Reduce your tax by making the most out of Piraeus Bank products and services!

Make the expenses required up to your tax-free threshold, easily and safely, by carrying out your transactions using:


In addition, when making purchases using Piraeus Bank cards, you are rewarded according to each card's Rewards Program.

How can I achieve tax reduction?

All payments made through e-payment means in Greece, in the European Union and EEA countries (Iceland, Liechtenstein and Norway) are eligible for tax deduction purposes, at minimum amount levels, according to the following scale:

Taxable Income
(in Euros)
Minimum expenditure rate regarding payment by card or other electronic means
(Gradual implementation)
EXAMPLES
Taxable Income
(in Euros)
Minimum amount of required receipts
1-10,000€
10%
8,000€
800€
10,000.01€-30,000€
15%
20,000€
2,500€
30,000.01 and over
20% and up to 30,000€
40,000€
6,000€

How is the amount of family expenses shared between spouses or civil unions parties?

The amount of expenditure is declared individually by each spouse or by each civil union party. If the required amount of expenditure is covered by any one of the two, any excess amount may be transferred, following clearance, to the other spouse or civil union party to cover the required minimum amount of expenditure.

Which taxpayers are entitled to tax reduction?

All natural persons that acquire income from wages, pensions and private agricultural activity are entitled to tax reduction. In addition, tax deduction is also calculated on the difference between actual and presumed income.

Which taxpayers in the above case are exempt from the obligation to use electronic means of payment, but are required to collect/submit hard copy receipts of equal value:

  • Taxpayers who are 70 years or older.
  • Individuals with a disability rating of 80% or higher.
  • Individuals in litigation process.
  • Tax residents in the EU or EEA countries who are required to submit a statement in Greece and are taxed on the same scale as employees and pensioners.
  • Public officials and public servants serving abroad.
  • Minors are required to submit a statement and are taxed on the same scale as employees and pensioners.
  • Taxpayers who are permanent residents in villages with up to 500 inhabitants and on islands with less than 3,100 inhabitants, according to the latest census, tourist destinations excluded.
  • Taxpayers who have no income from any category or have income only from capital or capital appreciation and their presumed income does not exceed 9,500€.
  • Taxpayers who are registered in the OAED (Manpower Employment Organization) unemployed register, for the difference between their presumed and their actual total income.
  • Taxpayers who are Social Solidarity Income beneficiaries.
  • Individuals serving their military service.
  • Individuals who are long-term (6 months or more) hospitalized.

In addition, the following categories are exempt from the obligation to use electronic means of payment and are not required to collect/submit hard copy receipts:

  • Ministry of Foreign Affairs' officials and military personnel serving abroad.
  • Officials serving at the Permanent Representation of the European Union.
  • Individuals residing in nursing homes, psychiatric facilities and correction facilities inmates.

What if I cannot cover the expenditure required according to my income?

If the minimum amount of expenditure attributable to taxable income is not covered, the relevant difference will be taxed at 22%. The increase will be calculated on the amount resulting from the difference between the amount required and the amount declared.

Α table with relevant examples follows:

Taxable Income
(in Euros)
Minimum expenditure rate regarding payment by card or other electronic means
(Gradual implementation)
Taxable Individual Income
(in Euros)
Minimum amount of required receipts
Tax applied if no electronic transactions are made (22% increase)
1-10,000€
10%
8,000€
800€
If transactions amount to e.g. 500€, the additional tax will be 66€
10,000.01€-30,000€
15%
20,000€
2,500€
If transactions amount to 1,500€, the additional tax will be 220€
30,000.01 and over
20% and up to 30,000€
40,000€
6,000€
If instead of 6,000€ our transactions amount to 4,000 €, an additional tax of 440€ will be imposed

The maximum amount of expenditure eligible for tax deduction, irrespective of income, is 30,000€.

Which expenses are eligible for tax reduction and which are not?

The expenditure taken into consideration for building the tax reduction amount should be included in the following ELSTAT (Hellenic Statistical Authority) consumer price index groups.

  • Food and non-alcoholic beverages
  • Alcoholic beverages and tobacco
  • Clothing and footwear
  • Housing (excluding rents)
  • Durable goods, household items and services
  • Transport (excluding vehicle road and vehicle purchase tax)
  • Communications
  • Leisure, cultural activities
  • Education
  • Hotels, cafes, restaurants
  • Other goods and services

Expenses not eligible for tax reduction are as follows:

  • Health Care Expenses. Medical pharmaceutical expenses are eligible for a special 10% tax deduction (a maximum tax deduction amount of 3.000€), if they exceed 5% of taxable income and are paid by card or other electronic payment means
  • Rent
  • Payment of taxes
  • Road tax
  • House purchase
  • Purchase of vehicles, boats, airplanes and aircrafts
  • Loan installments
  • Purchase of investment shares
  • Expenditure paid by using cards issued abroad

Transactions of a total value of 500€ or more for goods or services must be carried out exclusively by card or other electronic payment means, including, but not limited to, bank transfers, payments through a payment account, e-wallet applications.

Are there any other advantages besides tax reduction when I use electronic payment means?

Transactions made by card or other electronic payment means for the purchase of goods or services are considered eligible for a public lottery program, the winners of which are rewarded with cash or other prizes. Further clarifications are expected from the relevant Ministry.

Moreover, taxpayers are exempt from the process of collecting receipts, since Bank statements are sufficient to prove any transactions made.

Are there any clarifications concerning transactions and their eligibility for tax reduction?

I would like to pay my home electricity bill, but the bill is under the owner's name. Will it count for my tax reduction?

Especially for public utility bills that are under a different name than the payer's, these expenses are eligible, provided that the payer is the actual property tenant.

How do transactions made by using additional cards contribute to tax reduction?

Transactions made by using additional cards reduce the card holder's tax, once their TIN is registered with the Bank.

What happens when transactions are made using a card that provides interest-free instalments?

The installments that are stated in the credit card account within the given financial year will be calculated for tax reduction.

Example:

If I make a transaction worth 1.000€ in 10 installments within 2017, and the first 4 installments are charged during this year, then a total of 400€ will be calculated for tax reduction for the financial year 2017. The next 6 installments will be taken into consideration for next year's tax reduction.

This information is purely informative and constitutes by no means tax advice. The information contained on this page is subject to changes if new Ministerial Decisions or Circulars are issued.