Apol, a citizen and resident of the Philippines, is a professional boxer

Accounting Mar 13, 2021

Apol, a citizen and resident of the Philippines, is a professional boxer. In a professional boxing match held in 2018, he won prize money in United States ( US) dollars equivalent to P 800,000,000.

Question 1: Is the prize money paid to and received by Apol in the US taxable in the Philippines?

Question 2: May Apol's prize money qualify as an exclusion from his gross income?

Question 3: The US already imposed and withheld income taxes from Apol's prize money.

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