Products & Services
Retirement Investment Service
MPF ORSO
Unit Trusts
Funds EasyInvest Platform
Exchange Traded Funds
BOCHK ETF Series World Index Shares ETFs
New Capital Investment Entrant Scheme
Introduction
Investment & Market Insights
Investment Insight Market Update
About Us
Company Background Awards Environment, Social and Governance Careers News & Events Contact Us Appointment Service
eMPF Platform Information
中 EN
Home / Products & Services / Retirement Investment Service / MPF / Tax Deductible Voluntary Contributions (TVC)

Prepare Early for Retirement and Enjoy Tax Concession

Enjoy tax concession by making MPF Tax Deductible Voluntary Contributions ("TVC")1. In the 2019/2020 year of assessment and each subsequent year of assessment, the tax deductible limit per year is HK$60,0002.

Other characteristics of TVC are as follows:

  • TVC can only be made directly by the persons who fulfil the eligibility requirements below:

    • a) a current holder of contribution account or personal account of an MPF scheme；or

    b) a current member of an MPF exempted ORSO scheme

  • Involvement of employers is not required
  • Although it is voluntary in nature, TVC is subject to the same vesting, preservation and withdrawal restrictions applicable to mandatory contributions
Tips on TVC
img alt

Double Privileges for TVC Members

Privilege 1：Special Arrangement on Management Fees#

Privilege 2：One-off Extra Reward Unit Rebate Up To HK$1,000#

TVC Services Introduction

# Subject to the terms and conditions stated in the relevant leaflet.

Advantages of TVC

Tax Concession:
Up to HK$60,000 tax deduction2 from your assessable income each year

Convenient to Join:
Free to choose any MPF scheme that offers TVC

Transparent Management:
Contribution summary (issued by eMPF Platform3) is provided annually to facilitate scheme members in filing tax returns

Flexible Contributions:
Flexibly make contributions at irregular intervals and variable amounts, and may increase or reduce the amount of contributions, or suspend or resume contributions at any time to suit personal needs4

Examples of Tax Benefits Associated with TVC

Based on the prevailing highest tax rate (i.e. 17%), the maximum tax savings can reach up to HK$10,200 every year. Yet, it does not mean that any taxpayer who uses up to the deduction cap of HK$60,000 can enjoy HK$10,200 in tax savings. Tax savings depends on a number of factors, including personal income level, entitled tax allowances and deductions as well as the amount of qualifying deferred annuity premiums or TVC, etc.

The following table provides an example of the potential annual tax savings for individuals with different incomes and tax brackets. Assuming the taxpayer is only entitled to basic allowance and tax deductions from MPF mandatory contributions, the tax savings per year are:

A

Single Person

B
Single Person

C

Single Person

Monthly Income

HK$15,000

(annual income: HK$180,000)

HK$30,000

(annual income: HK$360,000)

HK$60,000

(annual income: HK$720,000)

Original Tax Payable

HK$780

HK$17,700

HK$78,900

Amount of TVC and/or of
Qualifying Deferred Annuity Premiums

HK$9,000*

HK$18,000*

HK$60,000

New Tax Payable

HK$600

HK$14,880

HK$68,700

Annual Tax Savings

HK$180

HK$2,820

HK$10,200
Source: Investor and Financial Education Council Website

The example above is only for illustration and reference and takes 20 March 2019 as the date of calculation.

* For scenarios A and B, it is assumed that the taxpayers will not make HK$60,000 of tax deductible savings and will not make claims with the full tax deductible amount for qualifying deferred annuity premiums and TVC.

投資視野 投資視野 投資視野 投資視野
Tax Computation
For more details, you can visit the GovHK website
最新市場資訊 最新市場資訊 最新市場資訊 最新市場資訊
FAQs
For more details, you can visit the Mandatory Provident Fund Schemes Authority website

Contact Us Now

Easy-Choice MPF Application and Fund Hotline:

2280 8686

Appointment Service

Contact Us

1 To meet the purpose of encouraging extra savings for retirement, the TVC is subject to the preservation requirements. It means that withdrawal is allowed only upon retirement at the age of 65 or on statutorily permissible grounds including early retirement attaining the age of 60, total incapacity, terminal illness, permanent departure from Hong Kong, death and small balances.

 

2 It is an aggregate limit for both TVC and other qualifying deferred annuity premiums. Please refer to the Inland Revenue Ordinance for further details.

 

3 The eMPF Platform is built and operated by the eMPF Platform Company Limited, a wholly owned subsidiary of the Mandatory Provident Fund Schemes Authority.

 

4 Please refer to the Tax Deductible Voluntary Contributions ("TVC") Account Member Application Form of the BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme for the relevant details.

Please read carefully before proceeding

IMPORTANT INFORMATION
  • Investment involves risks. Prices of units of the Constituent Funds may go down as well as up. The past performance information is not indicative of future performance.
  • You should not solely rely on the information from this website to make any investment decision. Please refer to the MPF Scheme Brochure of the Scheme for further details (including risk factors, fees and charges, and fund information).
  • You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of Constituent Funds, you are in doubt as to whether a certain Constituent Fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose the Constituent Fund(s) most suitable for you taking into account your circumstances.
  • You should consider your own risk tolerance level and financial circumstances before investing in the MPF Default Investment Strategy (as defined in section 6.7 MPF Default Investment Strategy in the MPF Scheme Brochure of BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme (the "Scheme")). You should note that the BOC-Prudential Core Accumulation Fund and the BOC-Prudential Age 65 Plus Fund may not be suitable for you, and there may be a risk mismatch between the BOC-Prudential Core Accumulation Fund and the BOC-Prudential Age 65 Plus Fund and your risk profile (the resulting portfolio risk may be greater than your risk preference). You should seek financial and/or professional advice if you are in doubt as to whether the MPF Default Investment Strategy is suitable for you, and make the investment decision most suitable for you taking into account your circumstances.
  • You should note that the implementation of the MPF Default Investment Strategy may have an impact on your MPF investments and accrued benefits. We recommend that you consult with the Trustee if you have doubts on how you are being affected.
  • Fees and charges of a MPF conservative fund can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. The BOC-Prudential MPF Conservative Fund uses method (i) and, therefore, unit prices/NAV/fund performance quoted have incorporated the impact of fees and charges.

This web page is issued by BOCI-Prudential Asset Management Limited.
Privacy Policy Disclaimer
I agree and wish to proceed
I agree and wish to proceed I disagree

Terms and Conditions

You must read the following terms and conditions (these "Terms and Conditions") carefully before proceeding to access or use the information on this website (www.boci-pru.com.hk) (the "Website"). If you proceed to access or use the Website, you will be deemed to have agreed to be legally bound by these Terms and Conditions. Your access or use of information on the Website shall be subject to the latest version of these Terms and Conditions at the time of such access or use but BOCI-Prudential Asset Management Limited, its successors and assignees (“BOCI-Prudential”) reserve the right to change the Website and these Terms and Conditions at any time without notice. Please regularly review these Terms and Conditions and other provisions posted on the Website.

Unless otherwise stated, the Website (including these Terms and Conditions) has not been reviewed by the Securities and Futures Commission.

 

BINDING AGREEMENT

1. These Terms and Conditions constitute a legally binding agreement between BOCI-Prudential and you.

 

DISCLAIMER AND LIABILITY

 

2. The information and materials on the Website shall not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell any investment or securities.
3. Due to the risk that the Website may be subject to interruption, transmission blackout, delayed transmission due to internet traffic, or incorrect data transmission due to public nature of the internet, the information contained in the Website may be incomplete, altered or tampered with, and may not present the complete and accurate information. In no event shall BOCI-Prudential be liable for losses of any kind suffered or incurred as a result of the reliance on such information.
4. BOCI-Prudential makes no representation or warranty of any kind, express, implied or statutory regarding the Website or the information or materials contained or referred to in the Website. To the fullest extent permitted by law, BOCI-Prudential hereby expressly excludes and disclaims any condition, representation, warranty or responsibility of any kind relating to the information and materials, whether express or implied, by statute or otherwise, including without limitation any such condition, representation, warranty or responsibility regarding the title, fitness for a particular purpose, merchantability or standard of quality of the information and materials, that they will be accurate or free of errors or omissions, that they will not infringe any third party rights, that they will be available and uninterrupted at any particular time, free of computer viruses, and that its performance will adhere to any particular standard or that any instruction to or information requested from the Website will be acted upon, delivered to or received by you in any time or at all.
5. The information and materials contained on the Website is provided for information only and should not be used as a basis for making business or investment decisions. Any advice or information received via the Website should not be relied upon without consulting primary sources of information and obtaining specific professional advice. BOCI-Prudential accepts no liability for any loss or damage arising directly or indirectly from action taken, or not taken, in reliance on information or materials contained on the Website. In particular, no warranty is given that economic reporting information, materials or data is accurate, reliable and up to date. The information and materials are provided without obligation and on the understanding that any person who acts upon it or changes his or her investment position in reliance thereon does so entirely at his or her own risk.
6. BOCI-Prudential shall not be liable for any loss or damage arising directly or indirectly (including special, incidental or consequential loss or damage) from your use of the Website including but not limited to any loss, damage or expense arising from any defect, error, fault, mistake or inaccuracy with the Website, its contents, or due to any unavailability of the Website or any part thereof or any contents.
7. BOCI-Prudential may provide hyperlinks from the Website to other sites for information purposes only. BOCI-Prudential accepts no liability for any loss or damage arising directly or indirectly (including consequential loss) from the accuracy or otherwise of information or materials contained in such sites or loss arising directly or indirectly from defects of such sites. The inclusion of hyperlinks by BOCI-Prudential from the Website to other sites does not imply any endorsement by BOCI-Prudential of the material on such sites.
8. You may not use any part of the Website on any other website (unless you have obtained express consent from BOCI-Prudential).
9. BOCI-Prudential does not warrant that any communications from or to the Website will be sent to you or received by BOCI-Prudential nor does BOCI-Prudential warrant the privacy and/or security of such communications during transmission.

YOUR FURTHER OBLIGATIONS

 

10. You are solely responsible for taking reasonable and appropriate precautions against any computer virus or other destructive materials or elements, and ensure that your computer and your access to the Website are adequately safeguarded, and that it would not be compromised by any unauthorized users. If applicable, you should protect and backup your own data and equipment.
11. You shall not and shall not attempt to, access, use, damage, tamper with or hack into any part of BOCI-Prudential's telecommunications or computer systems, sites servers, data areas, software and/or other materials.
12. You acknowledge that you do not have any right, title or interest in BOCI-Prudential's telecommunications or computer systems or in any related software or materials.
13. You will comply with all applicable laws and regulations in connection with your use of the Website.

USE OF PERSONAL DATA

 

14. You agree that to the extent allowed by law, any and all personal information collected from you by BOCI-Prudential from time to time can be used and disclosed in accordance with the Privacy Policy published by BOCI-Prudential in the Website (as maybe amended from time to time) and applicable laws and regulations. You acknowledge that BOCI-Prudential or its affiliated company owns the trademarks, logos and service marks displayed on the Website and you may not use the same without prior written consent from BOCI-Prudential.

INTELLECTUAL PROPERTY RIGHTS

 

15. The copyright of all contents of the Website (including without limitation, the text, graphics, links and sounds) belongs to BOCI-Prudential and no part of the same may be modified, reproduced, copied, distributed or published in any way without prior written consent of BOCI-Prudential.
16. BOCI-Prudential makes no representation or warranty that your use of information or materials contained on the Website will not infringe rights of third parties, or that the relevant content or information is not owned by BOCI-Prudential or connected with the rights of third parties.

RESTRICTED COUNTRIES/REGIONS

 

17. It is possible that not all the products and services that you may be able to view via the Website are available for subscription/use in all geographical locations. BOCI-Prudential reserves the right to make the final determination on whether you are eligible for the subscription/use of any particular product or service.
18. The information and materials contained on the Website are not intended for access or use in certain countries or regions where such access or use will be prohibited by the applicable laws. You are solely responsible for identifying, observing and complying with the restrictions imposed by the applicable laws in such countries or regions.

GOVERNING LAW AND JURISDICTION

 

19. These Terms and Conditions are governed by and shall be construed in accordance with the laws of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong"). You hereby agree to submit to the jurisdiction of Hong Kong.

INVESTMENT RISKS

 

20. Investments involve risks. Past performance is not indicative of future performance. The price of a fund may go down as well as up. Please refer to the offering document of the relevant fund for further details of such fund before investing. Investors should seek professional advice before making any investment decision.
21. Investors should make his own appraisal of the suitability and risks of such an investment and should consult their own legal, financial, tax, accounting and other professional advisors prior to making any subscription or acquisition of units of the funds.
Accept

Important Note

You must read carefully the Terms and Conditions before using this Website. By clicking “Accept” and proceeding to access this Website will mean that you irrevocably and unconditionally accept and agree to be bound by the said Terms and Conditions (the same may be amended from time to time, and the revised Terms and Conditions shall be effective immediately upon posting on this Website).

 

I have read and accept the terms above and wish to continue into this site.

Accept
Products & Services
MPF ORSO Funds EasyInvest Platform BOCHK ETF Series World Index Shares ETFs Introduction to the New CIES
Investment & Market Insights
Investment Insight Market Update
About Us
Company Background Awards Environment, Social and Governance Careers News & Events Contact Us Appointment Service
Mobile App

The mobile app service is provided by BOCI-Prudential Trustee Limited.

MPF Account Enquiry

App Store

Google Play

eMPF Platform Information

This web page is issued by BOCI-Prudential Asset Management Limited.
© BOCI-Prudential Asset Management Limited. All rights reserved.

Disclaimer
Privacy Policy
Site Map