‘Payment of fees for sports training eligible for tax relief from next year’
Payment of fees for training or classes in esports, equestrian, swimming, motorsports and taekwondo is eligible for tax relief of up to RM1,000 starting from next year, says Youth and Sports Minister Hannah Yeoh.
According to her, these sports are among the 103 types of sports gazetted in the Sports Development Act 1997 (Act 576).
Additionally, Yeoh said tax relief would also be provided for the purchase of sports equipment for activities listed in Act 576, as well as registration fees for sports competitions, including running.
“Gym membership and sports training fees are new inclusions in the tax relief.
“This means that when they make tax relief claims next year, they can include payment receipts. “They can claim up to RM1,000.
“These are among the 103 types of sports gazetted under Act 576. The list of sports will be displayed on the KBS (Ministry of Youth and Sports) website soon,” she told a press conference here yesterday, adding that the expenses would be for the use or benefit of oneself, spouse or child.
“We know many parents who send their children to participate in tournaments, they can also enjoy this incentive.”
The minister added that the tax relief was subject to several criteria, namely sports training must be conducted by a coach, club, or company registered with the Sports Commissioner (PJS), or incorporated under the Companies Act 2016; one-off or series of training sessions; and types of sports being listed under First Schedule of Act 576, with the expenses must be evidenced by payment receipts.
“The public is advised to check first to ensure that the training providers comply with the conditions and criteria set in order for them to be eligible for this tax relief,” she said.
To date, a total of 9,955 sports entities have registered with the PJS, and it is expected to increase with approximately 100 applications per week. — Bernama