Tax Breaks for Brazilian Olympic and Paralympic Medallists

Brazilian President Luiz Inacio Lula da Silva has issued an executive measure exempting Olympic and Paralympic medallists from income tax on their prize money. The regulation applies to winnings awarded by the Brazilian Olympic and Paralympic Committees at the Paris Games, starting from July 2023.

Brazilian President Luiz Inacio Lula da Silva has made a significant announcement, granting tax exemptions on prize money for Olympic and Paralympic medallists. The executive measure was confirmed in the official gazette on Thursday.

Effective from July, this tax relief will benefit winners of medals awarded by the Brazilian Olympic Committee (COB) and the Brazilian Paralympic Committee (CPB) during the Paris Games.

Brazil has secured a total of 14 medals so far, including two golds, five silvers, and seven bronzes across six disciplines: athletics, boxing, artistic gymnastics, judo, skateboarding, and surfing.