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Greece Tax Deductions

Greece Personal Deductions

  • 10% credit on a mortgage interest for the first residential apartment, up to a limit.
  • 10% of the rent paid on the main residential apartment up to maximum.
  • Donations to public, religious and other institutions, up to 5% of the taxable income.
  • Compulsory payments to social security.
  • Alimony payment, up to a EUR 1,500.
  • Medical expenses exceeding 5% of the taxable income, up to a limit.

Greece 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 if not exceeding the debt to equity 3:1 ratio of loans from affiliated parties.
  • 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.
Greece 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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