Income Tax Deductions and Allowances in Greece
Find out what's exempt, what's included, and what can be claimed back on income tax in Greece...
Although the Greek parliament implemented a tax measure which abolishes most tax deductions in early 2013, this measure will be implemented upon 2014 tax declarations with respect to income earned in 2013.
For tax declarations submitted in 2013 with respect to income tax earned in 2012, the following tax deductions will apply:
- A deduction of 5,000 euros will apply to each individual taxpayer
- Taxpayers with dependent children will benefit from a 2,000 euro deduction for each of the first two children, and a 3,000 euro deduction for the third and each additional child
A taxpayer may reduce their payable tax amount by a maximum of 10 percent, subject to certain maximum thresholds, with the following tax allowances:
- Rental payments for taxpayer’s principal residence or that of their dependent children who study in a location far distant from the taxpayer’s principal residence
- Insurance payments for life, health or personal injury policies
- Tuition payments made to specialised foreign language or other subject schools (known as “frontistiria” or φροντιστηρια) only
- Interest on payments for mortgages of up to 200,000 euros with respect to residences of 120 square metres
- Medical and hospitalisation of a taxpayer and their dependents
- Payments made by a taxpayer to their pension and insurance funds
- Expenses paid to upgrade the energy efficiency of properties pursuant to the development program entitled “Sustainable Environment Development”
- Gifts or sponsorships granted by the taxpayer to the public sector, including local authorities, the National Cohesion Fund (Εθνικό Ταμείο Κοινωνικής Συνοχής), churches, monasteries of Mt. Athos, institutions of higher education, national or local health institutions and hospitals, the Archeological Resource Fund (Ταμείο Αρχαιολογικών Πόρων), charitable institutions and research or technological institutions which constitute private non-profit legal persons
- Sponsorships granted to private non-profit legal persons which pursue cultural purposes