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Apr 21, 2016

Tax Example: Rent


 
Non-resident couple´s rental income1      
Monthly Rental Income2 1,500 6,000 12,000
Annual Rental Income 18,000 72,000 144,000
Less: Expenses3 40% 7,200 28,800 57,600
= Taxable Income 10,800 43,200 86,400
Income Tax 4
Flat rate 9% 972 3,888 7,776
Annual Income Tax Due 972 3,888 7,776
Tax Due as % of Gross Income 5.40% 5.40% 5.40%

Notes


1 The property is jointly owned by husband and wife.

2 Exchange rate used: 1.00 EUR = 1.00 EUR

3 A standard deduction of 40% is allowed when calculating taxable income to account for income-generating expenses. Taxpayers may choose to deduct actual costs.

4 Rental income earned by nonresident individuals is taxed at a flat rate of 20%.






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