Cash prizes received by Olympic athletes and para-athletes who win official sporting events are now exempt from income tax, retroactive to July 24, 2024.
A measure follows existing guidance for medals, trophies and commemorative objects won in international competitions.
The exemption was guaranteed through Provisional Measure 1251/2024, issued this Wednesday (7) and published today (8), in Official Diary of the Unionwith immediate effect.
The decision amends the Income Tax Law (7,713/1988) and includes in the list of exempt income “the cash prize paid by the Brazilian Olympic Committee (COB) or the Brazilian Paralympic Committee (CPB) to the athlete or para-athlete due to winning a medal in the Olympic or Paralympic Games.
According to the COB, at the Paris Olympics, gold medalists in individual events receive R$350,000, silver medalists receive R$210,000 and bronze medalists receive R$140,000. For group events, gold medalists receive R$700,000, silver medalists receive R$420,000 and bronze medalists receive R$280,000.
The CPB has announced that the prize money for 2024 will be R$250,000 for each gold medal, R$100,000 for each silver medal and R$50,000 for each bronze medal in individual competitions. In team competitions, each para-athlete will receive R$125,000 for winning a gold medal, R$50,000 for each silver medal and R$25,000 for each bronze medal.
Paris
The 2024 Olympic Games will take place in Paris from July 24th until August 11th. The first medals will be distributed on the 27th.
During the 17 days, 329 competitions are scheduled to take place in 35 different locations in France.
As of Thursday morning (8), Brazil occupies 18th position in the ranking of podiums, winning a total of 14 medals, including two gold medals, five silver medals and seven bronze medals.
