INDIVIDUAL taxpayers will enjoy a relief of up to RM9,000 a year for life insurance premiums, Employees Provident Fund (EPF) and the Private Retirement Scheme (PRS) funds from next year.This came about after Parliament amended Section 75A of the Income Tax Act 1967 (ITA 1967) recently.
The Inland Revenue Board (IRB), in a statement, said under current ITA 1967 provisions, life insurance premiums and EPF were given a tax relief of up to RM6,000 for a year of assessment.
Therefore, the additional PRS relief of RM3,000 qualifies a contributor to enjoy a tax relief of up to RM9,000.
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