Tax Free countries: Citizens of these countries do not have to pay income tax, know which names are in the list

Oman has announced to impose tax in the country by the year 2028. Come, let us tell you which are the countries in the world where no tax is taken from the people.

Tax Free countries: In today’s era, where tax rates are skyrocketing in many parts of the world, there are some countries where citizens do not have to pay income tax. These tax-free policies make these countries attractive for investors and high-earning people. Let us know the list of these countries. Let us tell you that Oman has announced to impose tax in the country by the year 2028. Let us tell you which are the countries in the world where no tax is taken from the people.

What changes have happened in Oman

Oman was also one of the few countries till now where there was no personal income tax on citizens. But now the Oman government is planning to impose tax on income. Oman has already implemented 5 percent VAT and corporate tax is also being levied on companies. In the coming time, it is possible that income tax may be imposed on the citizens working there, especially migrant workers. This step is being taken to move the country’s economy from dependence on oil to a sustainable model. According to media reports, it will be implemented from 2028. Under this, 5 percent tax will be levied on income of more than 42 thousand Omani Rials (about 93.5 lakh rupees) annually.

In which countries there is no tax

Citizens of most countries around the world have to pay income tax on their earnings, but there are some countries where no tax is levied on personal income. These countries usually earn their income from other sources like oil, gas or tourism and give tax relief to the citizens. United Arab Emirates, Kuwait, Qatar, Saudi Arabia, Bahrain, Brunei, Bahamas, Monaco, Cayman Islands, British Virgin Islands, Anguilla and Oman are such countries where people do not have to pay any income tax on their salary or business income. These countries are usually called tax havens because the tax system here is either very simple or there is no tax at all. This is the reason why many rich people, businessmen and expatriates consider these countries as their first choice.

However, some of these countries are now moving towards changing the tax policy. For example, Oman, which was tax-free till now, may have income tax imposed on personal income in the coming time. Its aim is to make the country more stable and diversified by taking it out of dependence on oil. The Oman government believes that strengthening the tax system is essential for its economic structure.

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