Income Tax is the main source of income of any country. If we talk about India only, here income tax is imposed according to the income of the people. That is, people who earn less have to pay less tax and those who earn more have to pay more tax. But do you know that there are many countries in the world where income tax is not collected from the people.
The country’s general budget (Union Budget) is going to come today and shortly after 11 am the Finance Minister will present the seventh consecutive budget of her tenure. The announcement in the budget on which the eyes of the people of the country are most fixed is tax exemption and this time the taxpayers are sitting with these expectations from the budget. But do you know that there are many countries in the world where not even a single rupee of tax is taken. Now the question is how does the economy of the country run without tax. Let’s see the list of these countries…
- UAE
If we look at the countries with direct tax-free economy in the world, then the name of the United Arab Emirates (UAE) comes first in it. No personal tax of any kind is taken from the public in the country. Instead, the government relies on indirect taxes such as VAT (Value Added Tax) and other charges. UAE Economy is very strong due to oil and tourism. For this reason, people in UAE have been given relief from income tax. - Bahrain
The name of Bahrain is also included in the list of tax-free countries and in this country too no tax is collected from the public. Like Dubai, the government of the country also relies mainly on indirect taxes and other charges instead of direct tax. It is believed that this method proves to be very favorable for the small businesses and startups of the country and it also speeds up the economy. - Kuwait
Kuwait is also included in the list of tax-free countries. There is no personal income tax here. The economy of the country, which is completely based on the income from oil, also runs without collecting a single rupee as tax from the public. Actually, if we talk about the reasons behind this, the largest part of Kuwait’s economy comes from oil export, due to which there is no need for the government to take direct tax. After adopting this model, Kuwait has emerged as a prosperous economy despite being a tax-free country. - Saudi Arabia
Saudi Arabia has also kept its people completely free from the hassle of tax and direct tax has been abolished in the country. Meaning in this country also people do not have to spend even a single part of their earnings as tax. However, the indirect tax system is strong in this country too and the money received from it boosts the economy and it is also counted among the prosperous economies. - The Bahamas
The country of The Bahamas, called a paradise for tourists, falls in the Western Hemisphere. The special thing about this country is that the citizens living here do not have to pay income tax. - Brunei
The Islamic Kingdom of Brunei, which has oil reserves, falls in the South East Asia of the world. People here do not have to pay any kind of income tax. - Cayman Islands
The country of Cayman Islands falls in the Caribbean region in the continent of North America. It is also an attractive place for tourists and many people come here to celebrate holidays. The most special thing is that no one has to pay income tax in this country. - Oman
Apart from Bahrain and Kuwait, the Gulf country Oman is also included in this list. The citizens of Oman do not have to pay income tax. The reason for this is believed to be Oman’s strong oil and gas sector. - Qatar
Like Oman, Bahrain and Kuwait, Qatar is also in the same situation. Qatar is also very strong in its oil sector. This country is undoubtedly small but the people living here are very rich. Income tax is not collected here either. - Monaco
Monaco, a European country, is very small. Despite this, income tax is never collected from the citizens here.
Also Read-
- Xiaomi set to release Redmi Pad Pro 5G tablet on July 29 in India, know the feature and specifications
- Union Budget 2024: From tax slab to HRA… these big announcements can be made for salaried employees today
- Big update on Old Pension Scheme: Will it be implemented again or not? Government’s reply came in Parliament
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
