PUTRAJAYA, Oct 11 — The implementation of tax exemption for sports training costs or fees is one of the Ministry of Youth and Sports (KBS) priorities through the Budget 2024 that will be tabled this Friday.
Its minister Hannah Yeoh said the matter has been discussed with the Ministry of Finance, so those who incur sports training costs or fees can enjoy tax relief.
“Previously, tax exemptions were given to individuals who purchased sports equipment, but we hope it will also be given to parents paying for their children’s sports training.
“With this incentive, it will encourage parents to send their children for sports training, and the money saved from tax relief can provide job opportunities for coaches while producing great talent in sports,” she said.
Yeoh was speaking to the press after launching the 2023 U.S. Kids Golf Malaysia Local Tour tournament at Menara KBS today.
She also hopes sufficient allocation can be channelled to KBS through the budget this time.
“If we want to excel in sports, we need to invest, and the Asian Games have proven that we need money if we want to excel, so I hope there will be an adequate allocation for youth and sports in the budget,” Yeoh said.
In the Budget 2023 tabled in February this year, the government allocated RM324 million to KBS for training programmes and sports facilities.
— Bernama
