Home Uncategorized COUNTRIES THAT DON’T PAY INCOME TAXES.

COUNTRIES THAT DON’T PAY INCOME TAXES.

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Income tax is a tax paid by individuals or entities depending on the level of earnings or gains during a financial year.

Income tax generally is computed as the product of a tax rate times taxable income.

Few countries in the world do not tax their citizens at all, at least not their income. They raise money through indirect Value Added Taxes, have affluent oil and mineral deposits or have a very attractive financial services sector with low or absent tax rates.

COUNTRIES THAT DON’T PAY INCOME TAXES

1. BAHAMAS

The Bahamas, known officially as the Commonwealth of The Bahamas, is a country within the Lucayan Archipelago of the West Indies in the Caribbean.

with its stunning beaches and fast-growing economy, the Bahamas is one of the most livable countries with no income tax

2. BAHRAIN

Bahrain, officially the Kingdom of Bahrain, is a sovereign state in the Persian Gulf. The island nation comprises a small archipelago made up of 40 natural islands and an additional 51 artificial islands, centered around Bahrain Island which makes up around 83 percent of the country’s landmass.

Bahrain does not have an income tax in place, as many other countries do. Bahrain is able to offer this due to the country’s immense wealth from the oil industry, and through taxes paid by businesses, making it a very desirable country for expats seeking work.

3. BRUNEI

Brunei is a tiny nation on the island of Borneo, in 2 distinct sections surrounded by Malaysia and the South China Sea. It’s known for its beaches and biodiverse rain forest, much of it protected within reserves.

This tiny Sultanate on the Malaysian island of Borneo also has enough oil wealth to forego income tax.

4. CAYMAN ISLANDS

Like the Bahamas, the Cayman Islands’ scenic beaches draw in enough tourists to keep its government afloat without the need for income tax.

5. KUWAIT

There is no personal income tax system prevail in Kuwait either on salaries or on income from business activities.

6.MALDIVES

Imagine living in an over-water bungalow without paying a dime in income tax.

You can technically do that in the Maldives, a small island country in the Indian Ocean.

7. MONACO

The Principality of Monaco, located on the French Riviera in Western Europe, is considered a high-profile tax haven because of its personal and business tax laws and policies, which are relatively lax in comparison to most other nations.

Monaco is considered a tax haven because of its tax laws and policies

8. OMAN

Like most of the Middle Eastern countries on this list, Oman is a wealthy and entrepreneurial nation that has no need for an income tax thanks to its oil and gas industry.

9. QATAR

There is no tax on personal per capita income. This means that employees take home their wages and salaries without any tax deducted

10. SOMALIA

11. UAE

12. WESTERN SAHARA

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