Great News For Simpan SSPN Depositors! The Income Tax Assessment Relief Will Be Available Until 2024

The National Education Savings Scheme (Simpan SSPN), introduced in 2004, offers various privileges and benefits to depositors. Among them are income tax assessment relief, takaful protection for depositors, Geran Sepadan up to RM10,000 for one eligible family, competitive dividend rates, and syariah-compliant savings.

Last March, His Excellency Dato' Seri Anwar Ibrahim, the Prime Minister and Minister of Finance, announced that the Simpan SSPN income tax relief incentive will be extended until 2024. With that, the Simpan SSPN depositors will continue to enjoy this privilege in addition to other available benefits.

The net savings amount for the current year determines the relief for income tax assessment. Parents can receive income tax exemption on savings up to RM8,000/year each by opening a Simpan SSPN account. The accounts will be assessed separately for tax purposes.

PTPTN Chairman, Datuk Norliza Abdul Rahim, said, "The exemption from income tax assessment on net savings of up to RM8,000 per year is a special incentive for depositors. This benefit makes Simpan SSPN the only savings product with different advantages than other savings."

"I am grateful to the government for extending the income tax relief incentive on Simpan SSPN savings until 2024. I am optimistic that this incentive will increase the motivation and encouragement for parents to save for their children's education, thus reducing dependence on PTPTN loans," she added.

"Malaysians should take the opportunity to save through Simpan SSPN, as it provides numerous advantages and perks to the depositors. Parents who want to open or add savings can do it via the myPTPTN app. It is easier, faster, and secure," she explained.

Since Simpan SSPN launched, the Malaysian community's response has been very positive. As of May 31, 2023, SSPN has recorded RM15.28 billion in deposit receipts from 5.92 million accounts.

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