Brazilian President Luiz Inacio Lula da Silva has issued an executive measure exempting Olympic and Paralympic medallists from income tax on their prize money, according to a statement published in the official gazette on Thursday.

The tax exemption applies to prize winnings awarded by both the Brazilian Olympic Committee (COB) and the Brazilian Paralympic Committee (CPB) at the Paris Games.

The new regulation will take effect from July and covers the ongoing Paris Olympics and the Aug. 28-Sept. 8 Paralympic Games.

Brazil have so far won 14 medals at the Paris Olympics, comprising two gold, five silver and seven bronze in six disciplines - athletics, boxing, artistic gymnastics, judo, skateboarding and surfing.