Greece Income Tax Rates for 2014
Greece Income Tax Brackets
|Tax Bracket (yearly earnings)||Tax Rate (%)|
|€0 - €12,000||0.00%|
|€12,000 - €16,000||18.00%|
|€16,000 - €22,000||24.00%|
|€22,000 - €26,000||26.00%|
|€26,000 - €32,000||32.00%|
|€32,000 - €40,000||36.00%|
|€40,000 - €60,000||38.00%|
|€60,000 - €100,000||40.00%|
|€100,000 and up||45.00%|
Greece has a bracketed income tax system with nine income tax brackets, ranging from a low of 0.00% for those earning under €12,000 to a high of 45.00% for those earning more then €100,000 a year.
How does the Greece Income Tax compare to the rest of the world?
The maximum income tax rate in Greece of 45.00% ranks Greece as one of the ten highest taxed countries in the world. Countries with similar tax brackets include Portugal with a maximum tax bracket of 46.00%, United Kingdom with a maximum tax bracket of 50.00% and Belgium with a maximum tax bracket of 50.00%. Keep in mind that our ranking measures only nationwide income taxes, and does not account for local income taxes at state, province, or municipal levels.
|Maximum Income Tax||Income Tax Allowance||World Tax Rank|
|45.00%||€0 ($0 USD)||6th of 34|
What is the Greece Income Tax?
Greece's personal income tax is a bracketed income tax that must be paid yearly by all citizens to the government of Greece. Failure to pay, or underpayment of, the Greece income tax can result in high fees, fines, or jail time.
In addition to Greece's income tax, other taxes may apply to wages or profits earned, including social services, medical care, and capital gains taxes.
Greece Income Tax Allowance
Greece provides most taxpayers with an income tax allowance of €0, which can be kept as a tax-free personal allowance. Greece's tax credit is a
A tax credit is a fixed amount of money that may be kept by taxpayers without paying any income taxes. Generally, a tax credit is subtracted from your gross income before your taxable income is calculated.
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