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Formula
|
||
VHIS premium paid during the assessment year
|
X Tax Rate
|
= Actual Tax Deduction Amount
|
Example
|
||
HK$8,000
(Tax Deduction Claimable Limit ) |
X 17%
(Assuming the Tax Rate is 17%*) |
= HK$1,360
|
|
Case 1: Purchase a more expensive VHIS plan^ |
Case 2: Purchase a more affordable VHIS plan^
|
Tax Deduction Claimable Limit
|
HK$8,000
|
HK$3,372
|
Tax Deduction Amount
(Assuming the Tax Rate is 17%*) |
HK$8,000 x 17%
= HK$1,360 |
HK$3,372 x 17%
= HK$607 |
Yearly Expenses
(Actual Paid Premium - Tax Deduction Amount) |
HK$8,000 – HK$1,360
= HK$6,640 |
HK$3,372 – HK$607
=HK$2,765 |
|
Case 2
|
Case 2 - Family Member a
|
Case 2 - Family Member b
|
Case 2 - Family Member c
|
Tax Deduction Claimable Limit
|
HK$3,372
|
HK$4,476
|
HK$1,920
|
HK$2,196
|
Tax Deduction Amount
(Assuming the Tax Rate is 17%*) |
HK$3,372 x 17%
= HK$607 |
HK$4,476 x 17%
= HK$761 |
HK$1,920 x 17%
= HK$326 |
HK$2,196 x 17%
= HK$373 |
Yearly Expenses
(Actual Paid Premium - Tax Deduction Amount) |
HK$3,372 - HK$607
= HK$2,765 |
HK$4,476 - HK$761
= HK$3,715 |
HK$1,920 - HK$326
= HK$1,594 |
HK$2,196 - HK$373
= HK$1,823 |
Bowtie Life Insurance Company Limited
Insurance
13 Mar 2023
30 May 2023
02 March 2023