Tax questions? You ask lah! #192

Published: Thu, 10/10/24

Updated: Tue, 10/15/24

Tax questions? You ask lah!

Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!

I would like to withdraw funds from my Private Retirement Scheme (PRS) for my holiday trip overseas. Is this withdrawal subject to tax?

If the contributions are withdrawn before reaching the age of 55 and are not for specific exempted reasons, withholding tax (final tax) at a rate of 8% will be imposed on withdrawals made.

My employer deducts RM100 per month from my salary for Private Retirement Scheme (PRS) contribution under my name, with an additional employer contribution of RM150 per month under employer’s name. How much tax relief am I eligible to claim for the PRS?

You are eligible to claim tax relief on the RM100 monthly contribution only. The monthly contribution made under the employer’s name is not eligible for tax relief.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!

P.P.S. Do you want more tax saving tips? Because this is just the tip of the iceberg. https://bit.ly/free-webinar-english

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