Believe It Or Not, Citizens Of These Countries Do Not Need To Pay Taxes!
On the other hand, there are some countries with minimal, or virtually no tax at all. Such countries tend to be those whose economies are highly dependent on natural resources like oil and gas.
Today tax is levied by most countries at varied rates depending on a country¡¯s tax laws. This tax has to be filed annually by the taxpayer and it acts as a source of revenue for governments. On the other hand, there are some countries with minimal, or virtually no tax at all. Such countries tend to be those whose economies are highly dependent on natural resources like oil and gas. Here is a list of some countries where people don't pay taxes:
forbes
1. Bahrain -
Bahrain is an oil-rich country and there are no income and corporate taxes. However, citizens must pay 9 per cent and 6 per cent of the base salary of their income in social security contributions.
career-advice.jobs.ac.uk
2. Brunei -
Brunei does not currently levy any income tax on individuals and there is no sales tax or value-added tax (VAT). However, all citizens must contribute 5% of their salary to a state-managed provident fund.
thedailybeast
3. Bermuda -
The territory of the United Kingdom and its economy is largely dependent on financial services companies. In Bermuda, there are no taxes on corporate or individual income.
Agoda
4. Monaco -
Monaco is a popular tax haven due to its personal and business laws related to tax. Monaco residents don't pay taxes on personal incomes. If a person residing in Monaco for six months or more, becomes a resident, and is thereafter exempted from paying income tax.
arabianbusiness
5. Oman -
This Gulf nation has business-friendly and simple tax laws. No taxes are collected on the personal incomes of residents or nor-residents.
luxurytraveladvisor
6. Qatar -
In Qatar, the tax-free environment along with sophisticated infrastructure, lure a number of expatriates to this country. However, expatriates from certain countries are subjected to taxes as per the tax laws of their respective governments.
Reuters
7. Saudi Arabia -
Saudi Arabia, one of the world's biggest oil exporters, has no personal income tax but citizens must contribute towards social security benefits.
statemag.state
8. Kuwait -
Home to 6 per cent of the total oil reserves of the world, Kuwait's economy is, unsurprisingly, petroleum-based. The oil industry generates 90 per cent of the government income, thereby enabling it to be a tax-free regime.
Travelweek.ca
9. The Bahamas -
The Bahamas, a Caribbean country, relies on tourism and offshore banking, and its tax-friendly environment make it an attractive destination. The Bahamas does not collect taxes on personal or corporate income.
forbes
10. Cayman Islands -
The Cayman Islands is another well-known offshore financial centre and British overseas territory draw. In the Cayman Islands, there are no income tax and direct taxes whatsoever on residents.
Anuj Tiwari writes stories for SEO and is a Youtube wizard. An engineer turned social media champ, he keeps a track of all that goes around the world. His interest areas include historic events, political and social-sciences.
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