Financial Secretary: Tax deduction cap for deferred annuities and MPF raised to $60,000
誠徵建議
The Financial Secretary announced that the tax deduction cap for qualifying deferred annuity premiums and MPF tax-deductible voluntary contributions would be raised from the originally proposed $36,000 to $60,000, representing the maximum total deduction available to each taxpayer. An amendment bill will soon be submitted to the Legislative Council for scrutiny, and it is hoped that the relevant deductions can take effect from 1 April next year once passed, after which the Insurance Authority will publish a list of qualifying deferred annuity products on its website.
The blog sets out the arrangements for raising the deduction cap from $36,000 to $60,000, its effective date and how to apply, allowing readers to check the deductions they may claim.
Source: 財政司司長網誌 · fso.gov.hk