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.