- MPFA
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MPF System
- Background
- Types of MPF Schemes
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- Mandatory Contributions
- Voluntary Contributions / Tax Deductible Voluntary Contributions
- MPF Tax Matters
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- Withdrawal of MPF
- Arrangements for Offsetting Long Service Payment and Severance Payment
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MPF System
MPF Tax Matters
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- MPF Tax Matters
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Tax Deductible Voluntary Contributions (TVC)
Tax incentives
TVC account holders can enjoy tax deduction under salaries tax or tax under personal assessment.
Tax deduction cap
For the 2019-20 year of assessment, the maximum tax deduction cap per year is $60,000, which is an aggregate limit for both TVC and qualifying deferred annuity policies premiums.
Filing tax returns
Every year, trustees will provide scheme members with a TVC contribution summary with amount of TVC made in the assessment year to facilitate scheme members in filling their tax returns.
Learn more about TVC.
