When it reads "subject to the approval of the Inland Revenue Board" it means IRB has the final say as they may change the rule anytime. When it was initially introduced it was Rm1K, and now it is RM3K.

Having said that, when a plan is approved for income tax exemption, it is safe to put that figure into the tax computation.
You may request for a letter or memo from the agent/PRS provider for validation purpose that the plan is able to be included in the tax exemption.

But do calculate the possible returns of the tax savings gained vs the amount you are saving and the returns. If your tax bracket is on the highest then any amount save may bring down your tax bracket.

If not, you may want to really calculate whether the amount is better saved/invested elsewhere that gives you higher returns to pay for the tax

This post has been edited by roystevenung: Nov 29 2013, 02:54 PM

Basically sums up the above

So there is only one thing to do, UBAH liao

That will make it more interesting to see how the 'newly elected' government manages and cope with the national debt. Innit?