Uganda’s Joshua Cheptegei added another medal to his name in the 10,000m race along side his team mate Jacob after being number one and number three in the race that was tough last night at the World Athletics Championship taking place at Oregon in the US.
However, the two besides the Gold and Bronze Medals will receive cash money. The Champion Cheptegei will bring home $70,000 (UGX263 million) and his team mate Kiprimo who was number three will also bring $22,000 (UGX83 million).
However, as the discussion was going on whether their money will be chopped by the tax man Uganda Revenue Authority upon their return from the US, it’s been revealed their cash money is tax exempt and nothing will be chopped.
According to Uganda Revenue Authority, it has revealed that section 21 of the ITA exempts from tax an award received by a sportsperson as a reward for winning or participating in a sports competition. URA further says that the exemption is purposed to enable Uganda produce more sports stars.
This means Cheptegei will be 263 million richer and also his counter part Kiprimo will also be 83 million richer and will smile to the bank without any hustle.
From the entire team here at Accord Communications Limited, we congratulate Cheptegei, Kiprimo upon rising the Ugandan Flag High in athletics.
A Screen Shot of the URA emphasizing Sports Men Are Not Taxed of their hard earned Prize Money
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