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Today the Finance Minister is going to present his seventh consecutive budget. Common people have a lot of expectations at this time. Taxpayers are also waiting for relief. Along with this, it is also important to know which are the 10 countries of the world that do not charge even a single rupee tax and still run the country's economy. So know which countries are included.
United Arab Emirates
If we look at the countries with direct tax free economy in the world, the name of United Arab Emirates (UAE) comes first. No personal tax of any kind is taken from the public in the country. Instead, the government depends on indirect taxes like VAT (value added tax) and other charges. The economy of UAE is very strong due to oil and tourism. For this reason, people in UAE have been given relief in income tax.
Bahrain
Bahrain is also included in the list of tax-free countries and no tax is levied on the public in this country. Like Dubai, the country's government mainly relies on indirect taxes and other duties rather than direct taxes. It is believed that this method proves to be very convenient for the country's small businesses and startups and also boosts the economy.
Kuwait
Kuwait is also included in the list of tax-free countries. There is no personal income tax here. The country's economy, which is completely dependent on oil revenue, runs without collecting even a single rupee of tax from the people. Actually, if we talk about the reasons behind this, the largest part of Kuwait's economy comes from oil exports, due to which the government does not need to collect direct taxes. After adopting this model, Kuwait has emerged as a prosperous economy despite being a tax-free country.
Saudi Arab
Saudi Arabia has also kept its people completely free from the tax net and direct tax has been abolished in the country. This means that in this country also people do not have to spend even a part of their income as tax. However, the indirect tax system is also strong in this country and the money generated from it boosts the economy and it is counted among the prosperous economies.
Bahamas
The Bahamas country, known as a tourist paradise, is located in the Western Hemisphere. The special thing about this country is that the citizens living here do not have to pay income tax.
Brunei
The oil-rich Islamic kingdom of Brunei is located in the South East Asia region of the world. People here do not have to pay any kind of income tax.
Cayman Islands
The Cayman Islands are located in the Caribbean region of the North American continent. It is also an attractive place for tourists and many people come here to celebrate holidays. The most important thing is that no one has to pay income tax in this country.
Oman
Apart from Bahrain and Kuwait, the Gulf country Oman is also included in the list. People who are citizens of Oman do not have to pay income tax. The reason for this is believed to be Oman's strong oil and gas sector.
Queue
Qatar is in a similar situation as Oman, Bahrain and Kuwait. Qatar is also very strong in its oil sector. This country is small but the people living here are very rich. There is no income tax here either.
monaco
Monaco is a very small country in Europe. However, income tax is never levied on the citizens here.