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- Personal income tax is not levied in Kuwait
- Direct tax has been abolished in Saudi Arabia
- Oman, Qatar also included in tax free countries
Today the finance minister is going to present his seventh consecutive budget. Common people have many hopes at this time. Taxpayers are also waiting for relief. Along with this, it is important to know which are the 10 countries in the world which do not collect a single rupee as taxes and yet run the country's economy. So know which countries are involved.
UAE
If we look at the countries with direct tax free economy in the world, the name of United Arab Emirates (UAE) comes first. No personal tax of any kind is collected from the public in the country. Instead the government relies on indirect taxes like VAT (Value Added Tax) and other charges. The economy of UAE is very strong due to oil and tourism. For this reason people in UAE have been given income tax relief.
Bahrain
The name of Bahrain is also included in the list of tax free countries and in this country no tax is collected from the public. Like Dubai, the country's government is mainly dependent on indirect taxes and other duties rather than direct taxes. It is believed that this method proves to be very convenient for the small businesses and startups of the country and it also boosts the economy.
Kuwait
Kuwait is also included in the list of tax free countries. There is no personal income tax here. The country's economy, which is entirely dependent on oil revenue, runs without collecting a single rupee as tax from the people. In fact, if we talk about the reasons behind it, the largest part of Kuwait's economy comes from oil exports, which does not require the government to take direct taxes. 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 tax trap and direct tax has been abolished in the country. It means that even in this country people do not have to spend even a part of their income as tax. However, the indirect tax system is also strong in this country and the money generated from it boosts the economy and is counted among the rich economies.
Bahamas
The country of Bahamas, known as a tourist's paradise, is located 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 oil-rich Islamic Kingdom of Brunei is located in South East Asia of the world. Here people do not have to pay any kind of income tax.
Cayman Islands
The country of Cayman Islands is located in the Caribbean region of the North American continent. It is also an attractive place for tourists and many people come here for vacations. The most important thing is that no one has to pay income tax in this country.
Oman
Apart from Bahrain and Kuwait, the Gulf country of Oman is also included in the list. Those who are 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.
Queue
Qatar is in a similar situation, as are Oman, Bahrain and Kuwait. Qatar is also very strong in its oil sector. This country is small but the people living here are very rich. Here also no income tax is levied.
Monaco
Monaco is a very small country in Europe. However, income tax is never collected from the citizens here.
