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Taxation GR
Imposition
of tax Where an individual is a resident in the Republic, tax is imposed on income accruing or arising from sources both within and outside the Republic. Where an individual is not a resident in the Republic, tax is imposed on income accruing or arising only from sources within the Republic. Resident in the Republic is an individual who is present in the Republic for a period exceeding 183 days in a tax year. Tax rates Taxable Tax Cumulative Income
Rate Tax Tax � % � � 0 - 19.500 0 0 0 19.501
- 28.000 20 1.700 1.700 28.001
- 36.300 25 2.075 3.775 36.301
and over 30 Exemptions
The following are exempt from income tax: Widows pension granted under schemes The whole approved
by the Commissioner amount of
Income Tax Gratuity or lump sum received on The whole retirement
or commutation amount of pension or as a result of death or
bodily injury Lump sum repayment from life The whole insurance schemes or from approved amount provident
funds
Interest
income. The whole Interest income arising in the ordinary amount course of business, including interest closely connected with the carrying on of the business, is not considered as interest but trading profit and is not
exempt Dividend
income The whole amount Remuneration from any office or 20% of the employment exercised in the Republic remuneration by an individual whose residence or .8.543,01 was outside the Republic before (whichever is the commencement of the employment. the lower) The exemption is applicable for a period of three years from 1st January
following the year of commencement of
the employment Gains from disposal of securities The whole amount Deposits with the Housing Finance 40% of the Corporation (the annual deposits cannot deposits exceed 25% of the gross income) Only for schemes that were in existence on
30/4/03 Remuneration
from the rendering The whole outside the Republic of salaried services amount to a non-resident employer or to a permanent
establishment outside the Republic of a resident employer for a total aggregate period in the year of assessment of
more than 90 days Profits from a permanent establishment The whole maintained
outside the Republic amount (subject
to certain conditions)
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