by VERA Files
All contributions to political campaigns will be taxed five percent, the Bureau of Internal Revenue said Friday.
BIR Commissioner Sixto S. Esquivias IV 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.