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NEWS UPDATES 24 October 2009

Philippines to require political parties to pay campaign tax    

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Starting next year, individuals running for public office, their political parties, and contributors will be required to pay a five percent tax on all campaign funds received and spent for the 2010 elections, reported GMANews.TV.

The same entities will also be required to issue official receipts for goods and services suppliers on campaign activities, according to the Bureau of Internal Revenue’s newly-issued Revenue Regulation 8-09.

All candidates, political parties, contributors will also need to register with the bureau as withholding agents, allowing them to deduct any tax under the law. The new regulation is part of the bureau’s efforts to “maximise tax collections arising from campaign expenditures and contributions," the bureau said in a statement.



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