IR STATEMENT OF TAX ON RENT AND INCORPORATE PROPERTY
a. Tax on Rental Income
[8] Gross Rental income received for the quarter (Note: this will be higher than rental income actually received where a non-individual tenant withholds tax on your behalf)
[9] Less: Allowed deduction against rental income; Either-10% where no records of expenses are kept, [9]=[8] x 10%; Or-where records of expenses have been kept,[9]=Actual rental expenses
[10] Net Rental Income [10] = [8] - [9]
[11] Tax on Net Rental Income [11] = [10] x 10%
[12] Less: Tax withheld by non-individual tenants on your behalf
[13] Tax Payable for this quarter [13] = [11] - [12]
b. Tax on Intangible Property
[14] Income from Intangible Property
[15] Less: Expenses incurred in receiving income [15]
[16] Net Income from Intangible Property [16] = [14] - [15]
[17]Tax on income from intangible property [17] = [16] x 10%
[18] Tax Payable for this quarter [18] = [13] + [17]