#Budget2021: RM1,000 Tax Exemption On Expenses Concerning COVID-19 Vaccine
The government said they plan to allocate RM3 billion to purchase the vaccine for the virus once it's available.
By Yap Wan Xiang — 06 Nov 2020, 05:09 PM
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz has announced that the government is planning to give a RM1,000 tax exemption for any expenses concerning the COVID-19 vaccine
Zafrul said the tax exemption will also apply to pneumococcal and influenza-related vaccines.
The initiative will be applicable to taxpayers themselves, as well as their children and spouses.
It is capped at RM1,000.
Meanwhile, the government intends to spend RM3 billion to purchase the COVID-19 vaccine to vaccinate Malaysians once it is available.
Zafrul also said the government proposes to increase the tax exemption on medical bills by RM2,000
"The government will also increase the tax exemption on serious illnesses' medical bills for taxpayers, children, and spouses from RM6,000 to RM8,000," said the Finance Minister while tabling Budget 2021 today, 6 November.
"The maximum tax exemption on medical check-ups will also increase from RM500 to RM1,000."
Moreover, the maximum tax exemption on medical expenses on taxpayers' parents will also be increased from RM5,000 to RM8,000.
Stay tuned for our overview story of #Budget2021!
Meanwhile, find more updates on our Facebook and Twitter accounts:
