10 Countries With Zero Income Taxes

10 Countries With Zero Income Taxes:

10. United Arab Emirates - U.A.E. has one of the world's highest per-capita incomes at $49,000. It has no personal income or capital gains taxes. THe country has the world's seventh-largest crude oil and natural gas reserves. Oil companies pay upto 55% corporate tax, Foreign banks 20%, Country citizens must make monthly contributions of 5 percent of their total earnings for social security. And employers have to make 12.5% to 15% of workers base salary for social security.

9. Qatar - Gas-rich Qatar is the world's richest country with GDP per capita of $102,800. The country has world's third largest natural gas reserves. Businesses involved in oil and gas operations face a 35 percent tax rate. Qatar nationals and employers have to pay 5% & 10% respectively for social security benefits.

8. Oman - There is no individual income or capital gains taxes in 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.

7. Kuwait - With the world's sixth-largest oil reserves, Kuwait's petroleum accounts for nearly half its GDP, over 90 percent of export revenues and 80 percent of government income, according to OPEC. Kuwaiti nationals must contribute 7.5 percent of their salaries for social security benefits and employers make an 11 percent contribution. Only 7 percent of Kuwaitis work in the private sector.

6. Cayman Islands - The Cayman Islands are a big draw for the wealthy with their zero personal income and capital gains taxes and because they have no mandatory social security contributions. The country does have some indirect taxes such as import duties, which can range up to 25 percent.

5. Bahrain - With no personal income tax, Bahrain relies on output from the Abu Safa oilfield, which is shared with Saudi Arabia, for about 70 percent of its budget revenue. For social security benefits, citizens contribute 7 percent of their total income to the government, while expatriates pay 1 percent. Employers must also 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 upto 3 percent of the value of the property on real estate transfers.

4. Bermuda - While there is no income tax, workers may be asked by employers to contribute just under half of a 14 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. Other taxes include a property tax of up to 19 percent depending on the annual rental value of the land. And a stump duty 5% to 20% depending on property value.

3. The Bahamas - About 70 percent of government revenue comes from duties on imported goods. Even though there is no personal income tax, employees have to contribute 3.9 percent of their salary, up to a maximum of $31,200 annually and also Employers have to contribute 5.9 percent of a worker's salary for National Insurance. While self-employed individuals are charged 8.8 percent.

2. Saudi Arabia - Saudi Arabia, the world's number one oil exporter, doesn't impose a tax on salaries, but self-employed expats are taxed at a rate of 20 percent. Other notable taxes include a capital gains tax of 20 percent. Petroleum is the major source of funding for the government, accounting for about 75 percent of budget revenues, 45 percent of GDP and 90 percent of export earnings, according to OPEC.

1. Brunei Darussalam - Brunei Darussalam is the only Asian country to make the list of the nations with zero income taxes. employees are required to contribute 5 percent of their wages to a social security trust fund, and 3.5 percent to a pension scheme, which are both matched by the employer. The wages of a non-resident director, however, are subject to a 20 percent withholding tax. Hydrocarbons take up over 90 percent of Brunei's exports and more than 50 percent of its GDP.

IMAGE SOURCE: "GOOGLE SEARCH"

[rayva]

All the countries you don’t even wanna go to.

[sabrinashahab]

Tax is pretty low in most Musim countries with free market economy and huge personal freedom

[haleemlim]

Well, Just want to share the informations that will guide u as a references from Brunei's own people regarding of its famous motto "Kingdom unexpected Treasure of Brunei". Well, as much as I observed of most video regarding about Brunei, most of them literally knowing least the real inside Brunei as theres a best Quotes to everyone, "Judge outside cover means nothing when u did not read the whole chapters". Talking about the leader is much likely relates about the governmnt itself and the main concerned of every countries suppose to be "How does the income gap divided between the poors& rich" in the country. HOW's the people inside the country will proves u on how's the wealth benefting or reaches to all citizen. As my studies of almost 3 decades of Brunei's Independent, if u talk about this, out of top 5 Richest countries rated by world Bank, IMF& renowned forbes magazine lists, you definitely did not want to miss out when it comes to benovelent studies. Most Biggest applause would be the country of Brunei. Yes, you are in the right place to seek brunei's expertise on handling such things and WHY IS THAT?. These are the some 10 Hidden EXTREME facts of Negara Brunei would be the home to World best generous System country to fight such poverty ever in earth as the matter of unbroken facts...1) According to International Monetary Fund's report data for the Year 2014/15/16/17 of the country Brunei, Brunei got unbelievable ranked at #4th position/ 187 nations to become the only nations without any Stock Exchange background history to reach the world Top 5 richest....2)The leader really concerned about the welfare of its people as this can be memorized backed on Housing sector of its 1984 policy advocated "Everyone has a right to own House" was an incredible part of Brunei. On the year 2016 alone, almost 30, 000 modern terrace/ houses were handed by the leader itself. HM really loves to talk personally to home owner of Brunei's landless/ poor/ indigenous. This effort has remarkably made Brunei got solid proven to own 0% poverty line according to JPKE census. Its hardly define just let alone homeless, begger or hunger on the street ....3) The leaders who is best known as "HM" to its people is most charitable kind of leader. Regardless of what races/ religion of bruneian, the leader pays all medical bills to all citizens. Under the surgerical procedure to PR, thy wre also benefiting wth term/condtion apply ...4)HM pays education bills to all Bruneian student up till teriatery& Unversity level. Promising students will given free allowance+ sholarship of £60k to study abroad mainly to UK, Australia, Malaysia... 5) From being a 0% GST rate/personal income tax country, since 2011 the leader has also made Brunei at astonishing rates of 0% debt country along with the Great countries/dependencies of Macau, British Island, Palau, Lichtenstein, Nieu, ( based on "Net Interntional creditor" rating). Indeeds, Brunei clearly the world wealthiest government that also own oversea massive land similar to Brunei itself wth other properties as their investment statergy for their incomes...6)HM subsidised a large amount to all people live inside Brunei whereas everyone who live inside Brunei requires to pay as low as £6.6/12kg cooking gas/ free at KB, £0.06cent /L of water, £0.17 cent/L diesel, petrol USD0.29/L petrol, £D5.5/10kg Local Laila, frgant rice& Siam(£3)...7) HM preserving the Brunei's very heritage of the 1, 300 years of unique village known as "Kg.Ayer" or in English quite well as Water village.Thus, made Brunei crowned to be the world largest water settlement of 30k inhabitants wth 99.9% rate of clean water access/electric supplies to all homes& Others such as schools, mosque, clinic& others wre also included by the government… 8)The leader owns the "world most preservative forestry". As the governmnet'S effort to protect their forestry about 70% of Brunei's land covered by tropical rainforest. From thousands housing scheme for Rataie residents provided by the leader to the rich inside the thickness of Bruneis forest reservations, For Those truly enjoying eco-friendly jungle, Temburong, a district of Belalong tree frogs can only found within Brunei together wth other 28 spieces of animals would be the best of Evergreen Brunei... 9) As a strong influenced of their faith; Islam of Sedekah or "Charity", respect to eldest traditions of "MIB" philosopy& benovelents system constitional of the monarchy, HM divides the portion of monthly allowances to all Warga Emas or "Pension", nationwide. In most recent months, the leader also donated cash amont of £4 million to USA's chrity& last 3 yers ago million £ mosque donated to Southern Philipine...10) The leader provides modern infrastructures such as 99.9% clean water access& electric supplies to all Bruneian houses, upgrading more than 2, 000km of roads sch as new highway were opened near Tutong, Belait, ongoing 30km Tembird bridge etc in which has also brought Brunei owns one of the Highest Standard Living of All times... Well, Brunei is just another learner as young as 32 yers of idependents but this fact might literally bring u a hints that a lot of efforts& inescapable challenge ahead Brunei to have such dynamic #ranking. This may relate the question; How many years does it takes, e.g studies of the small agressive Singapore became an industralization country n being #3 richest? Or Current biggest GDP nominal China, USA leads the world. As for Bruneis leader/ government great efforts to level up the Bruneis future outlooks, I would said Brunei Darussalam just met the right track of the "Rome was not built in one night" could be studies inside the "Oxford reports: Brunei 2016" stated that 42% of their diversifcation for non Oil/Gas were successfully run throughout Brunei's revenue. 3 main topic that world will witnesses toward tiny developments of Brunei in Future& the Most marketable story of Brunei would be the 2017 Brunei's first ever Stock Exchange will put Brunei on the map& one of insde stock list were Giant; Philips brand. For less than 20 yers of "2035 vision of Brunei" efforts brunei would greatly becoming economic power as the project costed multibillion +3 zones near Muara Island fully operating, handled by BEBD. IMPACTS on The recent 2015 Business policy + the help of Brunei's strong banking- financial assistant efforts on SME, magnificently spourted encouraging more local businesses inside Brunei "interally" as more& more building were occupied by local entepuership of young Bruneian namely inside the success phenomenal "Stores" stories. Strengthen up to 1.7 billions(Muslim, 2016)customers of worldwide demand of Halal(estimated USD2.3trillions, 2012-16 or 16% of global markets report 2016)& Islamic financial, joint ventured, dealing trade on regional might brighten up for brunei's future benefits. #Salute Brunei &the Best Leadership #World4th Richest_2014/15/16/17 #Home to WorldBest welfare System of Monarchy #TopHighestCarownerShip by EconomistRanking #KeepPushing #PeaceHarmony Brunei!!. Proud to Bruneian. Support "Brunei 2035 " vision! Brunei Yakin!!

[davidstanleyolson]

Photo is not Cayman... It is in the Maldives

[styloafrobrunei]

Alhamdulillah, Brunei is on the top of the list

[zainimohamad]

no tax, no party, no votes, no quarrel, no power struggle...what an easy life

[dicktracy]

High cost of living more than makes up for lack of income taxes. There's no free parking. Business start up requires $14, 000 in paperwork alone plus another $6, 000 just to share a small office. Educated expats live 10 to a room. Life is mostly indoor 10 months a year because outside is too hot. Salaries are only going low and cost of living only high.

[briantlougan]

Middle Eastern countries are located in the continent of Asia. So actually most of the countries on your list were in Asia.

[fardinshimanto]

Hoping Bangladesh have a good government

[almarboshah]

This video needs to be updated Saudi Arabia and United Arab Emirates have tax is now 5%