Budget 2024: Finance Minister Nirmala Sitharaman has also made changes in the income tax system during the budget. Today we are going to tell you about 10 such countries where income tax is not levied.
Budget 2024: Finance Minister Nirmala Sitharaman has presented India’s budget. Now the discussion is going on about its impact on the economy. In every budget, the most discussed topic is tax. People hope that the government will lighten their burden by giving relief in tax. However, there are many countries in the world where the government does not collect even a single rupee as income tax from its people. Still their economy is running brilliantly. Today we are going to tell you about 10 such countries.
United Arab Emirates (UAE)
The first name in this list is United Arab Emirates. They have not implemented personal tax. The government is completely dependent on indirect taxes like VAT and other charges. The UAE’s economy is very strong due to oil and tourism.
Bahrain
The government of Bahrain also does not collect income tax from its people. The system here is also similar to Dubai. The government runs its expenses from indirect taxes. Due to this system, small businesses and startups are growing rapidly in Bahrain and the economy is improving.
Kuwait
Kuwait is also a tax free country. There is no income tax here. Kuwait’s economy is dependent on oil. Therefore, there is no need for the government to collect tax from the people.
Saudi Arabia
Saudi Arabia has also exempted its people from income tax and direct tax in the country. The country’s economy is running at a good pace due to the indirect tax system.
The Bahamas
The economy of Bahamas is dependent on tourism. This country does not collect income tax from its people. Every year people from all over the world come here to visit. Due to this, the economy of the country is running well.
Brunei
This Islamic country has huge reserves of oil. The government here does not consider it necessary to take tax from the people.
Cayman Islands
This country located in North America is running its economy through tourism. People come here to celebrate their holidays. This is a very beautiful country. The government here does not collect income tax from its people.
Oman
Oman also does not collect tax from its citizens like Bahrain and Kuwait. It is running its economy strongly by selling oil and gas.
Qatar
Qatar also depends on the oil industry like its neighboring Gulf countries. Therefore, income tax is not collected from the people here either. This country is very rich despite being small.
Monaco
This is a small country located in Europe. The economy here is very strong. This country earns money from tourism. For this he is not even dependent on taking taxes from his people.
