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Will you believe that there is No Income-Tax on this land on the earnings? Yes, it is true, Here we are going to tell you about some of those countries, where the citizens do not have to pay any income tax.
List of 8 Countries Where No Income-Tax
The United Arab Emirates
UAE is a very rich country, Most UAE’s income source is only crude sale. There is no direct tax in the UAE like income tax.
Income source of Bahrain is Finance, Tourism, Petroleum refining, Aluminum production. In Bahrain No income tax on the individual on any income, sales, transfer, capital gains.
Main income source of Brunei is exports of crude oil and natural gas. In Brunei, there is no income tax, sales tax or VAT on individuals, but Corporate need to pay tax In Brunei and tax rate for corporate is minimum 22% and maximum 55%
Kuwait is the fourth richest country in the world based on per people income, In Kuwait, there are no personal taxes, even if you are not a citizen of Kuwait and working there then also you don’t need to pay income tax.
Qatar has world’s third-largest natural-gas reserves and oil reserves. Qatar has the highest per people income in the world. There is no income tax, sales taxes(VAT) and no capital/wealth tax in Qatar. The only taxes need to pay by peoples in Qatar is corporation Tax and this tax applied mainly to foreign companies.
Saudi Arabia’s main income source is huge reserves of oil. Saudi Arabia is the largest economy in the Arab countries. There is no income tax on salaried person of foreign employees in Saudi Arabia
There is no income, no capital gains, and sales tax in Bermuda, In Bermuda employer, pays 4.75% as a tax for employees, this tax separately added to salary by the employer, means there is no direct tax on the employee. The main income source of Bermuda is economy based tourism and international business offices.
There is no personal income tax in Monaco for residents. The main income source of Monaco is Casinos and Tourism.