Category Taxation in Greece

Greeks Set to Pay EUR 620 in Taxes

May 11, 2017 Taxation in Greece

Taxes in GreeceATHENS – Tax returns from Greek taxpayers are starting to be filled, and early figures show that those that need to pay extra tax are only set to dish out EUR 620 each.

With less than two months to go, only 5 percent of all Greeks who need to file a tax return have done so, according to new information released by the Greek Independent Authority for Public Revenue.

In total only 368 537 returns have been filed.

Approximately 53.8 percent of the returns submitted did not make a claim for any tax refunds, nor did it state that the taxpayer had any extra taxes to pay beyond the amount which has already been withheld.

Nearly 16 percent of the returns filed claimed that a tax refund would need to be issued, with an average refund amount of EUR 312.

Approximately 31 percent of taxpayers would ...

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Millions of Greeks Pay No Taxes

April 10, 2017 Taxation in Greece

Greek TaxesROME – A significant portion of Greeks claim that they do not need to pay any income taxes, nor did they earn any income.

New information released by local news sources in Greece has indicated that approximately one third of Greeks in Greece paid no taxes in 2016.

In total, 2016 saw 8 645 596 individual tax returns filed in the country, with a total amount declared income of EUR 74.2 billion.

In 2015 the total amount of income declared was EUR 73.9 billion.

The average level of income of Greek taxpayers in 2016 dropped by 1.1 percent compared to the previous year, however, the average level of tax paid rose by 3 percent.

The total amount of personal income tax paid in Greece in 2016 was EUR 8.2 billion, while in 2015 the taxes paid was EUR 7.8 billion.

According to the tax returns submit...

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Cut Pension, Spread Taxes, IMF Tells Greece

February 8, 2017 Taxation in Greece

Greek taxesROME – Greece needs to cut its pension spending, while also spreading personal tax obligations across more people, according to the IMF.

On February 7th the International Monetary Fund released its latest report on the state of the economy of Greece, suggesting that a number of new tax reforms are needed in order for the country to become economically sustainable.

One of the ley reforms described in the report is a broadening of the personal tax system, in order to make the system more equitable.

It was explained that by spreading the tax burden across more taxpayers, the rates levied on personal incomes could be lowered, and the extra tax revenues could be used to cover government expenditure.

Currently the government of Greece has consistently reduced its levels of spending on infrast...

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Greek Farmers Protest Tax Changes

February 15, 2016 Taxation in Greece

Agricultural taxATHENS – Greek farmers are holding marches in protest of legislative changes which could see their taxes raised to as much as 70 percent.

Over the weekend farmers in Greece led protests in Athens and blockades across the country in opposition to a proposal for subsidiary and superannuation reforms.

Currently a proposal has been raised by Greece’s bailout lenders to drop some of the subsidies received by farmers in Greece.

Lenders are calling for self-employed workers to pay higher social security contributions, a move which would include almost all farmers.

Further, additional tax changes have been proposed, which, if implemented, would see a removal of subsidies on fuel used by the agriculture sector, and significant increases in the rate of income tax paid by farmers.

It is claimed ...

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Unexplained Funds Face 33% Tax in Greece

November 10, 2015 Taxation in Greece

ATHENS – Any explainable deposits found on the bank account of a Greek taxpayer will be taxed at a rate of 33 percent.

In a circular released on November 9th the Alternate General Secretary for Public Revenues in Greece Ioannis Bakas reminded tax workers that current legislation requires the imposition of a 33 percent tax on any unexplained profits enjoyed by individual taxpayers.

The circular specifically applies to the situation where tax authorities are investigating the tax affairs of a individual taxpayer, and, subsequently, uncover deposits in their bank account which cannot be adequately explained by the taxpayer.

In such cases, the deposits shall be treated as a result of illicit behavior or illegal activity, which are subject to a 33 percent tax.

In the circular it was also urged...

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