The amendments to the Income Tax Act 1967, which have been tabled by the government, go against a promise made by Prime Minister Najib Abdul Razak that the Private Retirement Scheme (PRS) would be tax free, PKR said today.
The current amendments tabled in the Dewan Rakyat proposes that a person who withdraws from PRS before the retirement age of 55, except for emergency cases, would be taxed based on the amount withdrawn.
