Greece follows a tiered taxation system based on the progressive taxation. Standard value added tax in Greece is 6.0% to 23%. The lowest VAT rate is collected for the newspapers, periodicals, cultural event tickets and certain service sectors at the rate of 6.5%. Here sales tax is collected from the people based on the direct and indirect systems.
Greece follows a tiered taxation system based on the progressive taxation. Standard value added tax in Greece is 6.0% to 23%. The lowest VAT rate is collected for the newspapers, periodicals, cultural event tickets and certain service sectors at the rate of 6.5%. Here sales tax is collected from the people based on the direct and indirect systems.
Value added tax (sales tax) is imposed on different categories. Goods that does not belong to any category is chargeable of 23%. For the 1st category goods, tax rate is 13% and for the secondary category goods, tax rate is 16%.
Find the VAT price and net price in Greece (GST % is 23) for an amount of 25000 €
Solution :
GST % = 23
Amount = 25000
Step 1 :
GST Price = (25000 * 23 ) / 100
= 5750 €
Step 2 :
Net Price = 25000 + 5750
= 30750 €
Hence the VAT Price is 5750 € and Net Price is 30750 €
Solution :
GST % = 23
Amount = 25000
Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 23)))
= 25000 - (25000 * 0.81)
= 25000 - 20325.2
= 25000 - 20325.2
GST Price = 4674.8 €
Step 2 :
Net Price = 25000 - 4674.8
= 20325.2 €
Hence the VAT Price is 4674.8 € and Net Price is 20325.2 €
Value added tax (sales tax) is imposed on different categories. Goods that does not belong to any category is chargeable of 23%. For the 1st category goods, tax rate is 13% and for the secondary category goods, tax rate is 16%.
