What is Tax Deductible Voluntary Contributions ("TVC")?
Starting from 1 April 2019, taxpayers’ contributions made to the TVC Account are eligible for tax deduction in accordance with the Inland Revenue Ordinance and the maximum tax concession amount for TVC in the year of assessment 2019/2020 is HK$60,000 1.
Eligibility
Any person who is a current member under an MPF scheme, an employee, self-employed person or personal account, or a current member of an MPF exempted ORSO scheme, can open a TVC account at China Life and make TVC contributions directly, no employer is involved.
Withdrawal
TVC is subject to the same withdrawal restrictions applicable to mandatory contributions, i.e. only be withdrawn upon retirement at age 65 or on other statutory grounds under the MPF legislation 2 .
Diversified Fund Choices
9 constituent fund choices and Default Investment Strategy in the Scheme, with diversified investment objectives, risk levels and portfolio are offered, covering money market fund, mixed assets funds, equity funds and guaranteed funds with net guaranteed rate of return of 2%-2.5% p.a. 3.
Know more about fund choices of the Scheme
Convenient Account Management Platform
We will provide a “Tax Deductible Voluntary Contribution Summary” to facilitate your tax return filing. Moreover, you can access free e-channels to manage or enquire about your TVC account anytime, anywhere.
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TVC can assist you to plan for fruitful retirement life as well as tax deduction. Act Now!
Enjoy Tax Concession in Step 1 2 3
- Such tax concession amount is an aggregate limit for both TVC and other qualifying annuity premiums rather than TVC only; and any claim for tax deductions will be applied to TVC before qualifying annuity premiums.
- This withdrawal restriction is also applies to TVC that exceed the maximum tax deductible amount per assessment year.
- China Life MPF Master Trust Scheme offers 9 constituent funds and Default Investment Strategy, for further details including product features and risks involved, please refer to the MPF Scheme Brochure for the China Life MPF Master Trust Scheme ("MPF Scheme Brochure"). Default Investment Strategy is made up of two mixed assets constituent funds, namely the China Life Core Accumulation Fund and China Life Age 65 Plus Fund. Please refer to the MPF Scheme Brochure for details. Effective 1 January 2018, the guaranteed rate of return and the net guaranteed rate of return of China Life Guaranteed Return Fund and China Life Retire-Easy Guarantee Fund have been reduced. For details, please refer to the MPF Scheme Brochure.
Issued by China Life Insurance (Overseas) Company Limited (incorporated in the People’s Republic of China with limited liability).
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