Rules and Regulations Implementing Republic Act No. 10699

May 27, 2020REVENUE REGULATIONS NO. 13-20SUBJECT : Rules and Regulations Implementing Republic Act No. 10699, Entitled "An Act Expanding the Coverage of Incentives Granted to National Athletes and Coaches, Appropriating Funds Therefor, Repealing for the Purpose Republic Act No. 9064, Also Known as the "National Athletes, Coaches and Trainers Benefits and Incentives Act of 2001" or "Sports Benefits and Incentives Act of 2001"   TO : All Internal Revenue Officers and Others Concerned SECTION 1. Scope. —Pursuant to the provisions of Section 244 in relation to Section 245 of the National Internal Revenue Code (NIRC) of 1997, as amended, these Regulations are hereby promulgated to implement the tax privileges granted to privately-owned establishments granting sales discounts and incentives to National Athletes and Coaches pursuant to the provision of Section 4 of Republic Act (R.A.) No. 10699.SECTION 2. Definition of Terms. —For purposes of these Regulations, the following terms shall be defined as follows: a) Act — shall refer to Republic Act (R.A.) No. 10699, otherwise known as "An Act Expanding the Coverage of Incentives Granted to...