Government of Zamboanga 2,000,000 Condominium unit Private corporation 14,000,000 New car Private corporation 2,500,000 Cosmetics Private corporation 1,000,000 S1- The cash incentive paid by the national government is exempted from income tax S2 – The cash donation by MVP and RSA are exclusions from gross income S3 – The cash donation by the President is exempted from taxation
Indaylyn Diaz became the 1st Filipino gold medalist in the 2020 Olympics held in Tokyo, Japan. As a result, she received the following monetary rewards:
|
Nature of Benefit/Reward |
Donor/Grantor |
Amount |
|
Cash incentive under RA 10699 |
National Government |
10,000,000 |
|
Cash Donation |
Private individuals (MVP and RSA) |
20,000,000 |
|
Cash Donation |
President of the Philippines |
3,000,000 |
|
Cash Donation |
City Government of Zamboanga |
2,000,000 |
|
Condominium unit |
Private corporation |
14,000,000 |
|
New car |
Private corporation |
2,500,000 |
|
Cosmetics |
Private corporation |
1,000,000 |
S1- The cash incentive paid by the national government is exempted from income tax
S2 – The cash donation by MVP and RSA are exclusions from gross income
S3 – The cash donation by the President is exempted from
S 4 – The cash donation by the City Government of Zamboanga is subject to donor’s tax
Which is FALSE?
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