Delhi: Living in a country, be it India, America or Britain, it is necessary to pay taxes. Because citizens need to pay taxes to keep the government running. But at the same time, in some countries citizens do not have to pay a single penny in taxes. What are those countries?
Although the government imposes taxes such as VAT and stamp duty, citizens of the Bahamas do not have to pay personal income tax. The island nation is popular among tourists, attracting a large number of visitors every year. Panama is another tax-free country with amazing beaches and casinos. Panamanians do not have to pay capital gains tax.
Due to their abundant oil and gas reserves, the United Arab Emirates, Brunei, Kuwait, Oman and Qatar are all strong economies. Hence these countries do not charge personal income tax.
Maldives, Monaco, Nauru and Somalia also do not charge tax for various reasons. While the Maldives is a popular tourist destination, Monaco is known as a tax haven for the wealthy. Nauru, the world’s smallest island, has no tax system.
There are some countries in the world where citizens do not have to pay taxes. Most of them are tourist destinations and oil producing countries. Whatever the reason, these tax-free countries also ensure a unique standard of living for their citizens compared to people in other parts of the world.
Last Updated Feb 7, 2023, 4:38 PM IST
