PRS Tax Relief
What is PRS Tax Relief?
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 tax relief of up to RM3,000 by the Inland Revenue Board of Malaysia. This tax incentive is available for a period of 10 years, ending year 2021.
How much do you 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 16%, your RM3,000 PRS contributions will give you tax savings of RM480.
It’s a win-win situation for you!
Save for retirement and save on your taxes.