Nation

Individual income tax relief for SSPN reintroduced, costing the government RM250million - PM [NSTTV]

KUALA LUMPUR: Tax relief for National Education Savings Scheme (SSPN) deposits will be reintroduced, the Dewan Negara heard today.

Prime Minister Datuk Seri Anwar Ibrahim said the move was made following calls by many quarters asking the government to consider the tax break that was not included in the revised 2023 Budget.

"I have agreed to extend this tax exemption until 2024 that will benefit 400,000 taxpayers and cost the government RM250 million," he said while tabling the 2023 Budget at the upper house today.

The relief was initially offered at RM6,000, but was subsequently increased to RM8,000 under the 2019 Budget.

Anwar, who is also finance minister, had tabled the largest federal budget to date, totalling RM386.14 billion, at the Dewan Rakyat Feb 24.

The lower house yesterday passed the Supply Bill 2023 via a majority voice vote, sending it through to the Senate.

Anwar had already tabled a mini budget to cover up to RM107 billion in operating expenditure for this year during a special sitting held in December last year, when he secured a vote of confidence.

An additional RM57 billion was also approved under the development fund.

This is the first budget tabled by the unity government.

The previous government under former Prime Minister Datuk Seri Ismail Sabri Yaakob had tabled the 2023 Budget in October last year, but Parliament was dissolved to pave the way for the 15th general election (GE15), before it could be debated and approved.

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