Know About 10 Nations Exempt from Income Tax
Income tax is one such concern that always raises eyebrows. Every individual wants to save on tax and avoid any pay cuts or extends money to the government. And in this wake, many happen to avoid paying income tax on a yearly basis too. But, there are specified countries in the world that have been exempted from income tax payment. Well, this comes to be a surprising thing because residents of such countries are experiencing quite a better life than the ones paying taxes. It is because government incur taxes to spend on the country people less and filling their pockets more.
One of the famous Gulf nations, Oman has no income tax policies that keep the residents safe from paying an extra amount for earning money provided by the country. In this oil-rich place, it is important for the citizens to contribute towards social security and nothing else.
2. The United Arab Emirates
A nation with a tremendous amount of growth in terms of infrastructure, UAE does not levy any kind of income tax on the professionals. Indeed, they do not have to part away with a ratio of their earning to Sheikhs or Central Government of the country.
3. Saudi Arabia
Famous worldwide as number one exporter oil exporter in the world, Saudi Arabia does not levy any tax on the personal income of the individuals. But, they are required to pay social security charges and capital gain taxes.
The beautiful country of Bahrain does not require people to pay any kind of income tax on their personal income. However, it is a rule that residents should pay a 7percent of their income as social security charges.
Being an exotic looking Saudi Nation, it does not incur any kind of income tax on the personal earning of the residents. But, like other Saudi countries, people are required to contribute towards social security expenses.Bermuda:
Famous throughout the world as one of the richest nations in British Overseas Territories, it does not require residents to pay income tax. But, payroll tax, social security, customs duties and property taxes are required to be paid. Moreover, living cost in Bermuda is quite high.
7. The Cayman Islands
The good thing about the Cayman Islands is that it does not require residents to pay any kind of income tax on their earnings. Besides this, it does not levy social security tax that makes it possible for the citizens to earn in a better manner.
8. The Bahamas
Stated as one of the most beautiful tourist destinations in the world, The Bahamas rely extensively on tourism and does not levy any income tax on its residents. Though, it is essential for the people of Bahamas to pay import duties, property taxes and national insurance charges.
Being the most famous place for millionaires to stay, it does not charge any kind of income tax or property tax from its residents. If the residents are of French Origin, they are required to pay due to taxes.
Talking about Gross Domestic Product (GDP), Qatar is the richest country in the world as its earning comes from oil reservoirs and offshore financing. The country does not levy any kind of income tax on personal earnings.http://www.khbuzz.com/2017/09/26/know-about-10-nations-exempt-from-income-tax/http://www.khbuzz.com/wp-content/uploads/2017/09/Income-Tax-Free.jpghttp://www.khbuzz.com/wp-content/uploads/2017/09/Income-Tax-Free-150x150.jpgNewsWorldIncome Tax