List of Countries where citizens do not pay income tax to government
List of Countries where citizens do not pay income tax to government
Following is the list of countries where there is no income tax.
1.
United Arab Emirates –
Tax is collected from companies mainly oil companies.
Oil companies pay up to 55 percent in corporate taxes.
Foreign banks pay about 20 percent.
Employees pay 5 percent of their total earnings for social security. Employers of citizens also have to make monthly contributions of 12.5 percent of the worker’s base salary for social security and pensions.
Other indirect taxes include housing fees, road tolls and municipal taxes. The UAE charges a 50 percent tax on alcohol, and if a person has a liquor license and buys alcohol to drink at home, an additional 30 percent tax is charged.
2.
Qatar – No income tax
no taxes on personal incomes, dividends, royalties, profits, capital gains and property.
Qatar nationals pay 5 percent of their income for social security benefits, while employers contribute 10 percent for the fund.
indirect taxes include a 5 percent charge on imported goods.
3.
Oman – No income tax no capital gain tax
Oil is the source of revenue.
Oman, citizens must contribute 6.5 percent of their monthly salary for social security benefits.
A stamp duty of 3 percent is also charged on the purchase of property.
4.
Kuwait – No income tax
Kuwait nationals pay 7.5 per cent of their salary for social security, while their employers pay 11 per cent additional on their behalf.
5.
Cayman Islands – No income tax, no capital gain tax.
No sales tax No value added tax
Employers are required to provide a pension plan for all workers.
Have to pay import duty
6.
Bahrain – No personal income tax
For social security benefits, citizens pay 7 percent of their total income to the government, while expatriates pay 1 percent.
Employers make a contribution of 12 percent of a citizen’s income for social insurance, and pay 3 percent for expatriate employees.
Other indirect taxes include a stamp duty of up to 3 percent of the value of the property on real estate transfers.
Expatriates pay a 10 percent municipal tax for renting a home in the Persian Gulf state.
7.
Bermuda –
workers may be asked by employers to contribute up to 5.75 percent of a 16 percent payroll tax that the employer has to pay to the government on the first $750,000 of an employee’s income.
Workers also have to pay $30.40 per week toward social security insurance, which is matched by the employer.
a property tax of up to 19 percent depending on the annual rental value of the land determined by the government.
A stamp duty also applies to inheritance/estates from 5 percent to 20 percent depending on the property value.
Individuals relocating to Bermuda are charged 25 percent for goods they bring.
8.
The Bahamas –
Import Duty main source of revenue.
employees pay 3.9 per cent of their salary for social security, while employers contribute 5.9 per cent of an employee's salary.
self-employed individuals are charged 8.8 percent.
The country also has a property tax of up to 1 percent.
Source - CNBC
Reality views by sm –
Sunday, July 22, 2012
Tags –
List of No Income Tax Countries
6 comments:
that sound good to me but i wonder is there budget enough?
@MEcoy
thanks.
Yes they got money for budget.
It is in reality a nice and useful piece of information
Very interesting, hope I'm employed in such countries
@Queen Quinn
thanks.
@Gordon Akipia
thanks.