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Countries that don't have any income tax at all
Every year just about everybody rushes to file their last minute tax returns. But there are some nations where people don't struggle with tax returns or any hassles related to taxes.
According to a study based on a KPMG's survey, there are nations that don't have any income tax at all.
Here's a list of countries with no personal income tax.
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Countries that don't have any income tax at all
The United Arab Emirates
Individual income tax is not assessed. Expatriate employees do not make contributions to UAE Social Insurance. However, the employer of a UAE national must make monthly social security and pension contributions of 12.5 per cent of the employee's basic salary and allowances (for a private employer) and 15 per cent of the employee's basic salary and allowances (for a public employer).
The employee must also make monthly contributions at a rate of five per cent of total remuneration. There is no capital gains tax for individuals. For branches of foreign banks and foreign oil companies engaged in the exploration and production of oil, the capital gains income of businesses is taxed as ordinary business income.
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Countries that don't have any income tax at all
Qatar
The employee social security rate is five per cent and the employer social security rate is 10 per cent for Qatari local employees. Qatar levies no taxes on employment income, dividends, profits, capital gains, wealth, property or transfers, including death duties.
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Countries that don't have any income tax at all
Oman
Oman does not have any personal taxation.
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Countries that don't have any income tax at all
Kuwait
According to Kuwait tax law, individuals are exempted from Kuwait taxation. However, social security contributions are required for employees with Kuwaiti nationality.
There are no other individual taxes.
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Countries that don't have any income tax at all
Cayman Islands
The Cayman Islands does not have income tax or social security. However under the Cayman Islands' National Pensions Law (Pensions Law) every employer must provide a pension plan for every person working for the employer, including expatriates who have been working for a continuous period of nine months in the Cayman Islands.
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Countries that don't have any income tax at all
Bahrain
There is no personal income tax in Bahrain. However Social Insurance and Unemployment Tax apply. Bahraini citizens are subject to Social Insurance Tax on their total compensation at a flat rate of seven per cent. Employers of Bahraini citizens must pay Social Insurance Tax at a rate of 12 per cent for those employees.
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Countries that don't have any income tax at all
Bermuda
While there is no income tax in Bermuda, a payroll tax equal to 14 per cent of compensation is payable by employers on the first BMD750,000 of compensation income per employee.
A portion of the payroll tax (up to 5.25 per cent) may be recovered from the employee at the discretion of the employer.
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Countries that don't have any income tax at all
Bahamas
There is no income, capital gains, wealth, succession or gift taxes in the Bahamas. There are real estate acquisition taxes (stamp duty) and holding taxes (real property taxes).
No income tax filings required.
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Countries that don't have any income tax at all
Saudi Arabia
Saudi Arabia does not impose a tax on salaries. However, self-employed expatriates are taxed at a rate of 20 per cent. There are no other individual taxes.
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Countries that don't have any income tax at all
Brunei Darussalam
There is currently no personal income tax in Brunei Darussalam. There is an Employee Trust Fund and Supplemental Contributory Pensions Scheme. There are no other individual taxes.