Submitted by pgsuat on Thu, 08/20/2020 - 23:23

You can open a TVC account and make contributions directly to the account. You can then enjoy tax deduction under salaries tax or tax under personal assessment for your TVC.

 

The maximum tax deduction cap per year is $60,000, which is an aggregate limit for TVC and qualifying deferred annuity policies premiums.

 

If you have more than one TVC account, the maximum tax deduction cap applies to the total amount of contributions of all of your TVC accounts.

 

To facilitate your filing of tax return, MPF trustee will provide a TVC contribution summary to you each year.

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