By Chrysostomos Tsoufis

The basic tax deduction provided for by the income tax code – which starts at €777 and escalates according to the number of dependent children – is NOT the only one. In the manual of tax issues published by AADE reference is also made to the other tax reductions which are not so well known and which concern:

-DONATIONS: The amount of the resulting final tax, regardless of the income category from which it comes, is reduced by 20% if it exceeds €100 during the tax year. However, the total amount of donations cannot exceed 5% of the donor’s taxable income.

-PRIVATE FINANCING: The tax is also reduced here by 20%. Private funding concerns political parties or coalitions of parties as well as candidates/elected representatives of the House or the European Parliament. Here, too, the minimum limit of €100 and the maximum of 5% of taxable income applies. In any case, the financing from an individual to a party cannot exceed €200,000 and €5,000 for a political candidate.

– DONATIONS TO PUBLIC INSTITUTIONS: 40% tax reduction and also concerns donations to registered Civil Society organizations. Conditions are that donations exceed €100 and do not exceed 40% of the donor’s income and that they are deposited in a special account held in an EU or EEA member state

The tax is reduced by €200 for the taxpayer and for each of his dependents – upon presentation of the necessary supporting documents in the following cases:

-Disability rate of at least 67%
-Disabled officers and soldiers who were demobilized
-Victims of war or terrorist acts or national resistance or civil war

The tax is also reduced by the expenses incurred for the energy, functional and aesthetic upgrading of buildings which have not been included in an upgrading program.

These expenses reduce the tax equally over a period of 4 years, at a rate of 40% of their amount with a maximum expenditure limit of €16,000.