July 23—Taxpayers in Greece annually earning over 30,001 euros ($32,986) are now subject to higher solidarity tax rates and different brackets for the 2015 tax year, the Greek Ministry of Finance announced July 17.
Clarified in law 4334 and effective immediately, the new solidarity tax rates include:
• net income more than 12,001 euros ($13,195) and up to 20,000 euros ($21,992) is taxed at 0.7 percent;
• net income more than 20,001 euros and up to 30,000 euros is taxed at 1.4 percent;
• net income more than 30,001 euros and up to 50,000 euros ($54,895) is taxed at 2 percent;
• net income more than 50,001 euros and up to 100,000 euros ($109,791) is taxed at 4 percent;
• net income more than 100,001 euros and up to 500,000 euros ($548,957) is taxed at 6 percent; and
• net income more than 500,001 euros is taxed at 8 percent.
Employers are responsible for withholding the solidarity surcharge from employee pay and remitting them to the tax control authority on a monthly basis.
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Law 4334 is available in Greek at http://bit.ly/1OhWDvw.
More information on payroll issues in Greece can be found in the Greece country primer.
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