Impendulo Limited

Tax Rate Alert - Greek Pension Fund (TEAAPAE) Abolished from 1st Jan 2015

Blog post   •   May 29, 2014 13:33 BST

It's now official - TEAAPAE will be abolished as of the 1st of January 2015. The proposed legislation has now been passed by the Greek government as expected. This means that any premiums invoiced from this date will not bear any charges relating to the TEAAPAE fund, however, any invoices issued up to and including the 31st of December 2014 will still be required to show the levy.

This specific levy was to the benefit of a supplementary pension for all employees in the insurance industry but was being paid by all consumers, a common practice in various areas in Greece that the legislator was determined to cease.

The two official articles are published on Impendulo's IPT Portal as follows:

  • Law 4254 - published in the Government Gazette (Article 39, Sub paragraph IA.3, section 2A)
  • Ministerial Decree - F.51020/4883/105/21.02.2013 (Section 1.1 of paragraph 1, Article 8)

For any further information related to Insurance Premium Tax please do not hesitate to contact us: