"Tax Deductible Voluntary Contribution" (TVC) is a new type of contributions under the MPF system. Contributions you make to the TVC account in each tax assessment year will be counted as a deductible item (up to the annual limit as stipulated by the HKSAR Government) when you report your taxable income. Contributions made to TVC accounts exceeding the tax deduction cap and other types of MPF voluntary contributions are not tax deductible.
The tax deduction cap is
Currently, the tax deduction cap is HK$60,000 for each year of assessment, which is an aggregate limit for both TVC and qualifying deferred annuity premiums. Based on the prevailing highest tax rate (i.e. 17%), the maximum tax savings can reach up to HK$10,200 every year!
All contributions in the TVC account, regardless of tax deductible or not, has to be preserved until the retirement age of 65 (unless exempted on other statutory grounds) before any withdrawal. You may also click here for more information.
If you would like to set up a TVC account in BCT, you may submit the application by:
• Online platform: MPF eChannel; or
• Contact our MPF Experts at 2298 9888 (Office hours: Monday to Friday from 9:00am to 6:00pm, except public holidays); or
• Complete the Application Form [AP(TVC)-MT](For BCT (MPF) Pro Choice) or [AP(TVC)-IS](For BCT (MPF) Industry Choice) and submit together with a copy of your HKID Card / Passport to us by post.