Greece Tax Agency Issues Circular on Taxation of Insurance Reimbursement

The Greek Independent Authority for Public Revenue Sept. 26 issued a circular on the taxation of insurance premium reimbursements paid by a foreign parent company to its Greek subsidiary. The circular explains that the reimbursements are: 1) paid through a foreign insurance company without residence or permanent establishment in Greece; 2) taxed at 15 percent for periodic payments; 3) taxed at 10 percent for lump-sum payments up to 40,000 euros (US$43,783) and 20 percent for lump-sums in excess of 40,000 euros; and 4) taxed up to 50 percent for early redemptions. [Greece, Independent Authority for Public Revenue, 09/26/19]

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