Private Retirement Scheme (PRS) – Income Tax 2020/2021 Relief Method

Hey Hey,

Greetings from Team Loan Genie (under Team Adrian Wee International), Gabriel here…

We are coming to an end of Year 2021, and it’s time for personal income tax planning. Have you done so? 🙂

There are 2 items in your Personal Income Tax relief that you may consider to include in for your tax planning in year 2021.

  1. Private Retirement Scheme (PRS) – Up to RM3,000
  2. SSPN-i Saving Plan with PTPTN. – Up to RM 8,000

Private Retirement Scheme (PRS)

Saving for your retirement comes with more savings through PRS Tax Relief. Whether you are newly enrolled or looking to top up your account, you will love the PRS Tax Relief of up to RM3,000 annually.

PRS TAX RELIEF EXTENDED TO YEAR 2025

The PRS Tax Relief was specially introduced to encourage you to save more for your retirement.

The good news is an individual who makes contribution to his or her PRS funds is allowed to claim personal tax relief of up to RM3,000 by the Inland Revenue Board of Malaysia. This tax incentive is available until assessment year 2025. –> Read More @ The Star

So, HOW MUCH DO I SAVE?

This table provides an illustration of the tax savings amount you could enjoy from your annual RM3,000 PRS contributions.
For example, if your tax bracket is 13%, your RM3,000 PRS contributions will give you tax savings of RM390.

Click here to speak to our Team Loan Genie

Who are providers for PRS?

  1. Affin Hwang Asset Management Berhad
  2. AIA Pension & Asset Management Sdn Bhd
  3. AmInvest Management Behad
  4. Kenanga Investors Berhad
  5. Manulife Investment Management
  6. Public Mutual Berhad
  7. RHB Asset Management Sdn Bhd

If you would like to learn more or understand further on PRS Scheme, please do contact our team at 010-2008160, we shall refer our working partners to you.

Best Regards,
Gabriel Lai
Managing Director
Loan Genie Sdn Bhd

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