Six in Ten Greek Bar and Hair Salon Owners Report Financial Losses

A recent analysis of tax returns reveals that a significant portion of Greek freelancers, particularly bar and hair salon owners, are reporting financial losses or minimal incomes.

The data shows that 60% of bar owners and hair salon proprietors have declared losses, while restaurant and car repair shop owners also reported low incomes.

According to the analysis, bar owners, who reported an average monthly income of €1,154, would have faced an average tax of €1,348 under the previous system. Similarly, only 40% of hair salon owners reported profits, with an average monthly net income of €358, below the unemployment benefit level, resulting in an average tax of €654.

Restaurant owners fared slightly better, with 53% reporting profits and a monthly net income of €1,277, which would have corresponded to an average tax of €3,068 without the presumed income system. Car repair shop owners also had a challenging year, with 53% reporting profits and an average monthly income of €665, leading to an average tax of €1,295.

In contrast, other professions showed better financial health. Plumbers, dentists, and taxi drivers reported higher profit rates, with 70%, 73%, and 76% respectively declaring profits. Plumbers reported an average monthly income of €800, leading to an average tax of €1,553, while dentists declared €903 with an average tax of €1,719. Taxi drivers reported the lowest average income among the profitable groups, at €545, with an average tax of €810.

The new presumed income taxation system, introduced by the Ministry of National Economy and Finance, aims to address these financial discrepancies and reduce the prevalence of reported losses.

(Source: Amna)