The country’s Union Budget is going to come today and shortly after at 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 focused the most, is tax benefits and the taxpayers are having the same expectations from this time’s budget. But do you know that there are many countries in the world where not even a single rupee is taxed. Now the question is, how does the country’s economy run without taxes? Let’s see the list of these countries…
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 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 because of oil and tourism. For this reason, people in UAE have been given relief from income tax.
bahrain
Bahrain’s name is also included in the list of tax free countries and in this country also no tax is collected from the public. Like Dubai, the country’s government also mainly depends on indirect taxes and other duties instead of direct taxes. It is believed that this method proves to be very favorable for 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 completely based on oil income, runs without collecting even 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, despite being a tax-free country, Kuwait has emerged as a prosperous economy.
Saudi Arab
Saudi Arabia has also kept its people completely free from the tax trap and direct tax has been abolished in the country. This means that even in this country, people do not have to spend even a single part of their income as tax. However, the indirect tax system in this country is also strong and the money received from it gives a boost to the economy and it is also counted among the rich economies.
the bahamas
The country of Bahamas, which is called 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 oil-rich Brunei Islamic Kingdom lies 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 falls in the Caribbean region of the North American continent. This is also an attractive place for tourists and many people come here for holidays. The most important thing is that no one has to pay income tax in this country.
Oman
Apart from Bahrain and Kuwait, Gulf country Oman is also included in this 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
Like Oman, Bahrain and Kuwait, Qatar too is in a similar situation. Qatar is also very strong in its oil sector. Although this country is small but the people living here are very rich. Income tax is not collected here also.
Monaco
Monaco is a very small country in Europe. Despite this, income tax is never collected from the citizens here.