top of page
  • Writer's pictureCCS

Amendments to the Finance Bill 2023 and Extension of Tax Relief for Contributions to the SSPN

Updated: Jun 5, 2023


We would like to inform you that the second reading of the Finance Bill 2023 was presented in the Parliament by YB Tuan Steven Sim Chee Keong - Timbalan Menteri Kewangan on 3rd April 2023.


After going through a Committee Stage, some mirror amendments have been made to the Bill.


Two amendments that we would like to highlight are as follows:


1. SSPN

The personal tax relief of up to RM8,000 for contributions to the National Education Savings Scheme (SSPN) will be extended to the year of assessment 2024.


This supersedes the previous proposal in the Finance Bill 2023 issued on 14th March 2023, which sought to remove the personal tax relief for contributions to SSPN in section 46(1)(k) of the Income Tax Act 1967, with effect from the year of assessment 2023.


This decision was made in response to public concerns and complaints, and we believe it will benefit approximately 400,000 taxpayers. However, it will also incur losses of RM250 million per year in the Government's revenue.


2. The amendment to Paragraph 2F of Part I of Schedule 1 of the ITA 1967

The amendment to Paragraph 2F of Part I of Schedule 1 of the ITA 1967 about reviewing the income tax treatment of micro, small and medium enterprises is to affect YA 2024 and subsequent YAs.


For your reference, the amended Finance Bill 2023 can be downloaded by clicking on the attachment provided below:-


Finance Bill 2023 - BI
.pdf
Download PDF • 1.16MB

Disclaimer:

The articles, templates, and other materials on our website are provided only for your reference.


While we strive to ensure that the information presented is current and accurate, we cannot guarantee the completeness, reliability, suitability, or availability of the website or its content, including any related graphics. Consequently, any reliance on this information is entirely at your own risk.


If you intend to use the content of our videos and publications as a reference, we recommend that you take the following steps:

  1. Verify that the information provided is current, accurate, and complete.

  2. Seek additional professional opinions, as the scope and extent of each issue, may be unique.

免责声明:

我们网站上的文章、模板和其他材料只供参考。


虽然我们努力确保所提供的信息是最新和准确的,但我们不能保证网站或其内容,包括任何相关图形的完整性、可靠性、适用性或可用性。因此,您需要承担使用这些信息所带来的风险。


如果你打算使用我们的视频和出版物的内容作为参考,我们建议你采取以下步骤:

  1. 核实所提供的信息是最新的、准确的和完整的。

  2. 寻求额外的专业意见,因为每个问题的范围和程度,可能是独特的。

Keep in touch with us so that you can receive timely updates

请与我们保持联系,以获得即时更新。

1. Website ✍️ https://www.ccs-co.com/ 2. Telegram ✍️ http://bit.ly/YourAuditor 3. Facebook ✍


293 views0 comments

Comments


bottom of page