OUR ACCOUNTANCY AND TAX SERVICES
We offer the following services:
- Preparation and submission of VAT returns
- Preparation of either monthly, quarterly or yearly management accounts
- Preparation of accounts
- Registration of new businesses for tax and VAT
- Registration of entities for Inter-European transaction through VIES
- Tax advice for small/medium/large sized businesses and individuals
- Resident and non-resident tax advice
- Issuance of personal VAT Numbers (obligatory for all persons operating in Greece either individually or through an entity)
BUSINESS SET UP
In Greece you can set up the following types of business:
- Limited Liability Company
- Societe Anonym (A.E.) – Company Limited by Shares
- Sole Trader
All businesses have a legal requirement to keep full and complete books and records.
All Limited Companies must file VAT returns monthly and a tax declaration once a year with the Tax Authorities. These should be prepared by a Registered Accounting Firm. An audit can be performed if required by the shareholders. Every year a 50% premium is added to the tax that the company pays as a down payment for the next fiscal year’s declaration.
This can be between two or more individuals or companies, but you do not have limited liability.
This is when you trade as an individual.
MAIN TAXES IN GREECE
In Greece you have two main kinds of tax:
- Corporate Tax
- Personal Income Tax
There may be additional taxes for certain kinds of income such as Capital Gains Tax and Inheritance Tax.
This is a flat rate at 29% with an extra 10% applying to dividends. There are no further taxes imposed on the personal tax declarations of the shareholders.
All Greek businesses must charge customers VAT on the sale of all goods and services at a rate of 24%.
All businesses must register for VAT even if they do not have to invoice (such as non Greek insurance companies).
VAT Rules are very complex, and must be discussed with an accountant before a business commences.
PERSONAL INCOME TAX
All individuals based in Greece receive a Personal Allowance – they can earn up to €12,000 without paying tax.
Beyond this level, the amount of payable tax is decided according to earnings using a scale between 22% and 45%, with the top band at a modest €40,001 annual income.
Further information about the specifics of Personal Income Tax should be discussed with an accountant.
Please contact us on +44 (0)203 114 5111 or send an email to us and a member of our team will contact you shortly.
Enquire About Our Accountancy & Tax Services
For further information, please contact us on +44 (0)208 421 7474 or fill in the form below: