Team Pnoy vows to comply with BIR on poll donations
More News from Tetch Torres-Tupas
More News from INQUIRER.net
MANILA, Philippines – Team PNoy on Monday said they are ready to comply with the memorandum issued by the Bureau of Internal Revenue (BIR), requiring candidates, political parties and party-list groups to issue receipts for every contribution they receive.
“We will comply with it,” said Senator Franklin Drilon, campaign manager of Team Pnoy.
“We will also report all (campaign contributions) to Comelec (Commission on Elections) as required by law,” Drilon added.
The BIR issued Revenue Memorandum Circular 15-2013, which requires all political parties and party-list groups to issue receipts for every campaign donation they receive.
“The registration shall be made with the Revenue District Office (RDO) having jurisdiction over the political subdivision where the candidate is seeking election,” the circular said.
Campaign contributions in kind, meanwhile, should be valued against its cash equivalent or fair market value.
Campaign contributions and expenditures of all candidates are subject to a 5% withholding tax.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94