On 24 December 2014, the Inland Revenue Board of Malaysia issued Public Ruling 9/2014, which clarifies the deductibility of individual and employer contributions to private retirement schemes (PRS).
For individuals, the deduction for PRS is limited to a maximum of MYR 3,000 in a year of assessment. The MYR 3,000 amount is inclusive of premiums paid for deferred annuity.
For employers, the deduction for contributions for employee's retirement benefits, including the employee provident fund …