3 August 2015

The Greek Government released legislation on 16 July 2015 increasing the default rate of IPT from 10% to 15%, whilst keeping the fire rate at 20%. FiscalReps has spoken with the local authorities who have confirmed that the increase was effective from 17 July 2015 and not from 16th as previously thought.
Exemptions in respect of non-life insurance appear to have been abolished and we are attempting to secure further information. The legislation appears to remove exemption for reinsurance, for example, and this would have a serious effect on the whole Greek insurance market. We appreciate this puts insurers in a difficult compliance and commercial position based on limited information, and we will update clients as soon as we obtain any further clarification.