EPF & Insurance Tax Relief 2019

The Inland Revenue Board Of Malaysia (IRB) has increased its assessment year 2019 resident individual tax relief for life insurance and Employees Provident Fund (EPF) contribution to RM7,000 from RM6,000 in 2018, the IRB said on its website.

According to the IRB's assessment year 2019 tax relief schedule for resident individual, those in the pensionable public servant category are entitled to a restricted RM7,000 tax relief for their life insurance premiums.

For individuals outside the pensionable public servant category, the IRB said life insurance premium tax relief is restricted to RM3,000 while contribution to the EPF or approved scheme is entitled to a restricted tax relief of RM4,000.