It is understood that in order to support the Olympic Games and ensure the smooth hosting of the 29th Olympic Games, with the approval of the State Council, the Ministry of Finance, State Taxation Administration of The People's Republic of China and the General Administration of Customs jointly issued the Notice on Tax Policies for the 29th Olympic Games in 2003. The notice stipulates: "The bonuses and other incentive income obtained by participating athletes for the Olympic Games shall be exempted from personal income tax in accordance with the relevant provisions of the current tax laws and regulations."
China's current individual income tax law stipulates that "bonuses in science, education, technology, culture, health, sports, environmental protection, etc. awarded by provincial people's governments, the State Council ministries and commissions, China People's Liberation Army units at or above the corps level, and foreign organizations and international organizations" or "those exempted from income tax with the approval of the financial department of the State Council" can be exempted from individual income tax.
Tax experts explained that after the Olympic Games, the state, local governments and some enterprises and organizations will "reward athletes". Among them, the bonuses given to athletes by the State Sports General Administration and governments at or above the provincial level may be exempted from personal income tax according to regulations; However, units, institutions, enterprises and individuals below the provincial level shall levy personal income tax on in-kind awards and bonuses given to athletes; The physical rewards and bonuses accepted by athletes belong to "accidental income" or "other income" as stipulated in the individual income tax law, and individual income tax shall be paid at the rate of 20% of each income.
At present, the bonuses and in-kind rewards for Chinese athletes participating in the Olympic Games mainly come from the State Sports General Administration, the sports management centers under the State Sports General Administration, the provinces and cities where the athletes are located, and some sponsoring enterprises.
According to the authoritative sources of the State Sports General Administration, the amount of national awards for the Beijing Olympic Games will definitely exceed that for the Athens Olympic Games, and the single bonus system in the past will be changed when formulating new incentive policies, and it is possible to learn from the lifelong special allowance system of South Korea. After the 2004 Athens Olympic Games, the state awarded 200,000 yuan to the gold medal winner, 6,543,800 yuan to the silver medal winner and 80,000 yuan to the bronze medal winner.
The medals awarded by local governments and some enterprises are also considerable: after the Athens Olympic Games, Shaanxi Province awarded 6,543,800 yuan to the gold medal winners, and Guangdong, Zhejiang, Jiangsu and other provinces awarded 500,000 yuan; Starting from the 25th Olympic Games 1992, the Fok Ying Tung Sports Fund began to award funds to mainland Olympic athletes and Hong Kong athletes. After the Athens Olympic Games in 2004, gold medalists won gold medals 1 kg and US$ 80,000, silver medalists won gold medals of half a kilogram and US$ 40,000, and bronze medalists won gold medals of 0.25 kg and US$ 20,000.