Taxable Income & Allowances

What part of my income is taxable?

Income tax is payable on both earned and unearned income.

Taxable income includes salaries, pensions, property, ‘visible signs of wealth’ (e.g. a car), property and investment income (dividends and interest), and income from professional, artistic, business or agricultural activities.

Allowances & Deductions

Before you’re liable for income tax, you can deduct social security payments and certain costs from your gross income (allowances) and from the sum due after establishing your tax base (deductions). Most allowances and deductions apply only to residents and include the following:

• medical expenses for you and dependent family members;
• interest on mortgage loans taken out to buy your primary residence;
• rental payments;
• tuition fees for dependent children;
• donations to the Greek state under certain conditions and up to a certain amount;
• family expenditure for purchases of certain goods or services, including a computer;
• family allowances

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• Banks: Where to manage your finances
• Accounts: How to open a bank account in Greece
• Cards & Traveller's cheques: How to use them
• Cost of Living: What is the cost of living in Greece?
• Importing & Transferring Money: How to receive and transfer money
• Offshore Banking: Putting your money in a tax haven
• Income tax: An introduction to Greece's income tax
• Income Tax Liability: Who is liable to pay income tax?
• Taxable Income & Allowances: What part of my income is taxable?
• Income Tax Rates: Calculating your income tax
• Income Tax Returns: Filing and payment