Greece regulatory roundup: March 2017
Regulatory update

Greece regulatory roundup: March 2017

22 March 2017

The Independent Authority of Public Revenue has provided clarification regarding IPT exemptions and the treatment of cancellation insurance contracts in Greece.

The Independent Authority of Public Revenue issued the circular POL. 1028/22.2.2017 providing clarification on IPT exemptions and the treatment of cancelation insurance contracts in Greece.
According to the provisions of the decision, the following insurance premiums are exempted from Insurance Premium Tax:

  • Insurance contracts for ships and aircrafts of article 3 of the Law 551/1970
  • Life insurance policies, provided that the duration of these policies are at least 10 years
  • Insurance contracts taken out by foreign and domestic shipping companies governed by the Law 27/1975
  • Reinsurance.

The above decision further clarifies that:

  • The applicable IPT rate on fire risk premiums for tobacco leaves remains at 15%
  • In case of cancellation of insurance policies, at any time after the payment of the tax, no reason for refund exists and therefore the IPT won’t be returned.

Talk to us

Our experts in Athens closely monitor all regulatory changes in Greece, and can assist businesses with interpretation of the current, ever-changing situation and new laws.

Questions? Get in touch with us today.

Find out about our IPT services.

Written by

Yannis Goussiakis

Managing Director, Greece

Insights and updates delivered to your inbox.

Sign up to receive a weekly round up of posts that matter most to you. 

Sign up now