08 June 2020

Personal Income Tax for YA2019. What? Life Insurance category changed?

Here are the updated tax relief listings for your reference. Let's max up the relief amount given to reduce your tax burden.

Due to the difficulties caused by the Covid-19 pandemic, IRB is kind enough to extend the deadline of submission to 30 June 2020.



List of YA2019 Tax Relief
What are the things that I should take note of?


Special Remarks:

There are not many changes if compared to the previous year YA2018. Only the relief amount for SSPN has been increased to RM8,000 (previously RM6,000).

Meanwhile, the tax relief for the life insurance category has been changed to as shown below. As we know, it has been years that many tax advisers are proposing to the government to separate the relief amount for life insurance premium & EPF contribution, citing that most of the employees already max up the EPF part which doesn't meet the purpose of using tax relief to encourage people to buy life insurance themselves.

Anyway, this concern has been addressed in the 2019 Budget announcement and now we see the difference here.


Generally, these changes to the life insurance premium portion are not beneficial to those whom only have low relief entitlement on their life insurance policies. Of course, you can always buy more life insurance protection to max out the RM3,000 relief amount given, if you realized now.

See you next year !!!
☺☺☺


=======================================================

[Budget 2019] You have to know these WINNERs and LOSERs !!!


Follow our active daily updates via Facebook @FinanceMalaysia

No comments:

Post a comment

Finance Malaysia Blog appreciates your comment. Cheers!