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Here is the List of 2023 Tax Reliefs That You Can Benefit From This Year!

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My Post 1 2024 03 29T161744.904
Source: Kosmo & 123RF

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Every year, during tax season, the government announces tax reliefs to allow the people to reduce their chargeable income, which in turn can help reduce the amount of tax you have to pay.

Well, look no further for here is the list of tax reliefs from 2023 for you to benefit this year!

 

1

Individual and dependent relatives

RM9,000

2

Medical treatment, special needs and caregiver expenses for parents (Medical condition certified by medical practitioner)

RM8,000 (Restricted)

3

Purchase of basic supporting equipment for disabled self, spouse, child or parent

RM6,000 (Restricted)

4

Disabled individual

RM6,000

5

Education fees (Self):

  1. Other than a Degree at a Masters or Doctorate level – Course of study in law, accounting, Islamic financing, technical, vocational, industrial, scientific or technology
  2. Degree at Masters or Doctorate level – Any course of study
  3. Course of study undertaken for the purpose of upskilling or self-enhancement (Restricted to RM2,000)

RM7,000 (Restricted)

6

Medical expenses on:

  1. Serious diseases for self, spouse or child
  2. Fertility treatment for self or spouse
  3. Vaccination for self, spouse and child (Restricted to RM1,000)

RM10,000 (Restricted)

7

Expenses (Restricted to RM1,000) on:

  1. Complete medical examination for self, spouse or child
  2. Covid-19 detection test including purchase of self-detection test kit for self, spouse or child
  3. Mental health examination or consultation for self, spouse or child

8

Expenses (Restricted to RM4,000) for child aged 18 and below:

  1. Assessment of intellectual disability diagnosis
  2. Early intervention programme/intellectual disability rehabilitation treatment

9

Lifestyle – Expenses for the use/benefit of self, spouse or child in respect of:

  1. Purchase or subscription of books/journals/magazines/newspapers/other similar publications (Not banned reading materials)
  2. Purchase of personal computer, smartphone or tablet (Not for business use)
  3. Purchase of sports equipment for sports activity defined under the Sports Development Act 1997 and payment of gym membership
  4. Payment of monthly bill for internet subscription (Under own name)

RM2,500 (Restricted)

10

Lifestyle – Additional relief for the use/benefit of self, spouse or child in respect of:

  1. Purchase of sports equipment for any sports activity as defined under the Sports Development Act 1997
  2. Payment of rental or entrance fee to any sports facility
  3. Payment of registration fee for any sports competition where the organizer is approved and licensed by the Commissioner of Sports under the Sports Development Act 1997

RM500 (Restricted)

11

Purchase of breastfeeding equipment for own use for a child aged 2 years and below (Deduction allowed once in every TWO (2) years of assessment)

RM1,000 (Restricted)

12

Child care fees to a registered child care centre/kindergarten for a child aged 6 years and below

RM3,000 (Restricted)

13

Net deposit in Skim Simpanan Pendidikan Nasional (Net deposit is the total deposit in 2023 MINUS total withdrawal in 2023)

RM8,000 (Restricted)

14

Husband/wife/payment of alimony to former wife

RM4,000 (Restricted)

15

Disabled husband/wife

RM5,000

16a

Each unmarried child and under the age of 18-years-old

RM2,000

16b

Each unmarried child of 18 years and above who is receiving full-time education (“A-Level”, certificate, matriculation or preparatory courses).

RM2,000

Each unmarried child of 18 years and above that:

  1. receiving further education in Malaysia in respect of an award of diploma or higher (excluding matriculation/preparatory courses).
  2. receiving further education outside Malaysia in respect of an award of degree or its equivalent (including Master or Doctorate).
  3. the instruction and educational establishment shall be approved by the relevant government authority.

RM8,000

16c

Disabled child

RM6,000

Additional exemption of RM8,000 disabled child age 18-years-old and above, not married and pursuing diplomas or above qualification in Malaysia, such as Bachelor Degree or above outside Malaysia in program and in Higher Education Institute that is accredited by related Government authorities RM8,000

17

Life insurance and EPF

Civil servants’ pension schemes, non-civil servants pension schemes and self-employed category:

  1. Mandatory contributions to approved schemes or voluntary contributions to EPF (excluding private retirement schemes) or contributions under any written law (Restricted to RM4,000)
  2. Life insurance premium payments or family takaful contributions or additional voluntary contributions to EPF (Restricted to RM3,000)

RM7,000 (Restricted)

18

Deferred Annuity and Private Retirement Scheme (PRS)

RM3,000 (Restricted)

19

Education and medical insurance

RM3,000 (Restricted)

20

Contribution to the Social Security Organization (SOCSO)

RM350 (Restricted)

21

Expenses on charging facilities for Electric Vehicle (Not for business use)

RM2,500 (Restricted)

 

If it’s your first time filing taxes, you can check out this quick guide here on the steps to do so.

Happy filing and stay tuned for more updates!

 

Also read: “T20 wants to go shopping 1st” – M’sians Outraged by Delay in High-Value Goods Tax

My Post 1 2024 03 29T124131.137

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