A Personal Finance Blog for Malaysian: Additional tax relief RM1,000 for annuity plan from 1.1.2010 onward

Monday, September 12, 2011

Additional tax relief RM1,000 for annuity plan from 1.1.2010 onward

Anyone gets exciting with this new additional tax relief (within the KWSP & Life Insurance category) introduced in late 2009?

Of course, i believe no one is exciting about it because:-
  1. You need to spend EXTRA to get it;
  2. No insurance companies in the market sell it (until recently I found that Prudential introduce PRUretirement in early year 2011)

Anyhow, it is worth to note that
  1. Most of the saving plans offer by all the insurance companies in Malaysia MAY NOT be an annuity plan, most likely it is an "Endowment" plan;
  2. The brochure of the plan must state that it qualifies the "Annuity Tax Relief" for RM1,000.00;
  3.  Only the portion of the premiums that you pay for PRUretire saver and Retirement Top-Up will be eligible for the annuity income tax relief up to RM1,000. The premium paid for PRUretirement reward does not qualify for Annuity Tax Relief (may be can qualify for the RM6,000 life insurance relief)


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