While some of us file taxes dutifully every year, others enjoy the benefit of skipping personal tax because they live in countries with no income taxes. Here’s a list of eight countries which do not impose income tax, based on a survey conducted by KPMG.
Kuwait
Officially the State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. Being a tax-free country, Kuwait's oil industry accounts for 80 percent of government revenue.
Oman
Situated in Southwest Asia on the southeast coast of the Arabian Peninsula, Oman exempts tax as an incentive to encourage their expansion and development, with the industrial sector expected to contribute 15 percent to the country's GDP by 2020.
Qatar
Qatar is a sovereign Arab state, located in Western Asia. With no income tax, Qatar is one of the countries with the lowest tax rates in the world.
United Arab Emirates
The UAE is a federation of seven emirates, each governed by a hereditary emir, with a single national president. The UAE does not have any federal income tax on wages or salaries. Each emirate can impose income taxes but none do.
The Bahamas
Located in the Atlantic Ocean, The Bahamas consist of more than 3,000 islands, cays, and islets. The economy has a very competitive tax regime. The government derives its revenue from import tariffs, license fees, property and stamp taxes, but there is no income tax, corporate tax, capital gains tax, value-added tax, or wealth tax.
Cayman Islands
The Cayman Islands is a British Overseas Territory located in the western Caribbean Sea. The Cayman Islands historically have been a tax-exempt destination. The government's primary source of income is indirect taxation.
Bermuda
Located off the east coast of the United States, Bermuda’s local tax system depends upon import duties, payroll taxes and consumption taxes.
Bahrain
Officially the Kingdom of Bahrain, is a small island country situated near the western shores of the Persian Gulf. It is a tax free economy with no withholding tax, corporate tax, income tax and VAT.
Kuwait
Oman
Situated in Southwest Asia on the southeast coast of the Arabian Peninsula, Oman exempts tax as an incentive to encourage their expansion and development, with the industrial sector expected to contribute 15 percent to the country's GDP by 2020.
Qatar
Qatar is a sovereign Arab state, located in Western Asia. With no income tax, Qatar is one of the countries with the lowest tax rates in the world.
United Arab Emirates
The UAE is a federation of seven emirates, each governed by a hereditary emir, with a single national president. The UAE does not have any federal income tax on wages or salaries. Each emirate can impose income taxes but none do.
The Bahamas
Located in the Atlantic Ocean, The Bahamas consist of more than 3,000 islands, cays, and islets. The economy has a very competitive tax regime. The government derives its revenue from import tariffs, license fees, property and stamp taxes, but there is no income tax, corporate tax, capital gains tax, value-added tax, or wealth tax.
Cayman Islands
The Cayman Islands is a British Overseas Territory located in the western Caribbean Sea. The Cayman Islands historically have been a tax-exempt destination. The government's primary source of income is indirect taxation.
Bermuda
Located off the east coast of the United States, Bermuda’s local tax system depends upon import duties, payroll taxes and consumption taxes.
Bahrain
Officially the Kingdom of Bahrain, is a small island country situated near the western shores of the Persian Gulf. It is a tax free economy with no withholding tax, corporate tax, income tax and VAT.
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