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Taxation in Greece
Taxation in Greece
 
Property taxation
Related issues


Stamp duty

Rentals are subject to a 3.6% stamp duty.

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Additional tax on income from real estate property

Income from real estate property (e.g. rentals) is subject to an additional tax calculated on gross income, which may not exceed the annual income tax liability for the same period. Such tax is calculated at the following rates:

  • 3% for legal entities
  • 1,5% for individuals, increased to 3% for residences exceeding 300 m²

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Tax value and revaluation of immovable property

The Tax Value of real estate almost all over Greece, is calculated today by a system of maps and prices set by the Ministry of Finance. These prices, which change every 2 years, are usually lower than the real market and practically equal to them in expensive suburbs.

Land and buildings must be revaluated for accounting and tax purposes every 4 years in accordance with the rates specified by the Ministry of Finance. Most recent revaluation year was 2006. Such provision does not apply to companies maintaining IFRS as their statutory reporting system.

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The tax declaration

E1 - Basic Declaration
  

Is the general Greek Income Tax Return form and has to be filed every year from those having income in Greece or own property in Greece.
The deadline for filing the E1 is
announced by the Greek Ministry of Finance each year. Even if you had no income from Greece but you own property in Greece you have to file a "Zero Income" E1 Return and E9 Schedule. There is a penalty for filing later.
If you have already an AFM (ΑΦΜ) and you can understand Greek well enough, you can complete both the E1 Return and E9 Schedule by visiting http://www.taxisnet.gr which is only in Greek and also for filing online you have to do it before the deadline ends.
If you have no AFM or can't file online, you have either to come to Greece yourself or have a "Limited Power of Attorney" (Πληρεξούσιο) done at your nearest Greek Consulate, authorizing a friend, relative, lawyer or accountant in Greece to request the AFM, to file both the E1 Return and E9 Schedule on your behalf.

 
E9 - Real Estate Declaration
  The E9 refers to a new Schedule the Hellenic Republic requires to be filed since 2005 with the Income Tax Returns of all those who own real estate in Greece. Even those who live outside Greece, have never filed a Greek Income Tax Return (E1), or have no income from Greece, must file an E1 and E9 if they own property.
The E9 Schedule can be filed later BUT the E1 has to be filed as above mentioned.

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VAT in Greece

VAT registration is compulsive for all businesses in Greece. The standard rate of VAT is 19% and the reduced rates are 9%, 4,5% or a reduction of 30% of any of the three rates, may apply in certain circumstances.

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