14 November 2011

A new Greek law has been passed that provides for the second penalty amnesty this year. Penalties will be waived on any outstanding Greek IPT due on premiums invoiced up to 22 August 2011 if the relevant amounts are declared and paid in full by 30 September 2011.

There is the option to pay the tax amounts in instalments. In that case, the tax return must still be filed by 30 September 2011, but the payments will be spread over 6 equal monthly instalments, starting on 30 September. If the option to pay in instalments is taken up, unpaid  taxes that were due before 31 December 2009 will be subject to a 10% penalty and unpaid taxes due between 1 January 2010 and 22 August 2011 will be subject to a 3% penalty.
If the instalment amount is less than €300, there is no option to pay in instalments.

It is not clear if TEO (Road Tax) and Motor Guarantee contributions are part of the amnesty, but we have had confirmation that the TEEA PAE (Pension Fund) is not.