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Last Updated : Feb 23, 2018 04:36 PM IST | Source: Lucky Palace Download

Heaven on earth? 10 countries where the citizens don't have to pay income tax

India taxes its citizens up to 30 percent (plus surcharges and cess) on their income, however, there are countries and territories in the world where you won't need to part with your hard-earned money. Here's a list of ten such places | Lucky Palace Download

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The Bahamas | The Caribbean paradise levies zero income tax on personal income, corporate income or gains. The primary source of earning for its government is tourism and a slew of indirect taxes and property taxes like stamp duty, land tax, value added tax among others. (Wikimedia Commons)

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Bahrain | The oil rich middle-eastern country is one of rare ones where there is no income or corporate taxes. Though, the employers and employees of the country has to put in 9 percent and 6 percent of the base salary as social security contributions (similar to EPF contribution in India). (Pearl Roundabout | Jacobs- Creative Bees/Flickr)

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Brunei | Despite being an absolute monarchy, the country is lenient on its citizens and levies no income taxes on individuals. However, the island situated in the Pacific Ocean taxes corporate profits at the rate of 18.5 percent. Apart from that it has provisions of other usual direct taxes like property tax and vehicle tax. (Sultan Omar Ali Saifuddin Mosque | Jim Trodel/Flickr)

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Kuwait | The country has six percent of total oil reserves of the world hence, unsurprisingly, it is a petroleum-based economy. The oil generates 90 percent of the government income hence it can afford to be a tax free regime. It neither levies VAT, corporate tax or income tax on its residents. However, a tax at the rate of 15 percent is levied on foreign companies’ corporate income. (Snap/Flickr)

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Oman | Another oil rich country which makes the list. Oman does not levy any income tax on individuals. However, the sultanate levies 15 percent corporate tax on business entities, except oil selling companies which pay tax at the rate of 55 percent. A lower tax rate of 3 percent has been introduced for companies whose registered capital is below OMR 50,000. (Sultan Qaboos Grand Mosque | Prasad Pillai/Flickr)

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Qatar | The middle eastern country which is surrounded by Persian Gulf from three sides levies zero income taxes on individuals. Corporate income, however, is taxed at a general flat rate of 10 percent. The companies operating in gas and petroleum sector pay taxes at the rate of 35 percent. (West Bay Skyline, Doha | Wikimedia Commons)

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Saudi Arabia | The second largest country in Arab world by area also levies no income taxes on individuals earning from employment. The corporate or business income on non-Saudi shares is taxed at a rate of 20 percent; Saudi shareholders just have pay a Zakat (religious tax) at 2.5 percent. Companies exploiting natural gas and oil have to pay 30 percent and 85 percent, respectively. (King Abdullah Financial Center seen from North east side of Riyadh City | Wikimedia Commons)

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United Arab Emirates | The federation of seven emirates (monarchs) has one of the most diversified economy in the Gulf, with just 30 percent reliance on oil and gas. The federation imposes zero tax on either corporate or individual income, with an exception of oil and gas sector and financial services. Branches of foreign banks are taxed at a negotiated rate or a flat rate of 20 percent. Petroleum companies are taxed up to 55 percent. (2015 image of Dubai skyline | Wikimedia Commons)

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Bermuda | Not exactly a country but an autonomous territory of the UK, its economy is largely dependent on financial services companies which have set up their operations here. The country is largely tax free with no taxes on corporate or individual income. Though, a payroll tax at 15.5 percent is levied on companies on total cash and benefits paid to an employee. (Front Street, Hamilton, Bermuda | Wikimedia Commons)

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The Cayman Islands | Another British overseas territory which is a tax free autonomous region. According to Deloitte, except stamp duty on transfer of real estate, the Caribbean territory levies no taxes of any kind whatsoever. (Aerial view of George Town, Cayman Island | Wikimedia Commons) Information Source: Deloitte country international tax highlights 2017, World Bank and CIA World Fact Book

First Published on Feb 23, 2018 01:34 pm

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