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Sep 2019

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Hong Kong: More tax breaks granted for annuity plans, provident funds

Source: Asia Insurance Review | May 2019

The Hong Kong government is offering HK$60,000 ($7,700) per year in tax deductions for either enrolment in a tax-deductible annuity scheme or voluntary contributions to the Mandatory Provident Fund (MPF).
 
MPF scheme members who hold contribution accounts or personal accounts, or members of Occupational Retirement Schemes (ORSO schemes) that have been granted MPF exemption, can open a Tax Deductible Voluntary Contributions (TVC) account in an MPF scheme of their own choice. This tax deductions incentive will be effective from the year of assessment 2019-2020. 
 
A spokesperson for the Mandatory Provident Fund Schemes Authority (MPFA) said the tax incentive for TVC not only helps eligible scheme members save tax, but also strengthens their financial discipline with a view to saving early for retirement. A 
 
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