KUALA LUMPUR – The government has included its income tax relief for the National Education Savings Scheme (SSPN) until 2024, despite not initially being part of the revised Budget 2023.
In reversing its earlier decision, Prime Minister Datuk Seri Anwar Ibrahim, who is also finance minister, told the Dewan Negara that tax relief for SSPN deposits will be available and extended until next year.
“I have agreed to extend this tax exemption until 2024, which will benefit 400,000 taxpayers and cost the government RM250 million,” he said while winding up the Supply Bill 2023 today.
In relaying Anwar’s announcement, Deputy Finance Minister Steven Sim said the prime minister hears the people’s voice and acts fast by prioritising the people’s interest.
“PMX (the 10th prime minister) hears the voice of the people.
“After researching people’s views and anxieties on the income tax release on SSPN, I have discussed again with PMX in Parliament yesterday on this matter,” he said via a Facebook post today.
Anwar said the move was made following calls by many quarters asking the government to consider the tax break that was not included in the revised Budget 2023.
The relief was initially offered at RM6,000, but was subsequently increased to RM8,000 under Budget 2019.
SSPN was introduced with the aim of assisting the parents to save up for their children’s education fee and expenses, getting tax exemption up to RM8,000 inclusive of takaful protection all together. – The Vibes, March 29, 2023