The revenue district office (RDO) of the Bureau of Internal Revenue (BIR) in Palawan is reminding candidates who won and lost, as well as the treasurers of political parties and party-list groups, to submit their Statements of Contributions and Expenditures (SOCE) within 30 days of the May 9 election.
This is the same reminder delivered to them by the Commission on Elections (COMELEC) earlier.
“Any excess campaign funds not utilized after the election are subject to 20-35 percent income tax while campaign expenditures are subject to five percent withholding tax,” the RDO stated.
Through Revenue Memorandum Circular (RMC) No. 22-2022, the bureau reminded candidates, political parties, and party-list groups of their post-election tax obligations on February 21.
BIR Commissioner Caesar Dulay warned then that unregistered taxpayers and tax evaders will be subject to penalties under the Revised Consolidated Schedule of Compromise Penalties for Violations of the National Internal Revenue Code of 1997, as amended.
The bureau advised to access the full text of the RMC No. 22-2022 at https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2022%20RMCs/RMC%20No.%2022-2022.pdf for complete tax compliance reminders for the May 9 national and local elections.