Greece » Taxes

Real Estate Tax	Transfer Tax	Income Tax	VAT	Gift Tax

Real Estate Tax

Real estate owners are taxed on their properties that they own in Greece. The tax is applicable to individuals as well as companies owning property.

Transfer Tax

Real estate transfer tax in Greece is payable on the sale of real estate only if purchased before 1.1.2006. The tax rate in Greece varies from 9%-11% depending upon the value and location of the property purchased. Purchaser is supposed to pay the tax.

Income Tax

In Greece an individual is subjected to tax on his income as an employee or as a self employed person. If the individual is permanent resident of Greece then he/she is liable to tax on his/her income earned in Greece and overseas. A self employed individual is supposed to make the advanced payments on income that will be compensated on filing an annual report. Certain payments are deducted from deducted from taxable income as described below.

VAT

Mostly VAT in Greece is 19%.  The reduced rate of9% applies to the food, medicine and 4.5% to books and newspaper. On the other hand there is reduction in rates of above mentioned VAT. Besides these VAT is also charged on assets, services provided and on imports into the Greece. In some cases value added tax is not charged on exports. In the same way insurance services, education services, legal services and medical services are also exempt from VAT.

Gift Tax

Gifts are taxable commodities in Greece. The rate of gift tax in Greece lies between 0%- 40%. The amount of tax can be affected by the person who takes the gift and the other who sends the gifs.