Countries With Zero Income Tax

Countries With Zero Income Tax in the World: Here is the Complete List

Countries With Zero Income Tax

Countries With Zero Income Tax in the World: Here is the Complete List

Income Tax is the major source on incomes of majority of the countries in the world. However there are some countries, where you need not to pay any income tax. These countries generate there revenue from other sources instead of income tax. Here is the list of countries with zero income tax:

  1. United Arab Emirates: United Arab Emirates charges no income tax or capital gain taxes. UAE has world’s seventh-largest crude oil and natural gas reserves. Its GDP is mainly dependent on oil and gas output.
  2. Qatar: In Qatar, there is no tax on personal incomes, dividends, capital gains, royalties, profits and property. It generate its revenue from natural gas reserves, which are third largest in the world.
  3. Oman: There is no individual income tax or capital gain taxes in Oman. It derives its major source of revenue from crude oil.
  4. Kuwait: Kuwait has world’s sixth largest oil reserves and it relies for its revenue mainly on petroleum products.
  5. Cayman Islands: Cayman Islands also have zero personal income and capital gain taxes. Cayman Islands are well known offshore financial center.
  6. Bahrain: Bahrain charges no personal income tax. Instead, it relies on output from the Abu Safa oilfield for about 70% of its revenue.
  7. Bermuda: Bermuda is one of the world’s most affluent countries and it has no income tax. Custom duties levied on imported goods are the major source of revenue for the government.
  8. The Bahamas: The Bahamas is one of the wealthiest Caribbean  country. It is heavily dependent on tourism, offshore banking and duties on imported goods for its revenue.
  9.  Saudi Arabia: Saudi Arabia is the number one oil exporter in the world. It does not impose tax on salaries, however, self employed are taxed at a rate of 20%. Petroleum is the main source of revenue of the Government.
  10. Brunei: Brunei is the only Asian country with zero income taxes. It is the fourth largest oil producer in Southeast Asia. It relies heavily on oil and gas for its revenue.

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