KUALA LUMPUR: The government’s decision to extend the individual income tax relief of RM8,000 for annual net savings in the National Education Savings Scheme (SSPN) until 2024 is expected to attract more people to contribute to the scheme.
Depositors welcomed the decision announced by Prime Minister Datuk Seri Anwar Ibrahim in the Senate on Wednesday, a day after Inland Revenue Board chief executive officer Datuk Dr Mohd Nizom Sairi announced the discontinuation of the SSPN tax relief from Assessment Year 2023.
“Everyone, even a doctor like me, was surprised and it was a relief when the Prime Minister said the SSPN tax relief would be extended,” said the medical practitioner who contributes for his three children. “It’s better to continue giving the tax relief because if it is discontinued, there is a tendency for depositors to transfer their savings to other investment accounts such as Amanah Saham Bumiputra or Tabung Haji,” he added.
“We save for the future of our children. The tax exemption will encourage more parents to save and this will indirectly bring benefits to the future generation of the country in getting quality higher education,” said the father of two.
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