Private Retirement Scheme Malaysia Tax Relief

Inland revenue board of malaysia private retirement scheme public ruling no.

Private retirement scheme malaysia tax relief. This tax incentive is available for a period of 10 years ending year 2021. How to use investment to claim more malaysian income tax relief 1 section 49 1d of the income tax act ita provides that income tax deduction not exceeding rm3 000 can be claimed by an individual who has a paid premiums for a deferred annuity. Prs offers the safest most flexible and regulated retirement saving scheme to accumulate your retirement funds. Affordable savings you could save more with prs by contributing a minimum of 10 monthly salary to grow your retirement savings.

The prs tax relief was specially introduced to encourage you to save more for your retirement. The contents in this website were prepared in good faith and the private pension administrator malaysia ppa expressly disclaims and accepts no liability whatsoever as to the accuracy relevance completeness or correctness of the information and opinion. 24 december 2014 page 1 of 15 1. The good news is an individual who makes contribution to his or her prs funds is allowed to claim tax relief of up to rm3 000 by the inland revenue board of malaysia.

Amount rm 1. Medical expenses for parents. 9 2014 date of publication. Tax exemption income received from prs funds are tax exempted from malaysia income tax.

As you are probably aware with effect from the year of assessments 2012 to 2021 10 year period only individual taxpayers are eligible to claim a personal relief of up to rm3 000 annually for contributions to the private retirement scheme prs or the deferred annuity scheme. Prs is made available to all malaysians who are employed and self employed. Private retirement schemes prs is a voluntary long term savings and investment scheme designed to help you save more for your retirement. Objective the objective of this public ruling pr is to clarify the tax treatment of.

Prs was established with the main aim of helping you accumulate more savings for your retirement. Prs is a voluntary long term investment and saving scheme designed to help you save adequately for retirement. This relief is applicable for year assessment 2013 and 2015 only. Prs seek to enhance choices available for all malaysians whether employed or self employed to supplement their retirement savings under a well structured and regulated environment.

A private retirement scheme prs contributions by an individual and the employer. Flexibility members can contribute to more than one prs funds of their choice that are most.