Malaysian Income Tax Reliefs for YA 2024
Here’s a summary of key tax reliefs available to Malaysian resident individuals for the 2024 Year of Assessment (YA):
1. Personal & Dependent Relief:
- Automatic relief for all taxpayers.
- Additional RM6,000 for disabled individuals registered with the Social Welfare Department (JKM).
2. Education Expenses:
- Self-education fees: Up to RM7,000 (postgraduate, undergraduate in specified fields).
- Skills Development Department-recognized upskilling courses: RM2,000.
3. Lifestyle Expenses:
- Up to RM2,500 for:
- Books, journals, etc.
- Personal computers, smartphones, tablets (non-business).
- Internet subscriptions.
- Skill improvement/personal development classes.
4. Spouse Relief:
- Up to RM4,000 if spouse has no income and joint assessment is chosen.
- Additional RM5,000 if spouse is disabled.
- Relief extends to divorced individuals paying alimony.
5. Electric Vehicle (EV) Charging:
- Up to RM2,500 for purchase, installation, rental of EV charging equipment, and charging facility subscriptions.
6. Medical Expenses:
- Up to RM10,000 for medical/health insurance or takaful with co-payment.
7. Sports Activities:
- Up to RM1,000 for:
- Sports equipment (Sports Development Act 1997).
- Sports facility rentals/entrance fees.
- Approved sports competition registration fees.
- Gym memberships/sports training.
8. Children’s Education (18+):
- RM2,000 per unmarried child (18+) in full-time education (certificates, matriculation, A-Levels, Foundation).
- Up to RM8,000 per child for further education.
9. Insurance Premiums:
- Up to RM4,000 for education and medical insurance premiums.
10. Savings & Contributions:
- Simpan SSPN deposits: Up to RM8,000.
- Private retirement schemes: Up to RM3,000.
- SOCSO contributions: Up to RM350.
- EPF contributions: Up to RM4,000.
- Life insurance premiums: Up to RM3,000.
