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Budget 2021: Ministry proposes special tax relief for sports equipment purchases

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Youth and Sports Minister Datuk Seri Reezal Merican Naina Merican speaking at a press conference after commencing his first day at the Ministry of Youth and Sports in Putrajaya, March 11, 2020. — Bernama pic
Youth and Sports Minister Datuk Seri Reezal Merican Naina Merican speaking at a press conference after commencing his first day at the Ministry of Youth and Sports in Putrajaya, March 11, 2020. — Bernama pic

PUTRAJAYA, Sept 11 — The Ministry of Youth and Sports (KBS) has proposed the provision of special tax relief incentives for the purchase of sports equipment and parents’ investment for their children in sports under Budget 2021, which will be tabled this November.

Minister Datuk Seri Reezal Merican Naina Merican said the proposal was among those submitted for consideration by the Ministry of Finance to encourage people to play sports, which would ultimately enliven the country’s sporting ecosystem.

“In the past, there was a lifestyle tax relief which included everything, which means even buying equipment such as computers (is included as well as sports equipment). We are requesting for a dedicated tax relief incentive for those who buy sports equipment.

“Most Malaysians are now more conscious about sports, not only for themselves, but also for their children, so they will spend,” he told reporters after the 2020 Corporate Fellowship Handover Ceremony, here today.

Reezal Merican held an hour-long meeting with Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz to discuss Budget 2021 at the Ministry of Youth and Sports, before attending the event.

Meanwhile, he said 30 individuals would be participating in the 2020 Corporate Fellowship programme from today until March 2021 with 50 per cent of them coming from the B40 target group.

This year’s programme involves 22 corporate and government-linked companies (GLCs) including Axiata Group Bhd, Khazanah Nasional Bhd, CIMB Group, Berjaya Corporation Bhd, FGV Holdings Bhd and the Employees Provident Fund (EPF). — Bernama

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