Greece: Worked Example of Tax on Rent
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Tax Example: Rent
| Non-resident couple's joint monthly rental income1 | 1,500 | 6,000 | 12,000 | |
| Annual Rental Income | 18,000 | 72,000 | 144,000 | |
| Less Costs (40%)2 | (7,200) | (28,800) | (57,600) | |
| Less Depreciation (5%)3 | (900) | (3,600) | (7,200) | |
| = Taxable Income | 9,900 | 39,600 | 79,200 | |
| Income Tax Rates | ||||
| Up to 10,500 | 5% | - | - | - |
| 10,500 12,000 | 15% | - | - | - |
| 12,000 30,000 | 27% | - | - | - |
| 30,000 - 75,000 | 37% | - | - | - |
| Over 75,000 | 40% | - | - | - |
| Annual Income Tax Due | 495 | 9,162 | 23,940 | |
| Tax Due as % of Gross Income | 2.75% | 12.725% | 22.78% | |
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DISCLAIMER: The information contained above is marketing material only and is not written tax advice directed at the particular facts and circumstances of any person and should not be relied upon. We encourage you to discuss your particular situation with us or an independent tax advisor. This information was last updated on April 7, 2008.
Notes
1 The property is jointly owned by husband and wife, but then taxed separately (50% upon each partner).
2 A standard deduction of 40% of the gross rental income is allotted for income-generating expenses if the taxpayer presents supporting documents and receipts. A standard deduction of 10% of the gross rental income is allotted for income-generating expenses if the taxpayer does not present any supporting documents and receipts. This includes expenses incurred for maintenance, repairs, lawyers fees, and insurance fees.
3 Depreciation expense is estimated to be around 5% of the gross rental income.
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