On 5 April 2024, Greece enacted legislation to establish income tax payment terms for the tax year 2023. Greek authorities are offering taxpayers with extended payment options for 2023.
This applies to both individuals and entities operating as businesses.
Individuals: The regulation states that individuals must pay their personal income tax for the 2023 tax year in eight monthly installments, starting with the first payment due by 31 July 2024, and subsequent payments due on the last business day of each following month. However, individuals who choose to settle their entire income tax liability in one lump sum on 31 July 2024, will receive a 3% percent reduction. This benefit is not applicable to those utilizing the preferential tax regime for foreign pensions outlined in Article 5B of the Income Tax Code.
Businesses: According to the legislation, income tax owed by legal entities is to be paid in eight monthly installments. The first installment is due on the last working day of the month following the filing deadline. If the filing deadline is extended, both the first and second installments must be settled by the deadline for the second installment, as stipulated by the legislation.
