Taxation

Income tax

Income tax is payable by all persons having income arising in Greece, regardless of nationality or place of residence.  The total income acquired in the immediately preceding financial year is subject to income tax after the deduction of allowances and exemptions provided for.  There is a bilateral taxation convention between the United Kingdom and Greece whose object is to avoid double taxation and the prevention of fiscal evasion with respect of taxes on income, however, according to the Convention, persons are obliged to submit their tax declaration to the local tax authorities IN THEIR COUNTRY OF RESIDENCE irrespective of where his/her income arises.  For example: a pensioner living in Greece on his/her U.K. pension must submit a declaration to the local Greek Tax Office.  The Ministry of Finance will then, upon request, issue certificate for use with the UK Tax Authorities stating that the pensioner in question has been taxed in Greece.  More information can be obtained from the Board of Inland Revenue, Somerset House, London S.W.2, and locally from the Greek taxation authorities or Ministry of Finance.

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