Annual expenditure of living - Imputed Income
Individuals submitting a tax
return in Greece
are subject to income tax on the greater of their declared earnings or IMPUTED
INCOME. Imputed income is calculated on the basis of living expenditure or
acquisition of certain assets (house, car, swimming pools etc).
The
physical presence of an individual more than 183 days per year in Greece is automatically classified as tax
resident in Greece
and is liable to taxation for the worldwide income (International
tax agreements are applied for avoiding the double taxation). So for a
person that is tax resident in Greece
the cost of living and the imputed income are applied. Also that person is
liable to collect receipts for his daily expenses up to 25% of his total income
generated (real or imputed).
Since
1/1/2011, concerning the imputed income due to the cost of living (not the purchases
of certain assets) are not applied to the individuals that spend less than
183 days in Greece with the
precondition that they don’t have any income produced in Greece.
From 1.1.2014, imputed income on the basis of living expenditure is not applied to non - greek tax citizens even if they earn real income in Greece. On the other hand, if a non - greek tax citizen is earning real income in Greece, then imputed income is applied on the acquisition of certain assets (house, car, swimming pools, business start up etc).
Important notice: Failure to follow the rules of imputed income on acquisition of assets in Greece might cause additional taxation 22%. Please seek advice on this matter
General rules: Assets such as helicopters and vehicles that are used official for business purposes does not produce imputed income.
The minimum imputed income for each individual is calculated at 3.000€ per year. For married couples (joint tax declaration) the minimum imputed income is 2.500€ for the husband and for the wife.
Imputed income produced from various assets:
From 1.1.2014, imputed income on the basis of living expenditure is not applied to non - greek tax citizens even if they earn real income in Greece. On the other hand, if a non - greek tax citizen is earning real income in Greece, then imputed income is applied on the acquisition of certain assets (house, car, swimming pools, business start up etc).
Important notice: Failure to follow the rules of imputed income on acquisition of assets in Greece might cause additional taxation 22%. Please seek advice on this matter
General rules: Assets such as helicopters and vehicles that are used official for business purposes does not produce imputed income.
The minimum imputed income for each individual is calculated at 3.000€ per year. For married couples (joint tax declaration) the minimum imputed income is 2.500€ for the husband and for the wife.
Properties:
- The above amounts are increased by 40% for areas with price zones from 2.800€ up to 4.999€.
- 50% reduction for more than 10 years age.
For sailing boats with cabin and/or sailing boats from wood, the amounts are reduced by 50%.
Boats without Cabin:
Swimming pools:
Airplanes, helicopters etc:
- Sailplanes : 8.000€
- Airplanes and helicopters for the first 150 horse power : 65.000€
- Airplanes and helicopters more than 150 horse power : 500€ additional for every next horse power.
- Jets : 200€ for every pound thrust
- Super-light flying sports machines : 20.000€
Other:
Finally, imputed income is calculated also to the real cost for private schools, private teachers and household assistants.
Square meters
|
Apartment
|
Detached House
|
||
main spaces
|
Auxiliary spaces
|
main spaces
|
Auxiliary spaces
|
|
Up to 80m2
|
40€
Per m2
|
40€
Per m2
|
48€
Per m2
|
48€
Per m2
|
81m2 - 120m2
|
65€
Per m2
|
40€
Per m2
|
78€
Per m2
|
48€
Per m2
|
121m2 - 200m2
|
110€
Per m2
|
40€
Per m2
|
132€
Per m2
|
48€
Per m2
|
201m2 - 300m2
|
200€
Per m2
|
40€
Per m2
|
240€
Per m2
|
48€
Per m2
|
301m2 and more
|
400€
Per m2
|
40€
Per m2
|
480€
Per m2
|
48€
Per m2
|
- The above amounts are increased by 40% for areas with price zones from 2.800€ up to 4.999€.
- The above amounts
are increased by 70% for areas with price zones from 5.000€ and more.
Cars:
Engine Power (cc)
|
Imputed Income (€)
|
Up to 1.200cc
|
4.000€
|
1.300 cc
|
4.600€
|
1.400 cc
|
5.200€
|
1.500 cc
|
5.800€
|
1.600 cc
|
6.400€
|
1.700 cc
|
7.000€
|
1.800 cc
|
7.600€
|
1.900 cc
|
8.200€
|
2.000 cc
|
8.800€
|
2.100 cc
|
9.700€
|
2.200 cc
|
10.600€
|
2.300 cc
|
11.500€
|
2.400 cc
|
12.400€
|
2.500 cc
|
13.300€
|
2.600 cc
|
14.200€
|
2.700 cc
|
15.100€
|
2.800 cc
|
16.000€
|
2.900 cc
|
16.900€
|
3.000 cc
|
17.800€
|
3.100 cc
|
19.000€
|
- Cars up to 1.200cc : 4.000€
- Cars more than 1.200cc : 600€ additional for every next 100cc up to 2.000cc
- Cars more than 2.000cc : 900€ additional for every next 100cc up to 3.000cc
- Cars more than 3.000cc : 1.200€ additional for every next 100cc.
- Cars more than 1.200cc : 600€ additional for every next 100cc up to 2.000cc
- Cars more than 2.000cc : 900€ additional for every next 100cc up to 3.000cc
- Cars more than 3.000cc : 1.200€ additional for every next 100cc.
The above amounts are
reduced depending on the age of the car as follows:
-
30%
reduction for more than 5 years up to 10 years age.- 50% reduction for more than 10 years age.
Cars for disabled
persons are excluded from imputed income.
Boats with cabin:
Length of the Boat
|
Years of age and Annual Imputed Income in €
|
||
Up to 5 years
|
More than 5 and up to 10 years
|
Over 10 years
|
|
7
|
12.000€
|
10.200€
|
8.400€
|
8
|
15.000€
|
12.750€
|
10.500€
|
9
|
18.000€
|
15.300€
|
12.600€
|
10
|
21.000€
|
17.850€
|
14.700€
|
11
|
28.500€
|
24.225€
|
19.950€
|
12
|
36.000€
|
30.600€
|
25.200€
|
13
|
51.000€
|
43.350€
|
35.700€
|
14
|
66.000€
|
56.100€
|
46.200€
|
15
|
81.000€
|
68.850€
|
56.700€
|
16
|
103.500€
|
87.975€
|
72.450€
|
17
|
126.000€
|
107.100€
|
88.200€
|
18
|
148.500€
|
126.225€
|
103.950€
|
19
|
178.500€
|
151.725€
|
124.950€
|
20
|
208.500€
|
177.225€
|
145.950€
|
21
|
238.500€
|
202.725€
|
166.950€
|
22
|
268.500€
|
228.225€
|
187.950€
|
23
|
318.500€
|
270.725€
|
222.950€
|
24
|
368.500€
|
313.225€
|
257.950€
|
25
|
418.500€
|
355.725€
|
292.950€
|
For sailing boats with cabin and/or sailing boats from wood, the amounts are reduced by 50%.
Boats without Cabin:
Length
of the Boat
|
Years
of age and Annual Imputed Income in €
|
||
Up
to 5 years
|
More
than 5 and up to 10 years
|
Over
10 years
|
|
3
|
4.000
|
3.400
|
2.800
|
5
|
4.000
|
3.400
|
2.800
|
7
|
8.000
|
6.800
|
5.600
|
9
|
12.000
|
10.200
|
8.400
|
Swimming pools:
Square
meters
|
Outdoor
Swimming Pool
|
Indoor
Swimming Pool
|
Annual
Imputed Income
|
Annual
Imputed Income
|
|
30m2
|
4.800€
|
9.600€
|
40m2
|
6.400€
|
12.800€
|
50m2
|
8.000€
|
16.000€
|
60m2
|
9.600€
|
19.200€
|
70m2
|
12.800€
|
25.600€
|
80m2
|
16.000€
|
32.000€
|
90m2
|
19.200€
|
38.400€
|
100m2
|
22.400€
|
44.800€
|
Airplanes, helicopters etc:
- Sailplanes : 8.000€
- Airplanes and helicopters for the first 150 horse power : 65.000€
- Airplanes and helicopters more than 150 horse power : 500€ additional for every next horse power.
- Jets : 200€ for every pound thrust
- Super-light flying sports machines : 20.000€
Other:
Finally, imputed income is calculated also to the real cost for private schools, private teachers and household assistants.
Household assistant
for disabled persons (more than 67% disability) and old people more than 65
years old are excluded from imputed income.
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