Nabil Luqman

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Social

youth

government

ministry

training

sports

healthy

equipment

tax relief

encouragement

As working adults, balancing work and leisure can often be a challenge. After a long day at the office, navigating through traffic or crowded train stations on the commute home leaves little time for activities like cooking dinner or hitting the gym.
When the weekend finally arrives, many of us opt for recreational activities, whether it's playing sports or simply relaxing at home. It's not uncommon for adults to pick up new sports as they age, often requiring professional coaching. One such example is golf, which has seen a surge in popularity since the onset of the COVID-19 pandemic, attracting both young enthusiasts and seasoned players alike.
<img src="https://gifdb.com/images/high/funny-golf-lake-fall-lq5bgckw7g32eh5c.gif" />
For those committed to mastering a sport, seeking guidance from a professional coach for proper technique is essential. This is particularly true for adults, as well as parents and spouses looking to hone their skills or support their family members in their athletic pursuits. Fortunately, there's some promising news for those deeply engaged in training.
You Can Now Get Up To RM1,000 Tax Exemption That Includes Sports Training Fees
<img src="https://r2.myc.my/79cf7e2e30c5172bdba8524227581ac9cb677f629e28389e6aaef5340f2854b0" />
Youth and Sports Minister Hannah Yeoh recently unveiled a new tax relief initiative, offering up to RM1,000 in tax exemption for individuals engaged in sports training. This supplement to existing tax incentives, effective since the start of the year, encourages investment in sports development while emphasizing the importance of retaining receipts for tax purposes, as per the Inland Revenue Board's guidelines.
The initiative covers a range of sports activities, including swimming, motorsports, equestrian, taekwondo, and Esports, all of which are listed in the First Schedule of the Sports Development Act 1997 (Act 576). The comprehensive list of qualifying sports will soon be accessible on the ministry's website. To qualify for the tax relief, training must be conducted by associations, sports clubs, or companies registered with the Sports Commissioner or incorporated under the Companies Act 2016.
It's important to note that training expenses must be supported by payment receipts, including those generated online, with bank-in slips and statements not accepted as proof of payment.
Here&rsquo;s some of the details regarding the new tax relief:
<ul>
<li>Training fee tax exemption for 103 types of sports under the Development Act 1997.</li>
<li>Gym membership and fees for sports training (one-off sessions or structured programmes).</li>
<li>Rental fees for sports facilities.</li>
<li>Registration fees for sports competitions.</li>
<li>Purchase of sports equipment (excluding motorcycles) listed under the act.</li>
</ul>
Yeoh emphasized the importance of ensuring that training providers meet the prescribed conditions and criteria to qualify for tax relief. Additionally, she highlighted that any purchases of sporting equipment must align with the 103 sports listed under the Act to be eligible for the tax exemption.
Hopes The Incentive Will Motivate Others To Play Sports
<img src="https://r2.myc.my/c1eb1c7089e24a54be4e8e6377e126c2c232c0c3042e89a869746bf159570edd" />
During the Budget 2024 presentation, Prime Minister Datuk Seri Anwar Ibrahim proposed a tax relief of up to RM1,000 for personal purchases of sports equipment, participation in sporting activities, and fees for sports training.
Yeoh expressed her hope that this initiative would inspire greater interest in sports and contribute to promoting a healthier lifestyle while also enhancing Malaysia's standing as a sporting nation. The decision to implement the tax relief stemmed from requests from parents who sought support for their children's sports activities, as the previous tax relief only covered purchases of sports equipment.
As of now, the tax relief is capped at RM1,000. When asked about the possibility of expanding it further, Yeoh stated that the ministry is collaborating closely with the Inland Revenue Board to define the terms and monitor the utilization of the incentive over the next year.
Now, that's certainly welcome news! Let's hope that this tax relief is just the beginning, as sports training expenses can often be quite hefty.
What are your thoughts on this? Let us know in the comments. 
&nbsp;
*Sources: Visual and Reference Credits to Social Media &amp; various cross-references for context.
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The tax relief will be valid for 103 types of sports including sports training. 

474ea01c867f8ec39c147443bf326cc28bf3327657f9af0fe752e9f0c07ee00e

Govt Announces RM1,000 Tax Relief For Sports Training

Govt Announces RM1,000 Tax Relief For Sports Training

The tax relief will be valid for 103 types of sports including sports training.

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