Doesn’t Greece have rich people?

Greece
Mon, 5 Jun 2023 8:00 GMT
Greece has extremely few rich people – if the official declarations of income and property are anything to go by.
Doesn’t Greece have rich people?

Greece has extremely few rich people – if the official declarations of income and property are anything to go by.

The numbers from the tax declarations highlight several Greek “peculiarities”: On paper, Greece has hardly got any rich individuals. Only 27,000 taxpayers declare an individual income of more than 100,000 euros, while four out of 10 appear to live on €5,000 a year.

Fewer than 15,000 owners have personal real estate worth more than €1 million, while fewer than 70,000 bank customers have large deposits of more than €100,000.

From some 300,000 legal entities operating in the country, only 10,000 declare taxable profits of more than €150,000, meaning that even fewer (given that corporate income tax and withholding tax must be deducted) are able to distribute earnings over €100,000. On the contrary, 235,000 firms out of approximately 300,000 – or eight out of 10 companies – have either losses or profits below what the minimum wage worker (€10,000 per year) now earns.

What does all this evidence show? Greece must unveil and properly record incomes, assets and profits, for tax policy to be designed with greater fairness.

kathimerini

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