BIR to poll bets: Spend campaign donations
URDANETA CITY, Philippines – Bureau of Internal Revenue (BIR) Commissioner Kim Henares yesterday reminded candidates in the May 9 elections that financial campaign contributions must be spent to avoid payment of taxes.
Henares issued the reminder as the start of the official campaign period on Feb. 9 draws near.
Although campaign funds are tax- exempt, Henares said amounts in excess are not.
“If you don’t spend the campaign donation and you don’t want to pay taxes, you should return the money to the donor,” Henares said on the sidelines of the inauguration of the BIR district office 6 in Barangay Anonas here.
“If you don’t return the campaign funds after the election, you must report that in your income tax return and pay the right taxes,” she added.
Under Revenue Regulations 7-2011, election candidates must report to the BIR unutilized campaign funds as part of their income, and pay the corresponding taxes.
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