Wednesday, 4 February 2015

#GREECE ALL #EU CHANGE #TAX LPT #SINGLEBRACKET

"It’s all change again for Greece’s tax system

By Prokopis Hatzinikolaou

The government is preparing a taxation overhaul that will provide for one set of brackets for all taxable incomes regardless of source. It is also planning to implement a large property tax (LPT) that will concern not only real estate but also big bank deposits, works of art and other investment tools, with a tax-free threshold of 300,000 euros.

That way, besides strengthening revenues, the government expects to respond to criticism from its European peers (mainly the Germans) that the rich have not been taxed in Greece.

The plan foresees an increase in the income tax-free threshold to 16,000 euros per annum for households with two dependent children and 19,000 for families with three children. For single taxpayers the threshold will stand at 12,000 euros and increase depending on the number of children.

The single set of income tax brackets will have more brackets than the existing legislation so as to be fairer on people with lower incomes, while the top brackets will have a higher tax rate than today."

Continues.

Sources

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