The Inland Revenue Board of Malaysia (IRBM) has published Public Ruling No. 9/2021 of 29 December 2021, which provides updated guidance on the deductibility of individual and employer contributions to private retirement schemes (PRS), replacing Public Ruling No. 9/2014.
For individuals, the tax deduction for PRS is limited to a maximum of MYR 3,000 in a year of assessment, which is inclusive of premiums paid for deferred annuity. The tax deduction is effective from the year of assessment 20…