Olympics: Law Signed By Lula Exempts Tax On Prizes Received By Olympic Medalists Like Rebeca Andrade, Bia Souza, And Rayssa Leal

Written by Alisson Ficher

Published on 08/08/2024 at 14:00

Updated on 08/08/2024 at 14:19

Olimpíadas: lei assinada por Lula isenta imposto em prêmios recebidos por medalhistas olímpicos como Rebeca Andrade, Bia Souza e Rayssa Leal. (Imagem: reprodução)

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Behind the Scenes of Brazilian Olympic Sports, a New Victory Has Just Been Achieved, and This Time It Was Not on the Courts or Arenas. A Provisional Measure Signed by President Luiz Inácio Lula da Silva Could Change the Way Medal-Winning Athletes Are Rewarded in the Country.

Quietly, the MP published in the Official Gazette of the Union this Thursday (08) exempts Olympic and Paralympic medalists from paying Income Tax on the awards received at the 2024 Paris Olympics.

This decision could be a turning point for sports icons like Rebeca Andrade, Beatriz Souza, and Rayssa Leal, whose achievements are not only in gold, silver, and bronze but now also free from taxes.

The measure specifically exempts cash awards paid by the Brazilian Olympic Committee (COB) and the National Paralympic Committee (CPB), reflecting a new approach by the government towards recognizing athletes.

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Understand the Change

Previously, medals and trophies received in competitions did not have taxable value in Brazil. These physical awards, considered commemorative, have always been exempt from taxes according to the federal revenue normative instruction and Article 38 of Law 11,488 of 2007.

However, the same did not apply to cash awards, which needed to be declared on the Income Tax, with a rate of up to 27.5%, applied directly at the source.

To illustrate, before the new measure, Rebeca Andrade, who won three medals in individual competitions (one gold and two silvers), would have to pay R$ 227,150 in taxes on her award of R$ 826,000. Now, she and other athletes such as judoka Beatriz Souza and skateboarder Rayssa Leal will be able to receive their full awards, without any deductions.

The Impact of the Measure

The provisional measure is valid for up to 120 days and must be approved by the National Congress to become a permanent law. During this period, the text may undergo changes by deputies and senators, but any modification will require presidential sanction.

For athletes who have already competed or who will still land on the podium in Paris, this exemption represents not only financial relief but also recognition for the effort and dedication that put Brazil in the spotlight on the world sports scene.

Do you believe that Brazil is finally giving due value to its athletes, or is this measure just a temporary step that may not survive political discussions?

Olympics: Law Signed By Lula Exempts Tax On Prizes Received By Olympic Medalists Like Rebeca Andrade, Bia Souza, And Rayssa Leal

Behind the Scenes of Brazilian Olympic Sports, a New Victory Has Just Been Achieved, and This Time It Was Not on the Courts or Arenas. A Provisional Measure Signed by President Luiz Inácio Lula da Silva Could Change the Way Medal-Winning Athletes Are Rewarded in the Country.

Understand the Change

The Impact of the Measure

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Olympics: Law Signed By Lula Exempts Tax On Prizes Received By Olympic Medalists Like Rebeca Andrade, Bia Souza, And Rayssa Leal

Behind the Scenes of Brazilian Olympic Sports, a New Victory Has Just Been Achieved, and This Time It Was Not on the Courts or Arenas. A Provisional Measure Signed by President Luiz Inácio Lula da Silva Could Change the Way Medal-Winning Athletes Are Rewarded in the Country.

Understand the Change

The Impact of the Measure

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Great Atlantic Sargassum Belt has ceased to be a climatic phenomenon and has become a biological system that feeds on itself, with 8,000 kilometers in length, 37 million tons of algae, and scientists confirm that it is now permanent.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

Engineers had to pour concrete mixed with tons of ice throughout entire nights in the Dubai desert to erect the Burj Khalifa; any carelessness could clog the pipes half a mile high.

The James Webb telescope spotted a planet 700 light-years from Earth with mornings full of sand clouds and nights with clear skies, the temperature difference between the two hemispheres reaches an impressive 170 degrees.

From an artificial island in the Gulf, Abu Dhabi’s oil company drilled more than fifteen kilometers horizontally and earned the title of the longest well ever drilled in the world.

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Researchers in South Dakota are studying microbes found in an extreme underground environment, more than 1,200 meters deep, capable of accelerating the conversion of CO₂ into solid minerals in weeks, with potential applications in power plants, factories, and construction materials.

From an artificial island in the Gulf, Abu Dhabi’s oil company drilled more than fifteen kilometers horizontally and earned the title of the longest well ever drilled in the world.