CANDIDATES in an election may keep their excess campaign funds as long as they pay the necessary taxes for it, the Commission on Elections said on Tuesday, effectively upholding the argument of Manila Mayor Isko Moreno that he broke no law in keeping P50 million in residual campaign money because he paid the taxes for such.
In an online press briefing, Comelec spokesperson James Jimenez clarified there are no Comelec rules which cover what to do with the remaining campaign funds after an election.
“There are no rules requiring its disposition in any specific way. This means there is no rule saying you have to return them to individual donors or use it for some charitable purposes,” Jimenez said.
However, he stressed that such spillover campaign funds will be considered as an additional income of a candidate and therefore could be taxed by the Bureau of Internal Revenue (BIR).
Comelec issued the clarification after Manila Mayor and presidential aspirant Francisco “Isko” M. Domagoso disclosed in an interview during the weekend that he opted to keep the excess campaign funds, which he got in the 2016 elections.
He admitted he ended up with P50 million excess campaign funds during his senatorial bid that time.
But the local official assured he paid P9.7 million worth of taxes to BIR to keep the said excess campaign funds.