EPF - self contribution, need advise
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 Feb 25 2023, 06:27 PM
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#1
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Senior Member
1,016 posts Joined: Nov 2008 From: Subang Jaya  
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So, this new/additional RM3,000 tax relief is specifically for self-contribution.
Whereas the current RM4000 relief doesnt specify what kind of contribution, it only says "EPF contributions". So I am guessing this refers to the automatic contribution which is deducted from your salary? Or can it also be combined with self-contribution until the RM4000 limit? All this while I thought the RM4000 relief was only for self contribution  Attached thumbnail(s) 
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Feb 26 2023, 07:11 AM
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#2
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Senior Member
1,016 posts Joined: Nov 2008 From: Subang Jaya
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QUOTE(MUM @ Feb 26 2023, 12:22 AM) I got this info as per image from this site, ... Yes I saw this too.https://ringgitplus.com/en/blog/budget-2023...20contributions.  So lets say my statutory contribution in a year is RM2000 And then I self contribution another RM3000 I can only claim tax relief for RM2000? |
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Feb 27 2023, 09:18 PM
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#3
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Senior Member
1,016 posts Joined: Nov 2008 From: Subang Jaya
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QUOTE(Cyclopes @ Feb 27 2023, 10:49 AM) "The EPF welcomes the initiative to expand the scope of annual tax relief for life insurance premiums or life takaful contributions to cover voluntary contributions to the EPF of up to RM3,000. This initiative can be enjoyed by all workers, both in the formal or informal sector, who make voluntary contributions to the EPF. This means that a member who contributes compulsorily (tax relief up to RM4,000) and increases savings with voluntary contributions will be able to enjoy tax relief of up to RM7,000. This effort will encourage more Malaysians to increase their retirement savings for old age." Thanks for sharingIf both your mandatory EPF plus insurance premium totals less than RM7,000, you can now top up the difference as voluntary contribution. These will also be a good time to relook on the insurance premium you are currently paying. Cyclopes liked this post
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