MARAWI CITY, Lanao del Sur, Feb 8 (PIA) -- Election campaign spending of candidates are subject to five percent withholding tax, according to a Bureau of Internal Revenue (BIR) regulation.
Thus, the BIR is monitoring campaign expenses of candidates.
"We are closely coordinating with the regional and local election officers for the effective implementation of Revenue Regulation No. 8-2009," said Revenue District Officer Aminoding Macarampat.
The tax covers political parties and candidates in local and national levels.
The Commission on Elections earlier issued Resolution 9616 officially deputizing the Commission on Audit, BIR, law enforcement agencies, and the Anti-Money Laundering Council to help make sure that the figures given by the candidates in their Statements of Election Contributions and Expenditures are true and correct.
No comments