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Greece Tax Deductions

Greece Personal Deductions

20% credit on a mortgage for the first residential apartment, up to a limit.
20% of the rent paid on the main residential apartment up to maximum.
Donations to public, religious and other institutions.
Compulsory payments to social security.
EUR 1,000 tax credit for each of the first 2 dependent children.
20% of alimony payment, up to a limit.
20% of medical expenses, up to a limit.

BUSINESS DEDUCTIONS

In Greece, deductions and business expenses may be claimed as specified below:

Offset of losses - A loss may be offset over 5 years
Tax may not be offset in retrospect.
Consolidated Statements - in Greece a loss in one company of a group may not be set against a profit in another company in the group.
Financing expenses - as a general rule, interest on credit is allowable for tax.
Transfer charges - transactions between affiliated parties will be allowed only if they are consistent with the accepted market price of the transaction had the transaction been conducted between two parties that are not affiliated.

Depreciation of Fixed Assets

- The straight-line method is the accepted method of depreciation in Greece. In certain cases the declining balance method is allowed.
- The rates of depreciation in Greece:

Class of Asset	% Depreciation.
Commercial / residential buildings	5 - 8
Industrial buildings	8
Machinery and equipment	15
Computers	30
Trucks and buses	20
Other vehicles	15
Office furniture and equipment	20

When the purchase price is up to EUR 1,200 , fixed assets can be fully depreciated in the first year.

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