INCOME TAX RELIEFS FOR AGED PARENTS

[Mr Speaker in the Chair]

Mr Ng Kah Ting asked the Minister for Finance if he will consider introducing amending legislation to allow income tax reliefs to tax-payers who are maintaining their aged parents.

The Minister for Finance (Dr Goh Keng Swee): Mr Speaker, Sir, in Asian societies, the support of aged parents is an acknowledged responsibility of all decent citizens. Indeed, Confucius has elevated this into a basic ethical principle, and Chinese classical literature is replete with examples of outstanding acts of filial piety. In these circumstances, it would be unworthy of us to introduce mercenary considerations such as relief from income tax.

Sir, if this approach does not appeal to the hon. Member, may I add a less traditionalist argument? An International Monetary Fund mission has recently examined our tax system and has stated that our tax reliefs are overgenerous and could with advantage be reduced.