Tax hikes foreseen by Greek government to cover fiscal gaps, as demanded by creditors, will reportedly include an increase in the lowest income tax co-efficient to 22.5 percent from the current 22 percent on yearly income of 20,000 euros. The figure was formerly 25,000 euros for the same tax percentage.
Tax hikes foreseen by Greek government to cover fiscal gaps, as demanded by creditors, will reportedly include an increase in the lowest income tax co-efficient to 22.5 percent from the current 22 percent on yearly income of 20,000 euros. The figure was formerly 25,000 euros for the same tax percentage.
A deduction on income tax will drop 100 euros – from 2,100 to 2,000 euros – dropping another 100 euros for every 1,000 euros in additional income above 20K and until 40K. The tax-free ceiling for yearly income will also reportedly drop from 9,545 euros to 8,888.88 euros – a standing demand by creditors for a wider tax base downwards.
The tax rate on income between 20,001 to 25,000 euros will be raised to 29 percent from the current 22 percent, going up to a 37 percent from 32 percent on income between 30K and 40K; a whopping 45 percent from 32 percent on the 40K to 42K bracket, and 45 percent (from 42 percent) on income above 42K.