Whether you’re a Dionysian reveler or an Athena-inspired strategist, understanding income tax brackets will keep your financial journey as smooth as an Aegean breeze. Ready to Roar? We’ve got your back!
Tackling taxes doesn’t have to be as daunting as navigating ancient Greek mazes. Welcome to a tax odyssey through Greece, where we demystify the income tax brackets that affect expats.
Let’s dive in!
What is the income tax in Greece?
The yearly tax deductions are based on your total amount of income which includes yearly salary, properties and investments. This tax is based by your employer and ranges from 9% to 44%.
Income up to 9,999 euros is tax free and more than 40,001 gets taxed with the highest percentage of 44. For regular employees, wage tax is used to calculate their tax amount.
Employment, businesses and pension:
|Up to 10,000||9%|
|10,001 – 20,000||22%|
|20,001 – 30,000||28%|
|30,001 – 40,000||36%|
|Up to 12,000||15%|
|12,001 – 35,000||35%|
Individual contribution that is applied to total income:
|Up to 12,000||0%|
|12,001 – 20,000||2.2%|
|20,001 – 30,000||5%|
|30,001 – 40,000||6.5%|
|40,001 – 65,000||7.5%|
|65,001 – 220,000||9%|
For example, an employee earning 15,000 euros with no side business or investment will have to pay 3,300 euros for tax and will have 11,700 euros after their tax has been paid.
How to reduce your tax in Greece?
In order to reduce your taxes, you can file a tax declaration. The declaration must be turned in by June 30 which marks the end of the tax calendar year. You can only complete it online by connecting to the TAXIS.net site.
If you don’t already have one, you must first obtain a registration key from the tax office where you obtained your AFM (Arithmos Forologiku Mitroou) which is the number that identifies legal entities and individuals in Greece.
Greece Tax Calculator
You can visit aftertax.gr to calculate your income after tax. You enter the gross salary, net income, number of children, salaries in a year and insurance agency to get a rough estimate of the amount left. This is not completely accurate but gives you a rough idea of the amount you will have.
As you bid farewell to the labyrinth of Greek income tax brackets, remember that knowledge is the golden key to unlocking financial freedom.
By unraveling the complexities of these brackets, you’re empowered to make informed decisions, allowing you to focus on savoring the delights of Greece with the ease of Theseus conquering the Minotaur.
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