Commissioner Esquivias states that “candidates have a civic duty of assisting in nation building, which can be attained with them being involved in complying with their tax obligations.”
In preparation for the forthcoming local and national elections, the BIR has initiated a project called “Iboto Mo Kandidato, Nagbabayad ng Buwis na Wasto” that is directed to maximizing tax collections arising from campaign expenditures and contributions.
BIR Commissioner Sixto S. Equivias IV with Senior Deputy Commissioner Joel L.Tan Torres announced that the newly issued Revenue Regulations No. 8-09 requires all political candidates/parties/contributors to withhold a 5% withholding tax on their campaign expenditures and contributions.
The new regulations also require all political candidates, parties and candidates to register with the BIR as a withholding agent.
Commissioner Esquivias also reminded all candidates, political parties and contributors, compliance with their tax obligations like the remittance of their expanded withholding tax (BIR Form No. 1601E), issuance of the corresponding BIR Certificate 2307 and requiring the issuance of official receipts from their supplier of goods and services.
Commissioner Esquivias states that “candidates have a civic duty of assisting in nation building, which can be attained with them being involved in complying with their tax obligations.”
Senior Deputy Commissioner Joel Tan-Torres also disclosed that BIR will be partnering with the Commission on Elections (COMELEC) to ensure that the candidates, their supporters and parties comply with their tax obligations. A Memorandum of Agreement is currently being reviewed by representatives of the BIR and Comelec. “ Furthermore, all our BIR offices throughout the Philippines will be conducting briefings to all candidates running for elective positions to educate them on their tax compliance responsibilities,” added Senior Deputy Commissioner Tan-Torres.