MPF Voluntary Contribution Tax Deduction Calculator (HK 2027)

TVC vs Mandatory MPF

Mandatory MPF is the 5%/5% employer + employee scheme on salaries up to HK$30,000/month. TVC sits on top — you contribute extra voluntarily to a TVC account, deductible up to HK$60,000/year against salaries tax. Unlike SVC (Special Voluntary Contributions), TVC is locked until age 65 (or earlier under hardship).

HK$60,000 Combined Cap

The HK$60,000 cap is SHARED between TVC and QDAP (Qualifying Deferred Annuity Policy) premiums. If you put HK$30k into QDAP, you can only deduct HK$30k of TVC. Allocate based on whether you want pension lump sum (MPF TVC) or guaranteed income stream (QDAP).

Tax Savings by Marginal Rate

TVC saves tax at your top marginal rate. A 17% top-rate taxpayer making the full HK$60,000 TVC saves HK$10,200/year. A 15% standard-rate taxpayer saves HK$9,000/year. Over 30 years compounding at 5%, the deferred tax savings alone exceed HK$680,000.

TVC Withdrawal Rules

TVC is locked until age 65 with the same hardship exceptions as mandatory MPF (permanent departure, terminal illness, total incapacity, death). Withdrawn TVC is tax-free in Hong Kong.

Source: mpfa.org.hk TVC rules, ird.gov.hk salaries tax allowances. Last updated: May 2026.