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Greece Income Taxes and Tax Laws













Last partial update, September 2013
  • All tax on an individual's income in Greece is progressive. As of 2013, a Greek individual is taxed at a rate of 22% - 42%.
  • Exemptions are granted to taxpayers with specific types of income.
  • In 2013 the standard rate of corporate tax in Greece is 26%.
    For Greek partnerships the tax rate is 26% too.
    Companies not using the double entry bookkeeping system pay 26% for income up to EUR 50,000 and 33% for the exceeding income.




Income Tax for an Individual
  • An individual in Greece is liable for tax on his income as an employee and on income as a self-employed person. In the case of an individual who answers the test of a "permanent resident" of Greece, tax will be calculated on his income earned in Greece and overseas.
  • foreign resident who is employed in Greece pays tax only on his income in Greece.
  • To be considered a Greek resident, life must be shown to be centered in Greece. Residence must be established in Greece and not in another country. The family should be domiciled in Greece and Greece should be the place in which children are educated and more.
  • An employer is obligated to deduct, immediately, each month, the amount of tax and national insurance due from a salaried worker.
  • A self-employed individual is obligated to make advance payments on income tax that will be offset on filing an annual report. In the case of a new business, the advance payments will be calculated according to the estimates of the owner of the business. The advance payments are payable three times a year.
  • Certain payments are deducted from taxable income as detailed below.
  • Greece individual income tax rates 2013


Tax % The Tax Base (EURO)
22 1-25,000
32 25,001-42,000
42 42,001 and over


Note: the rates are for salaries and pension .

Greece Corporate Tax
  • Corporations in Greece are taxed on their income in Greece and from overseas. Foreign companies in Greece are taxed only on income that is generated in Greece.




Greece Capital Gains

  • For a company, a capital gain in Greece is added to regular income and is taxable at the same rate as regular income for a company, other than in specific instances as defined in law.
    Sale of listed shares bought after 1.7.2013 are taxed at 20%.
  • For individuals the capital gain tax is 0%-20%.
  • For individuals, rental income is taxed at 10% for income up to EUR 12,000 and 33% for income exceeding this ceiling. There are deductions of 10%-15% for maintenance, 15% for documented expenses, and a 10% deduction for depreciation.
Greece Reporting Dates and Payment

The tax year in Greece is the year ending on December 31.
Advance payments of tax are made as specified below:
  • An Individual - An individual whose income is only from a wage is not obligated to file an annual return. The employer deducts tax from the employee and transfers it to the tax authority every month.
  • The return must be filed by March 2nd after the end of the tax year.
  • During the course of the year, the company must make advance payments every three months. A delay in submitting the returns beyond the prescribed date is liable to a fine.


Greece Deduction of Tax at Source

Taxation of Employee
An employer is obligated to deduct tax at source from an employee and to make additional contributions to social security.


Greece Social Security
  • The employer's contribution is 28% of the salary. The employee's contribution is 16.5%.
  • A self-employed person makes payments to social security himself.
  • The insurance covers pension, unemployment and care insurance.


Greece Other deductions

Tax must be deducted at source from the following payments to non-residents on the basis of the following:

  • Dividend - 25%
  • Interest - 20%/33%
  • Royalties -25%
Comment:
Deduction at source for foreign residents is subject to the Double Taxation Prevention Treaty.



Another article about Greek taxes by www.taxexperts.eu (December 2011) please click here.






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