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The country's general budget is going to be presented today. The whole country is looking at the budget announcements. What will be new in tax exemptions this time etc. But do you know that there are many countries where there is no tax on even a single rupee. Now the question is how does the economy of such tax-free countries run? Know specifically… which countries are in this list and how is their economy running.
UAE
If we look at the countries with direct tax 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. Due to this, people in UAE have been given relief in income tax.
List of tax free countries Bahrain This includes the Indian economy. In this country too, no tax is levied on the public. Like Dubai, the country's government also relies mainly on indirect taxes and other levies instead of direct taxes. It is believed that this method proves to be very convenient for the small businessmen and startups of the country and it also boosts the economy.
Kuwait
Kuwait is also included in the list of tax-free countries. No personal tax is levied here. The economy of the country, which is completely dependent on the income from oil, also runs without collecting even a single rupee of tax from the people. The thing is that if we talk about the reasons behind this, then the largest part of Kuwait's economy comes from oil exports. Due to which the government has no need for direct tax. 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 out of the tax net and has abolished direct taxes in the country. That is, in this country too, people do not have to spend even a single part of their earnings as tax. However, this country also has a strong indirect tax system and the money obtained from it boosts the economy and it is also counted among the prosperous economies.
the Bahamas
Bahamas, a paradise for tourists, 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.
The Islamic Kingdom of Brunei, also known as Brunei Known as the oil reserve, it is located in the South East Asia of the world. Here also people do not have to pay income tax.
Cayman Islands
The Cayman Islands country is located in the Caribbean region of the North American continent. It is also an attractive place for tourists and many people come here to spend their holidays. The most important thing is that there is no income tax in this country.
The list includes Oman,
Apart from Bahrain and Kuwait, the Gulf country Oman is also included. Oman's citizens do not have to pay income tax. The reason for this is believed to be Oman's strong oil and gas sector.
Queue
It is similar to Oman, Bahrain and Kuwait. Qatar is also very strong in its oil sector and even though this country is small, the people living here are very rich. No income tax has to be paid here either.
monaco
There is a very small country in Europe, although Monaco is small, it never charges income tax from its citizens.