The tax-deductible solutions consist of a Qualifying Deferred Annuity Policy (QDAP), Voluntary Health Insurance Scheme (VHIS), and MPF tax-deductible Voluntary Contributions (TVC). On the one hand, they provide you with retirement protection, and on the other hand, they give you a tax deduction of up to HKD 68,000 in total. If you are interested in our featured tax saving solutions and practical examples, visit Tax Saving Solutions.
Lodging a claim is easy, simply inputting the qualifying premium and / or MPF voluntary contributions into the Tax Return will do.
If you would like to know official announcements about Hong Kong tax deductions, please visit Inland Revenue Department website.
A QDAP aims to provide a stable stream of income upon your retirement and at the same time let you enjoy the tax deduction benefit on qualifying premiums of up to HKD60,0001 per year. Hang Seng's eIncomePro Deferred Annuity Plan (100% Guaranteed) is a certified QDAP offering monthly guaranteed annuity income. Simply apply online to ensure a hassle-free retirement. The plan is underwritten by Hang Seng Insurance Company Limited.
Purchase any certified VHIS policy for yourself or any specified relatives, not only can you get all-around medical coverage, but also claim an annual tax deduction on qualifying premiums of up to HKD8,000 per insured person. Check out Hang Seng's Voluntary Health Insurance Scheme Series for more information. The Voluntary Health Insurance Scheme Series are underwritten by Bupa (Asia) Limited.
With this last product for tax savings is the MPF tax-deductible voluntary contributions, simply open a TVC account and contribute regularly or in lump sums, and your voluntary contribution can be counted as a deductible item. The MPF tax-deductible amount cap is HKD60,0001 per person, which allows you to enjoy additional tax savings! For more TVC details, visit the "Tax Deductible Voluntary Contributions Account Holders" section on Hang Seng MPF webpage. The Sponsor of Hang Seng MPF scheme is Hang Seng Bank Limited.
Besides achieving tax savings with our tax saving solutions, pay your tax astutely by enjoying credit card tax payment promotions from various banks during the tax season. Paying tax by credit card is easy via e-Banking. You may also earn extra rewards upon successful registration of Tax Payment Promotion. After making an online tax payment by credit card, you can even follow the simple steps of applying for Credit Card Tax Instalment Plan right afterwards.
In the meantime, if you are facing financial pressure to settle your tax bill, you may consider applying for a tax loan to cover your tax payment while improving your financial flexibility to realise other financial plans. As the interest rate for a tax loan is generally lower than for other personal loan products, making good use of it can let you increase your cash flow at lower interest costs.