Greece

Overview

Last reviewed - 30 June 2020

Greece is a parliamentary republic along the Mediterranean Sea in Southeastern Europe. It is bordered by Bulgaria, the Republic of North Macedonia, and Albania to the north; the Ionian Sea to the west; the Mediterranean Sea to the south; and the Aegean Sea and Turkey to the east. The capital of Greece is Athens, the official language is Greek, and the currency is the euro (EUR).

Greece achieved independence from the Ottoman Empire in 1829. During the second half of the 19th century and the first half of the 20th century, it gradually added neighbouring islands and territories, most with Greek-speaking populations. Since the 'Kallikratis' programme reform entered into effect on 1 January 2011, Greece consists of 13 peripheries subdivided into a total of 325 municipalities. The implementation of the programme realised the administrative restructuring of the country. Moreover, the systems of controlling the legality of the actions of the local government authorities, as well as the public financial control of local governments, were further enhanced.

Greece joined the North Atlantic Treaty Organization (NATO) in 1952. In 1981, Greece joined the European Community (EC) (now the European Union or EU). It became the 12th member of the European Economic and Monetary Union in 2001.

Under pressure by the European Union and international market participants and for the treatment of the financial crisis, the government has adopted since 2010 several austerity programs that include cutting government spending, reducing the size of the public sector, decreasing tax evasion, reforming the health care and pension systems, and improving competitiveness through structural reforms to the labour and product markets. Greece has received substantial financial and technical support from its eurozone partners and the International Monetary Fund over the past years, aiming towards fiscal sustainability and balance, public sector reorganisation and optimisation, and deficit reduction. This aid program is still in progress, while the heavy austerity measures have resulted in political instability that, as of the date of this summary, is not resolved.

PwC Greece has two offices and over 1,350 employees. We are the largest professional services firm in Greece.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)

24

Corporate income tax (CIT) due dates
CIT return due date

Last day of the sixth month following the end of the tax year.

CIT final payment due date

December (assuming that the financial year ends on 31 December of the previous year and that the tax is paid in instalments).

CIT estimated payment due dates

Six equal monthly instalments.

Personal income tax (PIT) rates
Headline PIT rate (%)

Marginal rate is 44%, plus solidarity contribution

Personal income tax (PIT) due dates
PIT return due date

30 June of the following year

PIT final payment due date

NP

PIT estimated payment due dates

Tax is paid in three instalments, by the end of July, September, and November.

Value-added tax (VAT) rates
Standard VAT rate (%)

24

Withholding tax (WHT) rates
WHT rates (%) (Div/Int/Roy)

Resident: 5* / 15 / 20;

Non-resident: 5* / 15 / 20

*(10 for dividends acquired until 31 December 2019)

Capital gains tax (CGT) rates
Corporate capital gains tax rate (%)

Capital gains are subject to the normal CIT rate.

Individual capital gains tax rate (%)

15

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)

NA

Inheritance and gift tax rates
Inheritance tax rate (%)

Category A: 10;

Category B: 20;

Category C: 40

Gift tax rate (%)

Category A: 10;

Category B: 20;

Category C: 40

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.