Law 3986/2011: an overview of its tax provisions

Law 3986/2011 contains, among others, a number of provisions that  amended several articles of the Greek Income Tax Code.

These amendments include:
- a change of the individual income tax rates and income brackets  
- the abolition of several deductions from the taxable income and their replacement with tax credits
- the increase of the imputed income, calculated on the basis of “income assumptions”
- the imposition of the annual special solidarity contribution on individuals
- the imposition of a special contribution on imputed income elements
- the imposition of a professional tax
- the establishment of a new scale of value for the imposition of the tax on real property
- the re-classification of certain products under the high VAT rate of 23% and
- the increase of the annual vehicle tax.