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Tuesday, 26 August 2008
MIT Calls for Separate Tax Relief for Premium
The Malaysian Institute of Taxation has called for separate tax relief of RM6,000 each for life insurance premium and contributions to approved schemes in the coming Budget 2009.
Currently, individual tax payers are allowed a maximum tax relief of RM6,000 for combined contributions to approved schemes and life insurance premium. For someone who earns more than RM4,545 a month, the EPF contributions alone would have exceeded RM6,000 per year, leaving no more tax relief to be claimed on the life insurance premium.
Source: The Star
Labels: Taxation
About Me
- Name: Teh Loo Hai
- Location: Kuala Lumpur, Malaysia
Loo Hai is an actuarial recruiter cum actuarial consultant. He has over 20 years of work experience gained in Malaysia and Australia in the actuarial, insurance, takaful and pension fields.
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