Govt to study again need for SSPN tax relief after 2024

The government will study again the need to extend the tax relief for depositors under the National Education Savings Scheme (SSPN) after 2024.

Deputy Finance Minister II Steven Sim (above) said the government had listened to the feedback from all parties regarding the extension of the tax relief until 2024, before the Finance Bill 2023 is passed today.

“I have heard of suggestions to extend the tax relief beyond 2024.

“Next year, we will look at the policy again and get feedback from all quarters, including the opposition before making a decision,” he told Parliament during the second and third reading of the bill which was passed today.

The Finance Bill 2023 is to enforce measures announced in Budget 2023 and to improve the tax administration in areas that needed amendments in related Acts.

Some of the amendments included widening the tax relief of up to RM4,000 for the medical treatment of children with disabilities, such as those suffering from autism and attention deficit hyperactivity disorder (ADHD).

“Parents can also claim tax relief of up to RM6,000 for the purchase of support equipment provided the child is registered with the community welfare department,” he added.

- Bernama