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KUCHING, Oct 25: A total of RM7.4 billion in tax relief has been claimed for contributions to 111 approved institutions and education funds over the past 10 years.
According to the Ministry of Finance (MoF), the relief covered contributions to public universities, school building funds, charity and education funds, general school contribution funds and approved institutions or education bodies.
“Income tax relief amounting of RM173.7 million has also been claimed for the past 10 years for contribution to 99 approved institutions and religious funds,” it said.
MoF was replying a question asked by Senator Robert Lau Hui Yew during a recent Senate sitting regarding which economic sector or industry received tax incentives and how much tax relief has been given on the grounds of education and religion.
The ministry also pointed out that the government gives tax relief of up to 10 per cent from aggregate income to companies and individuals which contribute to bodies, institutions or funds that are approved under subsection 44(6) of the Income Tax Act 1967. — DayakDaily