The Federal Revenue Service reported that Olympic medals, as well as trophies and any other commemorative objects received at an official sporting event held abroad, are exempt from federal taxes. This is what is established in Article 38 of Law 11,488, of June 15, 2007. The subject is also addressed in Ordinance MF 440/2010. Prizes received in cash are taxed.
According to the legislation, exemption is granted from import tax, tax on industrialized products, contribution to PIS/Pasep-Import, Cofins-Import and CIDE-Combustíveis, under the terms, limits and conditions established in regulation, applicable to the import of: trophies, medals, plaques, statuettes, badges, pennants, flags and other commemorative objects received at an official cultural, scientific or sporting event held abroad or to be distributed free of charge as a prize at a sporting event held in the country.
The Federal Revenue Service guarantees that entering the country with the Olympic medal is a quick and easy process, without bureaucracy.
According to the Brazilian Olympic Committee, gold medalists in the individual event receive R$350,000, silver medalists receive R$210,000 and bronze medalists receive R$140,000. In the group event, gold medalists receive R$700,000, silver medalists receive R$420,000 and bronze medalists receive R$280,000. These prizes are taxed.
