Filling in the income tax form has become a breeze since last year, with the introduction of an option to deduct a flat 15 per cent from rental income for expenses incurred from a residential property that was tenanted out.
This saves the taxpayer time and effort in retrieving documents to prove their expenditure to record in the form.
The Inland Revenue Authority of Singapore must have done its homework in coming up with this option.
Perhaps, it could tweak the percentage progressively upwards as the property ages, given that older properties need more maintenance and care.
Gan Kok Tiong