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BIR reminds bets of tax liabilities

/ 05:40 AM March 18, 2016

Ahead of the national elections on May 9, the Bureau of Internal Revenue (BIR) has reminded candidates as well as their campaign donors of their tax obligations.

In the BIR’s Revenue Memorandum Circular No. 30-2016 issued on March 14, Commissioner Kim Henares said previously issued regulations mandate payment of taxes for donations received before or after the campaign period, hence will not be deductible as political contribution on the part of the donor.

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“Only those donations/contributions that have been utilized/spent during the campaign period as set by the Comelec (Commission on Elections) are exempt from donor’s tax,” Henares said, citing Revenue Regulations No. 07-2011.

Also, “donations made by corporations in violation of Section 36(9) of the Corporation Code of the Philippines are subject to donor’s tax and may not be deducted as political contribution on the part of the donor/corporation,” the BIR added.

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The said Corporation Code provision states that “no corporation, domestic or foreign, shall give donations in aid of any political party or candidate or for purposes of partisan political activity.”

The BIR said all candidates, political parties as well as party-list groups that will receive taxable contributions or donations must file their income tax returns as well as pay their corresponding taxes due with their respective revenue collection officers or through authorized agent banks. Ben O. de Vera

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TAGS: Bureau of Internal Revenue, Elections 2016, Nation, news, Tax
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