CABARROGUIS, Quirino, April 10 (PIA)–Assistant Revenue Officer Vivian Tarectecan of Bureau of Internal Revenue (BIR) here said they will closely monitor political candidates’ compliance with the directives of Project: Iboto Mo.

Project: Iboto Mo imposes a five percent creditable withholding tax (CWT) on all election campaign-related expenditures for the coming May 13, 2013 local and national elections.

Tarectecan explained that the five percent withholding tax on all political contributions and campaign expenditures will be remitted to the national treasury.

She also reminded candidates who have not updated their registration to register at the BIR, San Marcos, Cabarroguis, Quirino, pursuant to Revenue Memorandum Circular No. 15-2013.

“We are on the process of issuing letters to the other candidates who have not updated their registrations,” Tarectecan added.

Revenue Memorandum Circular No. 15-2013 contains provisions of Comelec Resolution No. 9476 or the “Rules and Regulations Governing Campaign Finance and Disclosure in Connection with the May 2013 elections and subsequent elections thereafter.

Tarectecan said that under the memorandum circular, all candidates are required to register with the BIR, while political parties and party-list groups also need to obtain a tax identification number with the Revenue District Office.

Further, Tarectecan explained that Section 1 of Rule 7 of Resolution No. 9476 requires all candidates, treasurers of parties and person acting under authority of the candidate or treasurer to issue receipts for every contributions received and to keep a receipt stating the particulars of every expenditure made.

Contributions include gifts, donations, subscription, loan advance or deposit, money or anything of value, a contract, promise or agreement to contribute. Campaign contributions in kind will be valued at their cash equivalent or fair market value.

“We have already printed official receipts to be sold to the candidates at a very minimal price,” Terectecan said, adding that some of the candidates have already asked for official receipts from them.