|
Taxation In Greece
Taxation in Greece is based on the direct and indirect systems. The total tax revenue in 2017 was €47.56 billion from which €20.62 billion came from direct taxes and €26.94 billion from indirect taxes. The total tax revenue represented 39.4% of GDP in 2017. Taxes in Greece are collected by the Independent Authority for Public Revenue (Ανεξάρτητη Αρχή Δημοσίων Εσόδων). Income tax Income taxation in Greece is progressive. Income tax is payable by all individuals earning income in Greece, regardless of citizenship or place of permanent residence. Permanent residents are taxed on their worldwide income in Greece. An individual in Greece is liable for tax on their income as an employee and on income as a self-employed person. In the case of an individual who is a ''permanent resident'' of Greece, their tax owed is calculated on their income earned in Greece and overseas. An individual whose income is only from a wage is not obligated to file an annual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independent Authority For Public Revenue
The Independent Authority of Public Revenue () collects taxes in Greece. It was established on 1 January 2017, replacing the General Secretariat of Public Revenue of the Ministry of Finance. It is supervised by the Hellenic Parliament The Parliament of the Hellenes (), commonly known as the Hellenic Parliament (), is the Unicameralism, unicameral legislature of Greece, located in the Old Royal Palace, overlooking Syntagma Square in Athens. The parliament is the supreme demo ... and not by the Ministry of Finance to which it is accountable. It is managed by a Governor and a five-member Council consisting of the President and four other members. There is also an Expert who has an advisory role. Since 2017, the governor of IARP is George Pitsilis. The Customs Service, the General State Chemical Laboratory, the Public Financial Services, the Public Material Management Directorates fall under IARP. References External links * {{gov-agency-stub Government agencies o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The union has a total area of and an estimated population of over 449million as of 2024. The EU is often described as a ''sui generis'' political entity combining characteristics of both a federation and a confederation. Containing 5.5% of the world population in 2023, EU member states generated a nominal gross domestic product (GDP) of around €17.935 trillion in 2024, accounting for approximately one sixth of global economic output. Its cornerstone, the European Union Customs Union, Customs Union, paved the way to establishing European Single Market, an internal single market based on standardised European Union law, legal framework and legislation that applies in all member states in those matters, and only those matters, where the states ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Withholding Tax
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income. Many jurisdictions also require withholding taxes on payments of interest or dividends. In most jurisdictions, there are additional tax withholding obligations if the recipient of the income is resident in a different jurisdiction, and in those circumstances withholding tax sometimes applies to royalties, renting, rent or even the sale of real estate. Governments use tax withholding as a means to combat tax evasion, and sometimes impose additional tax withholding requirements if the recipient has been delinquent in filing tax returns, or in industries where tax evasion is perceived to be common. Typically, the withheld tax is treated as a pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnover Tax
A turnover tax is similar to VAT, with the difference that it taxes intermediate and possibly capital goods. It is an indirect tax, typically on an ad valorem basis, applicable to a production process or stage. For example, when manufacturing activity is completed, a tax may be charged on some companies. Sales tax occurs when merchandise has been sold. By country In South Africa, the turnover tax is a simple tax on the gross income of small businesses. Businesses that elect to pay the turnover tax are exempt from VAT. Turnover tax is at a very low rate compared to most taxes but is without any deductions. In Ireland, turnover tax was introduced in 1963 and followed by wholesale tax in 1966. Both were replaced in 1972 by VAT, in preparation for Ireland's accession to the European Communities, which prohibited both taxes. See also * Cascade tax * Goods and Services Tax * Gross receipts tax * Sales tax * Turnover tax in the Soviet Union * Value-added tax A value-added t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union Value Added Tax
The European Union value-added tax (or EU VAT) is a value added tax on Good (economics), goods and services within the European Union (EU). The EU's institutions do not collect the tax, but member states of the European Union, EU member states are each required to adopt in national legislation a value added tax that complies with the EU VAT code. Different rates of VAT apply in different EU member states, ranging from 17% in Luxembourg to 27% in Hungary. The total VAT collected by member states is used as part of the calculation to determine what each state contributes to the Budget of the European Union, EU's budget. History German industrialist Wilhelm von Siemens proposed the concept of a value-added tax in 1918 to replace the German turnover tax however, the turnover tax was not replaced until 1968. The modern variation of VAT was first implemented by Maurice Lauré, joint director of the French tax authority, who implemented VAT on 10 April 1954 in France's Ivory Coast col ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Exemptions
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios. A tax exemption is distinct and different from a tax exclusion and a tax deduction, all of which are different types of tax expenditures. A tax exemption is an income stream on which no tax is levied, such as interest income from state and local bonds, which is often exempt from federal income tax. Additionally, certain qualifying non-profit organizations are exempt from federal income tax. A tax exclusion refers to a dollar amount (or proportion of taxable income) that can be legally excluded from the taxable base income prior to as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Evasion And Corruption In Greece
Corruption in Greece is considered to be significant, with the country ranking as one of the most corrupt in the European Union according to the Corruption Perception Index. Transparency International stated in 2012 that corruption had played a major role in causing the Greek financial crisis Tax evasion was described by Greek politicians as "a national sport"—with up to €30 billion per year going uncollected, according to a 2012 estimate. A 2016 estimate indicated that between €11 billion and €16 billion per annum were not collectable. Other significant amounts were uncollected due to VAT (sales tax) fraud and smuggling. In 2016, the OECD, Greece and the European Commission launched a project to increase integrity and reduce corruption in Greece through the technical empowerment of the Greek authorities for the implementation of Greece's National Anti-Corruption Action Plan (NACAP). Political corruption is also acknowledged as a significant problem by many observers. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
