KUALA LUMPUR, October 13 — In the Budget 2024 announcement today, the federal government introduced a proposal for a specified tax relief on personal expenditures for sports equipment and sporting activities, increasing the limit to RM1,000. Prime Minister Datuk Seri Anwar Ibrahim, during his budget presentation, disclosed that this extended personal tax relief will also encompass fees related to sports training.
As of now, taxpayers are eligible for personal tax relief up to RM500 for the purchase of sports equipment, as well as for rental or entry fees at sports facilities and registration fees for sports competitions. Separately, Anwar unveiled additional tax cuts of up to 10 per cent from the combined income of both individuals and companies contributing to certified institutions or organizations under the Income Tax Act, provided that they offer educational programs, including those in the realm of sports education.
These tax incentives are aimed at encouraging greater participation in sports and making such activities more financially accessible for individuals and organizations. The budget proposal aims to foster a healthier and more active population, aligning with the government’s priorities to promote well-being and fitness among Malaysians.
