On 24 December 2014, the Inland Revenue Board of Malaysia issued Public Ruling 9/2014, which clarifies the deductibility of individual and employer contributions to private retirement schemes (PRS). For individuals, the deduction for PRS is limited to a maximum of MYR 3,000 in a year of assessment. The MYR 3,000 amount is inclusive of premiums paid for deferred annuity. For employers, the deduction for contributions for employee's retirement benefits, including the employee provident fund (EPF) and ERS, is limited to 19% of the employee's remuneration. The required EPF contribution is 12% of the employee's remuneration, so the deductible ERS contribution...