One in two taxpayers declared an annual income of up to €7,680 to the tax authorities last year, and just 10% declared more than €20,842, resulting in an average tax rate for income from all sources of just 10.41%. However, 86% of those liable were taxed at a rate much lower than the average.

Annual income of up to €7,680 for 50% of taxpayers – The figures

The findings from the analysis of the data show that 50% of taxpayers have an annual taxable income of up to 7,680 euros, while only 10% of taxpayers have an income of more than 20,842 euros, resulting in an average tax rate for income from all sources of just 10.41%.

However, 86% of the taxpayers were taxed at a rate much lower than the average.

At the same time, the average property value per owner is around 107,826 euros and the average tax is 319 euros, while the income in 2023 is higher by 9.1 billion euros or 10.3% compared to 2022 and the total tax assessed was 10.2 billion euros, 1.4 billion euros more.

The numbers

According to the report, the total taxable income declared last year amounted to 97.5 billion euros, of which 80% or 77.6 billion euros came from labor income (wages-pensions, business, agricultural) and 15% or 14.6 billion euros from capital sources (real estate, dividends, interest, royalties and capital transfer goodwill), while 5.2 billion euros are added to these amounts as a difference in presumptions.

The 2023 income is higher by 9.1 billion euros or 10.3% compared to 2022 and the total tax assessed amounted to 10.2 billion euros, which is 1.4 billion euros more than the previous year.

The breakdown of taxable income by income source shows the following:

– 50% of taxpayers have an annual taxable income of up to 7,680 euros, while only 10% of taxpayers have an income of more than 20,842 euros.

– At the level of proportional tax, 50% of taxpayers have a tax on their total income of 90 euros per year, while only 10% of taxpayers have a tax of more than 2,607 euros.

– The average tax rate for 2023 was set at 10.41%.

– Wages and pensions are the main source of income in the Greek territory or 69.793 billion euros, corresponding to 71.5% of the total taxable income. However, almost 40% of wages and pensions are not subject to tax, as the taxable income amounts do not exceed the tax-free threshold.

– Income from real estate amounts to 7.948 billion euros and accounts for 8.1%, where 90% of taxpayers in this category have an annual taxable income of less than 9,597 euros.

– Income from business and agricultural activity is the third in the order of income source in terms of distribution on the total taxable income as it is reported at 6.968 billion euros and 7.1%).

– At levels similar to business and agricultural income are the amounts declared from dividends, interest, royalties and capital gains as they amount to 6.695 billion euros and as a percentage of taxable income 6.8%.

– Taxable income earned by officers and junior crew serving on merchant navy ships is last in the ranking by source of income as it does not exceed 900 million euros or 0.9% of the total.