Is the contribution by the employer to the MPF scheme and the relevant cost deductible under Profit Tax?

Yes. For the contribution by the employer to the MPF scheme, the amount deductible cannot be more than 15% of the total emoluments of the employee. The costs related to the MPF scheme, such as the establishment of the MPF scheme, amending the rules and winding up the occupational retirement scheme, are deductible.

An important note is that the initial or special contribution by the employer is deductible under Profits Tax evenly over 5 years commencing in the year of payment.

To learn more of the profit tax. please see the inland revenue departments FAQ here: https://www.ird.gov.hk/eng/faq/index.htm