In India, if income of people is more than Rs 2.5 lakh, then they have to pay income taxes. By collecting tax, the government brings welfare schemes for the people.
Today, we will tell you about some countries where people are fully exempt from income tax.
Bahamas
People in the Bahamas, located in the Caribbean in North America, do not have to pay any income tax. No matter how much their income is, they do not have to pay tax to the government. But citizens have to pay for national insurance from their salaries. This rule also applies to non-residents.
Oman
Like the Bahamas, Omanis are exempt from paying income tax but have to pay 12 to 15 per cent of corporate taxes.
Saudi Arabia
Even in Saudi Arabia there is no tax on people’s wages. But if you own a business then you will have to pay 20 per cent tax to the government.
Bermuda
In Bermuda, there is only payroll tax that can be deducted from your salary. Apart from this, there is no tax in this country.
Qatar
There is a huge reservoir of oil in Qatar, thanks to which the people of this country are so rich. But in spite of this, they do not pay any income tax. There is no tax on income, dividend, capital gains and money or property transfer (transfer) on any person or employee.
Brunei
Brunei, a country located near Indonesia, does not have any kind of personal income tax. There is only one employee trust fund and supplemental contribution pension scheme, in which people have to pay money.
Kuwait
Every citizen in Kuwait is also exempted from paying income tax. People here only have to pay some amount of money in social insurance.
PNN/Agencies