Tax Alert: Greece - Pension Fund Introduced

Further to our July newsletter article on the reintroduction of the Greek TEA EAPAE contribution, further developments have now been confirmed by the Pension Fund responsible for its collection. The Fund has clarified through communications with insurers and a Decision (no. 0 AT10/F.51020/48217/755) published in the Government Gazette that contributions linked to written premiums between the 01 January 2016 - 30 June 2017 are to be declared and the contribution to be settled at a discounted rate of 60%. The deadline to submit this information is 10 November 2017 and payments are due by the 30 November 2017. Please be advised that FiscalReps is currently in dialogue with the Fund with a view to extend the deadlines.

The Decision reintroduces the contribution both retroactively and going forwards. Moreover, the Fund has confirmed that the discounted rate of 60% shall apply indefinitely, meaning that TEA EAPAE contributions are to be calculated and declared at either 0.8% or 0.4%, dependant on the risk covered, on a monthly basis.

If you have any questions, please do not hesitate to contact your dedicated Client Team.