Tax rate

With the pre-election race heating up in Greece, the three largest political parties are seeking to highlight their tax policies.

Frontrunner New Democracy wants an increase in the tax-exemption limit for families with children, the gradual abolition of the fee for practicing a profession ("telos epitidevmatos") and a reduction in documentation requirements.

The Finance Ministry and the tax administration are looking for solutions so that professionals stop hiding their actual incomes - i.e. taxable material - through fictitious expenses. 

The government is attempting to support young freelancers in their first professional steps through a favorable tax framework.

In this context, new self-employed people will be taxed on their 2022 income at a rate of 4.5% - i.e. at a rate that is 50% lower than that which applies to the first tax bracket.

An extra tax will be paid for houses with a value of more than 5.25 million Turkish Liras ($710,335) according to a communique published in the Official Gazette on Jan. 15.

The Valuable House Tax passed into law in late 2019, but its implementation was suspended for a year.

Tax rates for conventional property rental revenues are set for an adjustment, provided the Finance Ministry makes a calculation of the cost of its interventions for the next few years. At the focus of attention is the medium bracket of incomes that incurs a particularly high tax rate of 35 percent.

Easing the pressure on taxpaying households and businesses is the top priority for Greece's new finance minister, Christos Staikouras said on Tuesday as he took over the portfolio, adding that this will be evident in the first tax bills later this month.

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The government is reportedly preparing a tax relief package ahead of the general election that is set to cost the state up to 4 billion euros per annum, while industrialists are warning of a likely temporary recession for the economy in the case of an extended pre-election period.

Greece's creditors have blocked the government's plans to increase the tax load on owners of medium-sized and large property. According to sources, the government had intended to shift the new burden resulting from the adjustment of the taxable property rates to 500,000 owners with assets adding up to over 200,000 euros.

Greek citizens paid the highest tax rates among all 35 OECD countries in 2016, according to a report released. The data, focusing on the tax wages of OECD countries showed that Greek taxpayers were burdened with payments to the state that included high income tax, more social security contribution and a lowering of the tax free threshold.