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What Employment Taxes and Social Security will need to be paid?

 

If an individual is resident in Greece then they are subject to Greek tax laws. An individual is resident in Greece if they reside in Greece or has a habitual abode in the country. An abode will be regarded as ‘habitual’ if the taxpayer stays in Greece more than 183 days within a calendar year. We would advise any new entrant to Greece or person who spends time working in Greece to take professional advice to determine whether they are Greece tax resident. In Greece, 14 salaries are paid for the employment of workers. In addition to the 12 monthly salaries, you pay half the salary during the Easter period, half the salary during the summer vacation period and one full salary in the Christmas season.

Employers and employees also have to pay Greek social security, which is called National Insurance rates are currently about 25.06% for the employer and 16% for the employee on their gross salary. It is the employers’ legal responsibility to pay over employee’s tax and social security deductions to the Greek tax authorities. For other EU nationals exceptions may be given for a limited period of time provided they can prove they are registered at home.

Current Personal Income Tax rates in Greece are:

Band of income (Euro)                                   Tax rate (%)

0-20,000                                                              22%

20,001-30,000                                                     29%

30,001-40,000                                                     37%

40,001-                                                                45%

(NB: rates are for the tax year 2017)

Example 1

Payment of salary= 500.00€

Insurance contributions = 244,41€

Income tax = 0.00€

Τotal cost = (14*500,00)+(14*244.41) = 10.241.74€

Example 2

Payment of salary= 600.00€

Insurance contributions = 293,58€

Income tax = 0.00€

Τotal cost = (14*600,00)+(14*293,58) = 12.510,12€

Example 3

Payment of salary= 700.00€

Insurance contributions = 354,35€

Income tax = 23,41€

Τotal cost = (14*700,00)+(14*354,35)+(14*23,41) = 15.088,64€

Example 4

Payment of salary= 800.00€

Insurance contributions = 415,94€

Income tax = 50,72€

Τotal cost = (14*800,00)+(14*415,94)+(14*50,72) = 17.733,24€

Example 5

Payment of salary= 900.00€

Insurance contributions = 480,40€

Income tax = 82,05€

Τotal cost = (14*900,00)+(14*480,40)+(14*82,05) = 20.474,30€

Example 6

Payment of salary= 1.000,00€

Insurance contributions = 544,05€

Income tax = 113,14€

Τotal cost = (14*1.000,00)+(14*544,05)+(14*113,04) = 23.199,26€

 

 
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