The new income tax code has hidden “traps” for Greeks living abroad and keep bank accounts and property, such as houses and cars, as they will have to file an income tax return in Greece. The tax code is based on living standards evidence and, according to the evidence, individuals with property who have also received at least 1 cent in interest from their bank accounts are taxed as having “income from business activities.” This means they have to file a tax statement in Greece, where they have to pay 26% of their income in taxes and an advance 55% of next year’s taxes, as applies to businesses operating in Greece. Even if their actual income is a few cents from interest. Moreover, if Greeks live abroad and keep houses in Greece, which they visit and stay even for one day, or use cars they own, they have to pay taxes based on their living standards. The above individuals are to pay taxes on taxable income of 4,000, 5,000, 6,000, even up to 10,000 euros.
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