How to get tax deductions
Subject to the Inland Revenue Ordinance, Cap.112 of the Laws of Hong Kong, a policyowner of a VHIS plan can claim a tax deduction for your paid qualifying VHIS premiums up to HKD8,000 per life assured per year of tax assessment.
If you are the policyowner of 4 VHIS plans covering 4 life assureds, you can apply for a tax deduction for your paid qualifying VHIS premiums up to HKD8,000 per life assured per year of tax assessment, a total of HKD32,000 (HKD8,000 x 4) per year.
If there is more than 1 policyowner for a VHIS plan, the qualifying VHIS premiums you all pay during a year of assessment for each life assured under the policy are taken as paid by all the policyowners equally.
We will provide a proof of premium payment to facilitate your claim of tax deduction on your paid qualifying VHIS premiums.
If we refund any of your premiums, we will give you a proof of premium refund. If you have claimed a tax deduction for the refunded premiums, you need to let the Commissioner of Inland Revenue know such refund within 3 months from the premium refund date.
The issuance of this plan does not necessarily mean you are eligible for any tax deduction for the premiums you have paid for this plan. For further information on tax deduction under the VHIS, please contact the Inland Revenue Department. We cannot provide you with any tax advice. If you have doubts, you should seek professional advice.