Tax relief for SSPN depositors to continue until 2024

Tax relief for SSPN depositors to continue until 2024

PTPTN chair says this gives the product unique advantage over other savings

KUALA LUMPUR – Depositors of the National Education Savings Scheme (Simpan SSPN) will continue to enjoy income tax relief until 2024 on net savings of up to RM8,000 per year. National Higher Education Fund Corp (PTPTN) chairman Datuk Norliza Abdul Rahim said the incentive makes Simpan SSPN the only savings product that provides different advantages compared to other savings.

“I would like to express my gratitude to the government for the incentive of income tax relief on savings through Simpan SSPN being extended until 2024.

“I am optimistic that this incentive will increase the motivation and encouragement for parents to continue saving for their children’s education and future, thus reducing their dependence on PTPTN loans,” she said in a statement.

She said the people should take this opportunity to make savings through Simpan SSPN and parents who want to open or add savings can do so online through the myPTPTN app.

Prime Minister Datuk Seri Anwar Ibrahim in March announced the extension of the Simpan SSPN income tax relief incentive until 2024.

According to PTPTN’s statement, the tax relief is based on the amount of net savings for the current year and parents as depositors are eligible for income tax assessment relief on savings of up to RM8,000 per year each if they file separate tax returns.

SSPN depositors also enjoy other privileges such as takaful insurance protection, matching grants of up to RM10,000 for each eligible family, competitive dividend rates, government-guaranteed, and shariah-compliant savings.

As of May 31, SSPN’s total deposit receipts amounted to RM15.28 billion involving 5.92 million accounts.

– Bernama, June 17, 2023

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