KUALA LUMPUR: Parents, foster parents or legal guardians are encouraged to save in the Simpan Skim Simpanan Pendidikan Nasional (Simpan SSPN) to enjoy income tax relief of up to RM8,000 per year, before Dec 31.
National Higher Education Fund Corporation (PTPTN) in a statement said the tax relief incentive was given based on the total net savings for the current year, which is savings that have been deducted and based on the eligibility categories.
For the separate category, income tax assessment relief is up to a maximum of RM8,000 per year for each husband and wife.
“While for joint assessment category, income tax relief is up to a maximum of RM8,000 per year for a couple,“ according to the statement.
However, PTPTN informed that individuals who save for themselves are not eligible for the income tax relief.
PTPTN said that Simpan SSPN Prime and Simpan SSPN Plus also offered income tax relief on current year's net savings of up to RM8,000 for accounts opened for children.
It said that if the depositor had both accounts, the income tax assessment relief on the savings would only be given a maximum of RM8,000.
“However, for Simpan SSPN Plus accounts, depositors can enjoy additional income tax relief on takaful contributions paid to takaful operators for a maximum of RM7,000, under the relief category for life insurance and the EPF,“ the statement read.
Meanwhile, good news specifically for Simpan SSPN Plus depositors, PTPTN is offering a total prize of almost RM320,000 for 221 winners through the Kempen Cabutan WOW! Simpan SSPN Plus 2021.
The main prize is a gold bar worth RM150,000 for one winner and a Perodua Bezza 1.3 AV car for two second-place winners.
For the third place, three winners will receive advanced kitchen appliances (Thermomix) while cash consolation worth RM221 is for 215 winners.
The four-month campaign, which runs from Sept 1 to Dec 31, is a continuation of the Kempen Cabutan WOW! SSPN-i Plus which was first implemented in 2015.
Further information on the terms and conditions of the campaign can be browsed through the www.lovesspn.com website.-Bernama
