There is a reduced rate of 9% that applies, in the main, to food, medicines. The V.A.T rate for books and newspapers is 4.5%.
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.
Real Estate Transfer Tax
A real estate transfer tax is payable in Greece on the sale of real estate, if bought before 1.1.2006.
The rate of tax fluctuates between 9%-11% depending on the value and location of the property.
The tax is paid by the purchaser.
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 243,600 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 0.35%-0.94% for individuals, 0.1%-0.6% for legal entities.
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.
