Hong Kong Tax Savings

Ways to reduce taxable income and save tax smartly

Get the most out of our tax saving solutions

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.

Three tax saving solutions

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.

Pay tax smartly to enjoy credit card tax payment promotion or go for tax loan for financial flexibility

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.

Explore our products

eIncomePro Deferred Annuity Plan (100% Guaranteed)

  • Enjoy Monthly Guaranteed Annuity Income for 10 years with life protection and free accidental death benefit for short premium payment period of 5 years
  • Certified as Qualifying Deferred Annuity Policy thus relevant premiums are qualified for tax deductions
  • Easy online application with guaranteed acceptance
Terms and Conditions apply, please note the relevant product risks. eIncomePro Deferred Annuity Plan (100% Guaranteed) is underwritten by Hang Seng Insurance Company Limited.

Bupa Hero VHIS Plan

  • Full cover for cancer treatments
  • Enhanced cover including unknown pre-existing conditions
  • Eligible for tax deduction
This is a VHIS flexi plan certified by the Food and Health Bureau of Hong Kong and underwritten by Bupa (Asia) Limited

Plan ahead for your moments

Footnote

Other point(s) to note

  1. To borrow or not to borrow? Borrow only if you can repay!
  2. Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure.
  3. Hang Seng Bank Limited shall have the right in accordance with the related guideline from regulators and relevant regulations to reject all insurance applications accepted retrospectively and to cease acting as agent of that policy accordingly.
  4. Tax deductible voluntary contributions are accepted at the discretion of the MPF Trustee. The MPF Trustee reserves the absolute right not to accept any tax deductible voluntary contributions at any time.
  5. The information shown on this webpage is for illustrative purposes only. It is not intended to provide any form of tax advice. Hang Seng Bank does not provide tax advice. You are advised to exercise caution in relation to tax matters and this webpage. If you are in doubt about any of the contents of this webpage, you should obtain independent professional advice.
  6. Terms and Conditions apply.

Remark(s)

  1. The tax-deductible limit is an aggregate of qualifying deferred annuity premiums and MPF tax-deductible voluntary contributions