Income Tax Greece employs a progressive income tax system for individuals, with different tax rates applied to different income brackets. The current tax rates are: 0 - 10,000€: 9% This rate applies to the first 10,000€ of taxable income. 10,001 - 20,000€: 22% This rate applies to the portion of income between 10,001€ and 20,000€. 20,001 - 30,000€: 28% This rate applies to the portion of income between 20,001€ and 30,000€. 30,001 - 40,000€: 36% This rate applies to the portion of income between 30,001€ and 40,000€. 40,001€ and above: 44% This rate applies to income over 40,001€. Tax Reductions and Allowances Individuals in Greece may also be eligible for various tax reductions and allowances that can lower their tax liability. These include: Basic Tax Allowance: For salaried employees and pensioners, a basic tax reduction ranging from 777€ to 1,340€, depending on the number of dependent children: No children: 777€ One child: 810€ Two children: 900€ Three children: 1,120€ Four or more children: 1,340€ These reductions are subtracted directly from the calculated tax, thus reducing the total tax liability. Value Added Tax (VAT) Standard Rate: 24% Applies to most goods and services. Reduced Rate: 13% Applies to specific goods and services such as food products, medical services, and hotel accommodations. Super Reduced Rate: 6% Applies to essential goods such as pharmaceuticals, books, and theater tickets. Special Consumption Tax Fuel: Varies by type (e.g., petrol, diesel, LPG) Specific rates depend on the type of fuel. Tobacco Products: Varies by type and quantity Different rates apply depending on the product category. Alcoholic Beverages: Varies by type and quantity Specific rates are applied based on the type and quantity of the alcoholic beverage. Unified Property Tax (ENFIA) Main Tax: 2-13€/sqm Based on the size, location, and characteristics of the property. Supplementary Tax 0.15%-1.15% Applied to the total value of the property if it exceeds 250,000€. Capital Gains Tax Standard Rate: 15% Applies to profits from the sale of real estate. Inheritance and Gift Tax Group A (e.g., spouses, children): 0-10% Depending on the value of the inheritance or gift. Group B (e.g., siblings, nieces/nephews): 0-20% Depending on the value of the inheritance or gift. Group C (others): 0-40% Depending on the value of the inheritance or gift. Social Security Contributions Employee Contribution: 15.33% Calculated on gross salary. Employer Contribution: 24.81% Calculated on gross salary. Motor Vehicle Tax Based on engine size and CO2 emissions: Various Rates Annual tax calculated based on vehicle specifications. Transfer Tax on Property Sales Standard Rate: 3% Applied to the transaction value during property sales. Conclusion The tax system in Greece for individuals involves a variety of taxes including progressive income tax rates, VAT, special consumption taxes, property taxes, capital gains tax, inheritance and gift taxes, social security contributions, motor vehicle tax, and transfer tax on property sales. Understanding these rates and the available reductions and allowances is crucial for managing personal finances and ensuring compliance with Greek tax regulations.