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VOSGANIAN: We shall at least double fiscal deductibility for voluntary pensions

Fiscal deductibility for voluntary private pension funds (pillar III) shall be subject to an increase from simple to double, at least, namely to at least EUR 400 per year, most likely beginning with the 1st of January 2009, stated for the portal the minister of economy and finance, Varujan VOSGANIAN. He mentioned that a more significant increase (more than double) might apply, but this is still debated at ministry level. VOSGANIAN also added that the increased deductibility might become effective on the 1st of October this year.

"The voluntary private pension system can be stimulated only by re-thinking the fiscal deductibility system, and I am a supporter of this type of measures. Last week I ordered the ministry to conduct a survey on the increase of fiscal deductibility for voluntary pensions. It will not be a spectacular increase, but will go from simple to double in order to make this measure efficient, namely from 200 euros per year to at least 400 euros per year. We are also considering a potential higher increase, but we first need to see what impact such a measure can have on the market, as well as on the budget. The deductibility increase will most likely be applied starting with the 1st of January 2009 or maybe sooner, beginning with the 1st of October 2008", said Varujan VOSGANIAN. He mentioned that the result of the survey, as well as the final decision, shall be announced "shortly".

The contributions to the voluntary pensions are currently deductible up to a limit of 200 euros per year, both for the participant and for the employer, if the latter decides to pay contributions for his employees as benefits. Approximately two months ago, the Private Pension Supervisory Commission (CSSPP) has announced that they will submit a proposal to the Ministry of Finance, intended to increase the deductibility to EUR 1,000 per year. "We don't have to wait for the request from CSSPP, as we share the same objective - to promote savings in the voluntary pension system", stated VOSGANIAN.


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