Tax deductible voluntary contributions ("TVC") is a new form of MPF contributions through which you can save more. Any contributions you make to a TVC account will be treated as a deductible item (up to an annual limit of HKD60,000, which is an aggregate limit for both TVC and other qualifying annuity premiums) when you report your taxable income. The balance of your TVC account will be available for withdrawal when you retire at 65, or when you meet other withdrawal conditions which are the same as your mandatory contributions.
You are eligible to contribute to a TVC account under MPF if you are currently a holder of an employee account, self-employed account or personal account of any MPF scheme or if you are a member of an MPF exempted ORSO scheme.
With TVC account, you can:
Let the Government help you to build up your retirement pot!
With TVC, you have the flexibility to contribute as much or as little1 as you wish, and at any time you want.
With TVC, you take control on how you invest your money to make the best out of it.
Receive up to HKD4,500 of bonus unit rebates2 from Hang Seng MPF when you open a TVC account with us and make contributions.
The actual tax savings depend on your personal circumstances. The table below provides an illustration of how much tax you may save under different levels of contributions in TVC during a tax assessment year3.
Illustration of potential tax savings with different levels of TVC
TVC (HKD) | Assuming your progressive tax rate is | ||||
---|---|---|---|---|---|
2% | 6% | 10% | 14% | 17% | |
2,500 | 50 | 150 | 250 | 350 | 425 |
5,000 | 100 | 300 | 500 | 700 | 850 |
10,000 | 200 | 600 | 1,000 | 1,400 | 1,700 |
30,000 | 600 | 1,800 | 3,000 | 4,200 | 5,100 |
60,000 |
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10,200 |