Issue of April 7, 2019
     
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BIR reminds political bets, backers to pay tax obligations
by Maria Teresa B. Beñas / PIA

BANGUED, Abra – The Bureau of Internal Revenue is reminding political candidates, political parties and partylist groups, and campaign contributors to the May 2019 elections of their tax obligations relative to the political exercise.

BIR stressed that “a good leader is a good follower” should be the guiding motto of every political candidate to prove his/her sincerity to become a public servant and deserving to be addressed “honorable.” 

Revenue District Officer Frumencio A. Belisario calls on all concerned to comply with BIR-Revenue Memo Circular (RMC) 31-2019 dated March 7.

The circular reiterates the tax compliance requirements of candidates, political parties/partylist groups and campaign contributors as provided under RMC No. 38-2018.

The RMC requires political candidates, political parties and partylist groups, and campaign contributors to register or update their registration with the revenue district office having jurisdiction over the residential address or head/principal office of the registrants, and pay the annual registration fee of P500.

It provides that “All candidates and political parties/party list groups shall also register non-VAT (value added tax) official receipts to be issued for every contribution received, whether in cash or in kind valued at fair market value.”

All campaign expenditures or payments made on their purchases of goods and services as well as campaign contributions shall be subject to five percent creditable withholding tax which shall be remitted to BIR.  

All candidates and political parties/party list groups are required to keep adequate books of accounts and other accounting records, and preserve records of expenditures and other pertinent documents for a period of three years from the close of the taxable year when the election was held.

They are also required to submit the Statement of Contributions and Expenditures to the Comelec and the RDO within 30 days after the election.


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