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Greece Value Added Tax
- From July 1, 2010 VAT in Greece is 23%%, compared to the previous 21% rate.
- There is a reduced rate of 13% that applies, in the main, to food, medicines. The V.A.T rate for hotel accommodation, books and newspapers is 6.5%.
- In specific areas in Greece, there is a reduction on the above rate of VAT.
- VAT is charged on assets and services provided in Greece as well as on imports into Greece.
- In many cases, exports are not subject to value added tax. Similarly insurance services, educational services, legal services, medical services and more are exempt from VAT.
- The threshold for VAT registration is an annual turnover of EUR 10,000.
Greece Real Estate Transfer Tax
- A real estate transfer tax is payable in Greece on the sale of real estate which is not subject to VAT.
- The rate of tax fluctuates between 8%-10% depending on the value and location of the property.
- The tax is paid by the purchaser.
Greece Real Estate Tax
- Real estate owners are taxed in Greece on the real estate that they own. The tax is applicable to individuals and to companies.
- Real estate that is valued at less than EUR 400,000 is exempt from real estate tax.
- The rate of tax for real estate with a value in excess of the limit for exemptions, fluctuates between 0.1% - 2%, The 2% rate is imposed on assets with value exceeding EUR 5 million.
Greece Inheritance and Gift Tax
- Inheritances / gifts are taxable in Greece.
- The tax is payable on real estate in Greece and real estate outside Greece that is owned by a Greek resident.
- The rate of tax is between 0% - 40%. The amount of tax is affected by the relationship between the person making the gift / the testator, and the recipient of the gift / the heir.
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