The government has recently announced that saving in Simpan SSPN Prime is no longer eligible for tax relief. This means that Simpan SSPN Prime can no longer function as a income tax-saving instrument.
My action plan
I have just decided to stop investing in private retirement scheme (PRS) not too long ago and I was a bit upset that the this tax relief is being terminated. Nonetheless, I cannot change government policy. Thus, I have to revert back to investing in PRS. It seems like the decision to terminate Simpan SSPN Prime tax relief is final. Unless the government changes its stance, I would have to move my money from Simpan SSPN Prime to PRS. Hopefully the PRS tax relief will at least last till the original period (year 2025).
Update
After I posted this article, the Prime Minister announced that this income tax relief is reintroduced and is valid till year 2024. Thus, I will still put money into Simpan SSPN Prime as per my previous plan.
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