MANILA-- The Commission on Elections (Comelec) said Monday there is nothing wrong with President Rodrigo Duterte's declaration of excess campaign contribution worth PHP3 million in his Statement of Assets, Liabilities, and Net Worth (SALN).
Comelec Spokesman James Jimenez said there is nothing noteworthy on the said amount which the former Davao City mayor received when he run in the presidential race last year.?
"Without evidence or allegation to the contrary, we presume regularity," he added.
Jimenez cited provisions of Comelec Resolution No. 9991 or the Omnibus Rules and Regulations Governing Campaign Finance and Disclosure as allowing such actions.?
Under Rule 5, Section 5 of Resolution 9991, "any unexpended balance from any contribution to candidate or party, also known as excess contributions, shall be subject to income tax".
On the other hand, the Bureau of Internal Revenue (BIR) Regulation No. 7-2011 states that excess campaign contributions shall be considered as subject to income tax and should therefore be included in the candidate's taxable income as stated in his/her Income Tax Return filed for the said taxable year.
According to Duterte, the PHP3 million increase in his net worth came from excess election campaign funds in 2016.
The President declared it as an income in his SALN and has already settled the corresponding tax.
Duterte has a total contributions of PHP375,009,474.90 in his Statement of Contributions and Expenditures (SOCE).?
The amount is higher than his total expenditures of PHP371,461,480.23.
Source: Philippines News Agency