Excess campaign funds: Taxable income if candidates keep it

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Under Rule 5, Section 5 of Comelec Resolution No. 9991, it was also provided that “any unexpended balance from any contribution to candidate or party, also known as excess contributions, shall be subject to income tax”. | CeBacligINQ

Prior to Duterte’s admission, the Office of the Ombudsman made public his statement of assets, liabilities and net worth which showed that his net worth grew from P24,080,094.04 in June 2016 to P27,428,862.44 in December 2016 or a jump by around P3 million, which matched the amount that Duterte said was excess campaign funds which he decided to keep and declare as income.

But Moreno stressed that he did not violate any law when he decided to keep the excess funds, declare it as income and pay taxes for it. Data showed that Moreno had a total of P171 million raised for his campaign as a senatorial candidate. In 2021, prior to the filing of certificates of candidacies , the PCIJ released a report based on data from Nielsen’s monitoring of ad spending by potential candidates starting January 2021.

 

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