BIR: Don't forget to issue receipts for campaign contributions


Posted at Feb 23 2013 12:30 PM | Updated as of Feb 23 2013 11:37 PM

MANILA, Philippines - The Bureau of Internal Revenue stressed candidates, political parties and party-list groups are required to issue receipts for every campaign contribution they receive.

"The registration shall be made with the Revenue District Office (RDO) having jurisdiction over the political subdivision where the candidate is seeking election," read Revenue Memorandum Circular 15-2013.

"If this is not applicable, registration shall be made at the RDO having jurisdiction over their principal residence or registered address."

Campaign contributions in kind, meanwhile, should be valued against its cash equivalent or fair market value.

"[Those running for office are] responsible for the preservation of the records of contributions and expenditures, together with all pertinent document, for at least three years after the holding of the election," the circular read.

Campaign contributions and expenditures of candidates and others running for public office are subject to a 5% withholding tax.