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Tax optimization / More MPF to lower tax

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ORIGINAL POST
Posted by 090178 18 yrs ago
Hi there,



i am in the process of asking my company to increase for this month my MPF deposit.


I would do this to lower my taxable salry amount.


Would this be a smart move ? I know the cash would be blocked for a while. I want to consider this option and may be get further insights from reader.



Beside it any link website or post on the HK tax optimization is welcome. ;-)


thanks



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COMMENTS
christian_moore 18 yrs ago
I don't think this works, you will still be taxed on the additional payment over $1,000 per month



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MJ1 18 yrs ago
Forget it, it doesn't work. Your additional contributions will still be reported as taxable income by the employer, and you will get no tax deduction.



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090178 18 yrs ago
Thanks for your reply guys. I appreciate.


Any link / post / read you may recommend on taxable income optimization in HK ?

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associates 18 yrs ago
This makes some sense but some performance of the local MPF Schemes are dismal at best. Remember too that you are restricted in your tax free contributions on an annual basis to $12,000 so hardly enough to start any serous retirement planning. A much better alternative than willingly increasing contributions to the MPF is the still existing Occupation Retirement regime (the "ORS"). Under the ORS the equivalent of up to 15% of your TOTAL salary package can be paid to the ORS by your employer WITHOUT tax impact to you .



For more information contact Weir & Associates


Weir & Associates

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16th Floor Tak Shing House

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Tel : 2526-1767

Fax : 2868-3568

email : weirlaw@hongkonglaw.com

www.HongKongLaw.com/weirlaw

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