Greece Tax Deductions

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Greece Tax Deductions

Greece Tax Deductions

  • All forms of tax relief relate to the income of an individual in Greece.
  • The following amounts are subject to the definitions and limits in the Greek law.

Personal Tax Relief Comments
Compulsory social security payments Fully deductable.
Donations Up to 20% of taxable income, subject to limits.

Greece Business Deductions

In addition to the reductions/credits specified above, reductions and business expenses may be claimed in Greece as follows:
  • Offset of losses - a loss may be offset up to 5 years forward.
    There is no carryback of losses.
  • Consolidated statements - it is not possible in Greece to offset a loss in one company in a group against the profit of another company in the group.
  • Financing costs - Interest on credit is allowable for tax only up to 30% of the company income before EBITDA when income exceeds EUR 3 million.
    Non deductible interest can be carried forward, subject to certain terms.
  • Agriculture Income - There is a 60% deduction.
  • Royalties Income - There is a 40% deduction.
  • Bad Debts-For a period exceeding one year bad debts are 100% deductible when the debt is under EUR 1,000 .For debts above this ceiling, when the debt's period is above one year, 50%-100% are deductible according to the age of the debt.

An employer's contributions to pension and health funds that are not legally compulsory are allowable to a limit of BGL 40 a month for each employee. End delete

Greece Depreciation of Fixed Assets

  • The customary method of depreciation in Greece is the straight line method.
  • A table of rates of depreciation according to the straight line method is as follows:
    Type of Asset Depreciation Percentage
    Buildings 4%
    Machinery and equipment 10%
    Transport vehicles 12%-50%
    Computers and software 20%
    Vehicles 25%-50%
    Other fixed assets 10%
    Intangible Assets 10%

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