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- Ελληνικά
The Tax Department informs that retroactive adjustments to Pension Fund contributions (deductions/refunds), for the purposes of the new pension plan, which appear on the 2023 earnings certificate, do not affect and should not be included in the Personal Income Statement for the year 2023.
The following should be noted, however:
If for all years in which retroactive adjustments (deductions/returns) were made, there is a cumulative amount that must be paid to the State as an additional contribution to a pension fund, then a deduction is allowed for that amount in Part 5C of the Individual Income Statement for the year 2024 and thereafter (the year of payment/retention), on the basis that the payment began in 2024.For public sector employees, the above amounts will appear on the payroll statement for the 13th salary for 2024 and subsequent years (where applicable) under the description "Pension Loan". For employees in the Wider Public Sector including Local Government Authorities, those affected should contact the accounting offices of the organisations they work for clarification. [*]Retroactive adjustments that cumulatively (for all years) result in a refundable amount are exempt from income tax under section 8 (11) of the Income Tax Act and are not declared as income in the Tax Return. [*]In the case of Public Servants who retire and still have outstanding arrears, deduction shall be made from the lump sum received on retirement and the amount shall be declared in the Tax Return for the year of retirement as a pension fund deduction in PART 5C. This amount shall be shown on the letter sent by the General Accounting Office on retirement.
(EAθ)
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