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13 Oct 2019
Ministry of Finance
Suggestion View - 163
Encourage renting of houses

I wish to suggest that the government should encourage the renting of houses and flats. This will allow working people to live near their workplace and retired people to live near their children.

I quote the example of Mr. K.

Mr. K has an condo in Clementi. He decided to rent out his condo and to rent another condo to live in, to be close to his son. 

He received (say) $3,000 from renting out his Clementi condo and spends $2,500 to rent the condo that he stays in. He has to pay full property tax on his Clementi condo and income tax (after deducing 15% for expense) on the rental income that he receives. He is not allowed to setoff the rental that he pays. 

I suggest that the government should allow him to set off his rental expenses against the income of his Clementi condo. In this case, he should not have to pay any income tax on the rental income received from the condo that he rents out. 

I hope that Finance minister Heng is listening. 

Tan Kin Lian

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Agree: 4  Disagree: 2  Vote  Comment (0)

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