Proclamation rally of Team Pnoy led by President Aquino at historic Plaza Miranda, Quiapo, Manila. With the elections over, it is time for candidates to reveal how much they received in campaign contributions and how much they spent, if they don’t want the taxman to come knocking at their door. FILE PHOTO
MANILA, Philippines—With the elections over, it is time for candidates to reveal how much they received in campaign contributions and how much they spent, if they don’t want the taxman to come knocking at their door.
Commissioner Kim Henares of the Bureau of Internal Revenue (BIR) on Thursday reminded candidates to file their statements on campaign contributions and expenditures with the Commission on Elections (Comelec) in keeping with Comelec and BIR regulations.
Itemized report
The rules on campaign contributions require that a candidate file in triplicate with the Comelec office where they filed their certificate of candidacy, or in the case national candidates with the poll body’s Campaign Finance Unit, an itemized statement of contributions and expenditures made in connection with the May 13 elections not later than 30 days after the balloting.
The treasurers of political parties are required to do the same, except they must report on the campaign contributions received and expenditures made by their parties.
In a press briefing at the Department of Justice, Henares said she actually expected candidates to fully comply with the regulation after the Comelec said it would not allow winning candidates to assume office without having met the reporting requirement.
“And I hope the Comelec sticks to its position,” Henares said.
BIR circular
Henares recalled issuing Revenue Circular No. 15-2013 on Feb. 13 which laid down the rules and regulations on campaign finance and disclosure in connection with the May 13 elections.
The circular required, among other things, that candidates and political parties register with the BIR, issue official receipts to campaign contributors, and keep accounting records.
“My request to all those who ran for office is that they comply with all the laws, rules and regulations. For as long as everyone follows them, there should be no problem,” Henares said.
Failure to comply or discrepancies found in the statements would initiate a BIR investigation, she added.