Greece - Tax Guide for Freelance Contractors
Welcome to our guide to Greek Taxation. You will find a wealth of information which will be useful if you plan to work in, or place consultants in, Greece.
Our tax guides give a general overview of the actual taxation rates and rules at the time of writing. There are of course many ways to legally reduce tax or social security burdens in Greece. Please contact us for more information or an actual breakdown of your situation, and to find out more about our range of payroll and contact management services in Greece.
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Greek Income tax
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Umbrella and Contract Management Services in Greece
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Tax residents in Greece: are liable to pay Greek tax on their worldwide income,
Non tax residents in Greece: are liable to pay tax only on their Greek source income.
Tax residency:
Residence is not determined by tax law, but determined on the basis of factual circumstances such as:
- length of stay in Greece,
- the possession of a residence permit.
Married persons file a tax return jointly, but their income is assessed separetely for taxation pruposes.
Taxable income includes:
- income from employment,
- income from a business
- professional income,
- investment income,
- pensions (under certain conditions),
- benefits in kind.
Certain deductions are permissible for 2011 including:
- social security contributions in full,
- life insurance premiums up to EUR 1’200,
- dependent child deduction of EUR 1'500 for one child, EUR 3'000 for two children, EUR 11'500 for three children,
- 100% medical expenses,
- interest paid on mortgage loans received by the taxpayer for the acquisition of a first residence acquired before January 1st, 2003,
- 20% of expenses paid by taxpayers for natural gas or similar energy-saving installations at a maximum income's deduction of up to EUR 700'000.
Tax credits for 2011:
- 20% of the annual medical expenses of the taxpayer and his dependents up to a maximum of EUR 30'000,
- 20% of the annual home rent up top a maximum of EUR 240,
- 20% of the annual rent paid in respect of dependent children who are studying at a Greek school or university up to a maximum of EUR 240,
- 20% of the educational expense for a taxpayer and his dependents up to a maximum of EUR 240,
- 20% on accrued interest on mortgage housing loans according to certain conditions.
Income tax rates for 2011:
- 0.00% for the first EUR 12’000, (submit receipts to qualify for the tax exemptions),
- 18.00% from EUR 12'000 to EUR 16'000,
- 24.00% from EUR 16'001 to EUR 22'000,
- 26.00% from EUR 22'001 to EUR 26'000,
- 32.00% from EUR 26'001 to EUR 32'000,
- 36.00% from EUR 32'001 to EUR 40'000,
- 38.00% from EUR 40'001 to EUR 60'000,
- 40.00% from EUR 60'001 to EUR 100'000
- 45.00% over EUR 100'001.
Filing date:
Between May 4th and June 1st, in the year following the tax year (for employees).