Hannah Yeoh announces tax relief for parents investing in their children's sports training
The Ministry of Youth and Sports aims to stimulate the sports industry and foster a healthy lifestyle through the introduction of tax relief for sports training expenses. In October last year, the government proposed a special tax deduction of up to RM1,000 for the purchase of sports equipment and activities, which has now been expanded to include sports training fees.
Sports Minister Hannah Yeoh announced today that the tax relief will encompass expenses related to sports training for oneself, spouse, or child, covering 103 types of sports recognized under the Sports Development Act 1997 (Act 576).
"This initiative promotes a healthy lifestyle and rewards responsible parenting. Previously, feedback from parents indicated that despite investing in sporting equipment, it was underutilized," explained Hannah during a press conference in Putrajaya.
"By providing tax relief for sports training, parents are incentivized to engage their children in sports activities, fostering a culture of sports in the country. Additionally, this initiative can drive the growth of the sports industry, providing opportunities for former athletes to pursue coaching careers."
Individuals can claim tax relief for various sports-related expenses, including equipment purchases listed in the Sports Development Act 1997 (Act 576), excluding two-wheeled motorbikes. This relief extends to gym memberships, one-off or structured series training sessions such as classes, clinics, courses, and workshops, as well as rental or entrance fees for sports facilities and registration fees for sports competitions.
Yeoh emphasized the importance of verifying the eligibility of sports training providers, stating that they must be registered with the Sports Commissioner or incorporated under the Companies Act 2016.
"It's crucial for the public to ensure that their coaches or training providers are properly registered. Tax relief cannot be claimed for training conducted by unregistered coaches or entities," she added.
Related News
Trending
-
Stories
SG Woman Seeks Help to Locate 6-Year-Old Son Allegedly Kidnapped by Ex-Husband and Taken to Malaysia
-
Stories
WATCH: Malaysian Stops by Roadside to Buy Food, Forgets Handbrake, and Car Rolls into Another Vehicle
-
Stories
Uncle Kentang Launches RM6 Meal Coupons to Provide Full Meals for Underprivileged Students
-
Nation
Anthony Loke: Malaysian Drivers Might Need to Pay for Physical Driving License Cards Starting Next Year