While Indians have never-ending income tax woes, there are some countries in the world where there is no income tax!
How would it be to live in a country that does not have income tax? It is true. There are some countries in the world that do not have income tax. While in India most of us refrain from paying tax in spite of the repeated warnings of the government, post demonetisation that has become difficult.
For the people who hate paying it, these countries are heaven-like. These five countries are no-tax zones:
Qatar is the world’s richest country by GDP. They also do not have any income tax, thanks to oil reserves and offshore activities. When they are already so rich, who needs to their people to pay taxes, eh?
2. THE UNITED ARAB EMIRATES:
Once again, thanks to oil. The United Arab Emirates does not levy personal taxes.
It gets a lot of revenue from oil. Dubai and Abu-Dhabi are two of it’s richest emirates.
UAE is one of the countries with highest per-capita incomes. Another huge source of revenue for UAE is tourism.
Although Bermuda has no income tax, it is one of the most expensive places to live in. This is one of the last remaining ‘British Overseas Territories’ and holds a lot of importance.
Bermuda’s people are one of the richest on Earth and the island is infamous as the ‘Bermuda Triangle’ is named after this place. The Bermuda Triangle is the mysterious area in the sea where ships and planes disappear without any good reason!
4. CAYMAN ISLANDS:
Another British Overseas Territory and a financial centre, there is no income tax levied on the people living here. However they do have to pay import duties.
These import duties could some time amount to more than the income tax paid by a person in several countries across the globe.
This country is home to a lot of billionaires of the world – there is no income-tax charged on the income or wealth of the persons living there. Monaca is also known to be one of the happiest places to live in.
Although there is no income tax at all of these countries some other taxes in the form of import duties, payment towards social security etc. are charged. Most of these countries have great tourism revenue.