From UAE To Kuwait: List Of Countries That Have Zero Income Tax

Income tax is surely among the most hated words in the world, right? After all, who likes to pay hefty taxes on their hard earned money. But what if we told you there are some countries in the world which levy zero income tax! Yes you read that right.?

So if you too are tired of paying high income tax on your hard earned money, why not look at some countries in the world which do not levy any income tax.

List Of Countries That Have Zero Income Tax?

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1.United Arab Emirates

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The UAE does not levy income tax on individuals.

2.The Bahamas

There is no individual income or payroll tax in the Bahamas.

3.Cayman Islands

There are no income or withholding taxes imposed on individuals in the Cayman Islands

4.Kuwait

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There is no personal income tax (PIT) imposed on individuals in Kuwait.

5.Monaco

There is no personal income tax for individuals in Monaco. Also, there is no tax on investment income, capital gains, dividends or directors’ fees in the country.

6.Bahrain

There is no personal income tax (PIT) regime in Bahrain. Also, capital gains and income of residents or non-residents not paid in Bahrain are not subject to tax or social insurance rules in Bahrain.

7.Nauru

There is no income tax in Nauru. Nauru?is a tiny island country in the continent of Oceania.?

8.Vanuatu

There are no taxes on income, inheritance, capital gains, or property in Vanuatu. Just like Nauru, Vanuatu is a country in the Oceania.

9.Oman

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There is currently no personal income tax in Oman.

10.?Brunei

Brunei does not currently levy any income tax on individuals. Brunei is a tiny nation on the island of Borneo, surrounded by Malaysia and the South China Sea.

11.Saint Kitts and Nevis?

St Kitts and Nevis has zero personal income taxes on its citizens or residents. It is a dual-island nation situated between the Atlantic Ocean and Caribbean Sea.

12.Turks and Caicos Islands?

There is no income tax on personal income in the country ofTurks and Caicos Islands. The nation is an archipelago in the Atlantic Ocean.?

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Also Read:?10 Countries With The?Highest Income Tax?Rates

Income Tax Rates In India

Income tax rates as per the new tax regime

Up to Rs 3 lakh: NIL

Rs 3 lakh- Rs 6 lakh: 5%

Rs 6 lakh-Rs 9 lakh: 10%

Rs 9 lakh-Rs 12 lakh: 15%

Rs 12 lakh- Rs 15 lakh: 20%

Over Rs 15 lakh: 30%??

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Income tax rates as per the old tax regime

Individuals aged below 60 years

Upto Rs 2.5 lakh NIL

Rs 2.5-5 lakh-5% (rebate under section 87A)

Rs 5 lakh- Rs 10 lakh 20%

Above Rs 10 lakh-30%

Individuals above 60 to 80 years

Upto Rs 3 lakh NIL

Rs 3-5 lakh 5%

Rs 5-10 lakh 20%

Above Rs 10 lakh 30%

Individuals above 80 years of age

Upto Rs 5 lakh NIL

Rs 5-10 lakh 20%

Above Rs 10 lakh 30%

Also Read:?India's?Income Tax?Department Introduces Calculator To Compare Old & New Regimes

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