MPF Scheme - Self-employed person

According to the MPFS Ordinance, a self-employed person must join a registered scheme within 60 days of the commencement of self-employment. 

A self-employed person can elect to contribute to the MPF Scheme on either a monthly or a yearly basis. 

If he contributes on a yearly basis, the "contribution year" will be based on the financial period of the scheme which may not be the basis period of assessment.  He must make contribution before the last day of the financial period.  

Mandatory contributions paid by a self-employed person to a registered scheme are deductible expenses under Profits Tax subject to a maximum of $12,000 per year.  

If he has also employment income, he is required to make contribution to a MPF scheme as a self-employed person in addition to his contribution as an employee. However, the maximum yearly tax deduction is only $12,000, usually under Salaries Tax.