LIKE many Malaysians, I was very keen to watch the maiden budget speech of our new government last week. Since then, many have weighed in on it. Please allow me to share my views on one item, namely the tax relief spilt between EPF and life insurance premiums.
I am in my 50s, single and have no dependants. I used to have several life insurance policies but at the current phase in my life, there was no need for them and I have since cashed them in. As such, by splitting the tax relief, my relief is limited to only EPF at a lower amount. It was previously a combined limit of RM6,000.