|112||Title:||Inland Revenue Ordinance||Gazette Number:||E.R. 1 of 2012|
|Section:||16AA||Heading:||Mandatory contributions in self-employment cases allowable as a deduction||Version Date:||09/02/2012|
(1) Subject to subsection (2), where a person carrying on a trade, profession or business in Hong Kong as a sole proprietor or as a partner in a partnership pays any mandatory contributions in the basis period for any year of assessment in respect of any liability of himself to pay such contributions as a self-employed person under the Mandatory Provident Fund Schemes Ordinance (Cap 485), the payment shall be deemed to be an expense wholly and exclusively incurred in the production of the profits of that trade, profession or business chargeable to tax under this Part and shall be allowed as a deduction from such profits for that year of assessment.
(2) A deduction shall not be allowable to a person under subsection (1) for any year of assessment-