{Tax Update} A Complete Guide to Personal Tax Relief 2023 in Malaysia

{Tax Update} A Complete Guide to Personal Tax Relief 2023 in Malaysia

Personal Relief Year Assessment 2023

Welcome to the latest insights on Personal Tax Relief for the year 2023, brought to you by KTP , Malaysia's trusted authority in auditing and tax services.

As we navigate the complexities of the new tax year, understanding the updated tax reliefs can significantly impact your financial planning. From 'Family and Dependent Care' to 'Lifestyle and Technology' benefits, our comprehensive guide dives deep into the six (6) essential categories of tax deductions available for Malaysian taxpayers.

Whether you're a working professional, a parent, or planning for your future, stay informed with KTP's expert analysis and strategies to maximize your tax savings this year.

1. Family and Dependent Care

• Individual and dependent relatives: RM9,000

• Wife/husband if she/he no source of income or payment of alimony to former wife: RM4,000

• Medical treatment for parents: RM8,000

• Childcare centre and kindergartens for children up to 6 years: RM3,000

• Breastfeeding equipment for working women, applicable to children aged up to 2 years: RM1,000

2. Disability Support

• Equipment for disabled: RM6,000

• Disabled individual: Self RM6,000, Spouse RM5,000

• Disabled child relief: RM6,000

3. Education

• Self-education expenses: RM7,000

• Child relief for age below 18: RM2,000

• Child relief for 18+ studying: RM8,000

• Skim Simpanan Pendidikan Nasional for child: RM8,000

4. Health and Wellness

• Medical expenses on serious diseases, fertility treatment: RM10,000 (including medical examination expenses: RM1,000(max), vaccination expenses: RM1,000(max) and learning disability diagnosis and early intervention expenditure or rehabilitation treatment of learning disability: RM4,000）

• Healthy lifestyle (sports activities): RM500

5. Financial Security

• Employees Provident Fund (EPF): RM4,000

• Takaful or Life insurance: RM3,000

• Private Retirement Scheme/Annuity Premium: RM3,000

• Education and medical insurance: RM3,000

• SOCSO Scheme: RM350

6. Lifestyle and Technology

• Lifestyle relief (including reading materials, personal computer, smartphones, internet subscriptions, gym fees): RM2,500

• Electronic Vehicle Charging Facilities Relief: RM2,500

Source

IRB Public Ruling 6/2023

Taxation of a resident individual Part I - Gifts or Contributions and allowable deductions

https://rb.gy/spiu3v

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