TAX QUESTIONS? YOU ASK LAH!

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Q: If I contribute RM3,000 to PRS and withdraw RM10,000 for personal use in the same year, can I still claim the RM3,000 tax relief for that year?

A: Yes. You may still claim the RM3,000 tax relief based on the amount contributed. However, if the withdrawal is made 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55 and are not for specific exempted reasons, withholding tax (final tax) at a rate of 8% will be imposed on the amount withdrawn.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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