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Greece

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About

Greece

Capital
Official languages
Population 
Currency

ISO 4217

Athens

Greek

10,722,959 (as of July 2020)

Euro

EUR

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Economy

Greece has seen a steady improvement in its economy over the past few years. According to the World Bank, the country's GDP grew by 1.9% in 2019, and is projected to grow by 2.2% in 2020. The unemployment rate has also decreased from a peak of 28.2% in 2013 to 17.3% in 2019. Inflation has remained relatively low, averaging 1.6% in 2019. The country's public debt has also decreased from a peak of 181.1% of GDP in 2016 to 179.2% in 2019. These figures demonstrate that Greece is making progress in its economic recovery, and is on track to continue its growth in the coming years.

Taxation

Greece is a country located in southern Europe with a tax system that includes both corporate and personal taxation.


Corporate taxation in Greece is currently at a standard rate of 24%. However, there are some deductions and allowances available, such as those for research and development, investment in machinery and equipment, and charitable donations.


Individuals in Greece are subject to a progressive tax system that includes both national and local taxes. The tax rates for national income tax range from 9% to 44% depending on the income level. Local taxes, which vary by municipality, are typically in the range of 0.025%-0.035%.


The tax year in Greece runs from 1 January to 31 December, and tax returns must be filed by the end of June of the following year. Taxpayers can file their returns electronically or on paper. Tax payments are typically due in three instalments, with the first instalment due in July, the second in September, and the final instalment in December.


Taxpayers in Greece can choose to pay their taxes either monthly or in a lump sum. Monthly payments are based on the previous year's tax assessment and are paid on the 30th day of each month. Lump sum payments are due in July, September, and December and can be paid either online or at a bank.


In addition to income taxes, there are also taxes on capital gains, dividends, and other types of income. Greece also has a value-added tax (VAT) system, which is similar to the sales tax system in other countries. The VAT rate in Greece is currently set at 24%.


It is important to note that tax laws and regulations in Greece are subject to change. Taxpayers should consult with a tax professional or the Greek tax authority for the most up-to-date information on tax rules and procedures.

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