8box Solutions Inc.

4_20230710_150500_0001

Contact Number: 09369340340
Email: sales@8box.solutions

REVENUE REGULATIONS NO. 7-2011 issued on June 14, 2011 prescribes the policies in the tax treatment of campaign contributions and expenditures. Campaign contributions must have been utilized to cover a candidate’s expenditures for his/her electoral campaign to be considered as exempt from Income Tax. Unutilized/excess campaign funds, that is, campaign contributions net of the candidate’s campaign expenditures, shall be considered as subject to Income Tax, and as such, must be included in the candidate’s taxable income as stated in his/her Income Tax Return (ITR) filed for the subject taxable year. Any candidate – winning or losing – who fails to file with the COMELEC the appropriate Statement of Expenditures required under the Omnibus Election Code shall be automatically precluded from claiming such expenditures as deductions from his/her campaign contributions. As such, the entire amount of such campaign contributions shall be considered as directly subject to Income Tax.