Greek Insurance Premium Tax and Stamp Duty

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Find out more about IPT.

The Greek law for Insurance Premium Tax is contained within Acts and Decisions laid down by the Ministry of Finance.  Please note, Stamp Duty on most insurance contracts was withdrawn at the start of 2009.  It is still in place for a number of classes.

Basis of Greek IPT/Stamp Duty Calculation

The basis for the IPT calculation is the total amount of the premium payable by the insured excluding parafiscal charges.  The basis for stamp duty calculation, where still applicable, is the total amount of the premium payable by the insured including IPT but excluding parafiscal charges.  The tax in both cases must be shown in addition to the premium.

Greek IPT Liability

The insurer is liable for the tax calculation and payment. EEA insurers operating on the Freedom of Services basis are required to appoint a local tax representative.

Greece IPT Rates

Principal insurance classes incurring IPT in Greece include:

  • Life (contracts less then 10 years);
  • General liability;
  • Motor (depending on policy);
  • Fire (depending on policy); 
  • Accident;
  • Health; and
  • Cargo and goods in domestic transit. 

Exemptions apply to life policies for contracts of more than 10 years, marine and aviation hull, goods in transit for international cargo and reinsurance.

There are many variations to the rates above.  

Greek Parafiscal Charges

In addition to IPT in Greece, there are also some additional insurance levies and charges, including:

  • Motor Road Tax (TEO);
  • Auxiliary Motor Guarantee Fund; and
  • Insurance Employees’ Pension Fund.

Payments of Greek IPT/Parafiscal Charges

Greek IPT is payable on a quarterly basis within 90 days of quarter end.

The Insurance Parafiscal Charges and Levies are due on different bases ranging from monthly to quarterly.

Find out more about IPT.