QUOTE(Ewa Wa @ Oct 22 2019, 11:53 AM)
Can I know if saving plan such as Great wealth accumulator can be under PRS for tax rebate? EPF - self contribution, need advise
EPF - self contribution, need advise
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Oct 23 2019, 01:21 PM
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Oct 25 2019, 07:17 PM
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Oct 25 2019, 07:18 PM
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QUOTE(MUM @ Oct 23 2019, 01:34 PM) is this Great wealth accumulator qualified as a something specifically like this, GE GREAT RETIREMENT PLAN? Thanks bro for info.https://www.greateasternlife.com/my/en/pers...ement-plan.html Tax Treatment 6.1 Deduction for deferred annuity premiums paid by an individual To encourage individuals to add savings for retirement, premiums paid for a deferred annuity are allowed as deductions in computing the chargeable income of an individual resident in Malaysia. Subsection 49(1D) of the ITA provides that, in the case of an individual resident for the basis year for a year of assessment (YA) who has– (a) paid premiums for a deferred annuity; or (b) made or suffered the making of a contribution to a private retirement scheme (PRS), there shall be allowed for that YA a deduction of the aggregate amount of the payments or contribution or both or a deduction of RM3,000 whichever is the lower. The deduction is effective for 10 years from YA 2012 until YA 2021. Note: Prior to the YA 2012 (YA 2010-2011), deduction for a deferred annuity is allowed under paragraph 49(1A)(a) of the ITA subject to the amount of deduction of contribution to the Employees Provident Fund and payment of premium for deferred annuity shall not exceed RM7,000. more in there..... http://lampiran1.hasil.gov.my/pdf/pdfam/PR_4_2014.pdf as that was a 5 yrs old article, please contact the insurance companies or LHDN for latest updates.... |
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Oct 28 2019, 02:00 AM
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