Malaysia Prime Minister Anwar Ibrahim just announced the extension of the SSPN tax relief until 2024! Here is what you need to know!
Malaysia Extends SSPN Tax Relief Until 2024!
On Wednesday, 29 March 2023, Malaysia Prime Minister Anwar Ibrahim announced the extension of the SSPN tax relief until 2024!
The Prime Minister said that the decision was made after many quarters asked the government to consider the tax relief that was not included in the revised 2023 budget.
The SSPN tax break is expected to cost the government RM250 million (US$56.8 million) in tax revenue. The tax relief is limited to the first RM8,000, after being increased from RM6,000 in the 2019 budget.
I have agreed to extend this tax exemption until 2024 that will benefit 400,000 taxpayers and cost the government RM250 million.
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Earlier : SSPN Tax Relief Missing From Malaysia 2023 Budget!
SSPN (Skim Simpanan Pendidikan Nasional) – the National Education Savings Scheme, is a government-backed savings scheme designed to help parents save and invest those savings for their children’s higher education.
In past years, parents in Malaysia who put away money into SSPN for their children’s higher education enjoyed tax relief on the first RM8,000 contributed to the fund for the year.
The re-tabling of Budget 2023 for Malaysia noticeably did not include an extension of the SSPN tax relief. The Finance Bill 2023, which the government is proposing to amend the Income Tax Act 1967 with, includes this amendment:
Subparagraph 4(a)(iv) seeks to delete paragraph 46(1)(k) of Act 53 as the amount deposited by an individual for his child into the Skim Simpanan Pendidikan Nasional shall no longer be allowed as a deduction under Act 53. This amendment has effect for the year of assessment 2023 and subsequent years of assessment.
As a result, SSPN earlier posted a notice on its website saying that it is seeking clarification from the government on the tax relief.
The announcement by the Prime Minister that the SSPN tax relief would be reinstated will definitely be a relief to parents who have had to put up with high inflation.
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