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 to 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 collected from the people.
What changes have taken place in Oman?
Oman was also one of the few countries where there was no personal income tax on citizens. But now the Omani government is planning to impose a tax on income. Oman has already implemented a 5 percent VAT and is also imposing a corporate tax on companies. In the near future, it is possible that an income tax may be imposed on citizens working there, especially expatriate workers.
This step is being taken to move the country’s economy away from dependence on oil and towards a sustainable model. According to media reports, it will be implemented from 2028. Under this, a 5 percent tax will be imposed on income exceeding 42 thousand Omani Rials (about Rs. 93.5 lakh) annually.
Which countries do not impose taxes?
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 such as oil, gas or tourism and provide tax breaks to citizens.
The United Arab Emirates, Kuwait, Qatar, Saudi Arabia, Bahrain, Brunei, Bahamas, Monaco, Cayman Islands, British Virgin Islands, Anguilla and Oman are countries where people do not have to pay any income tax on their salary or business income. These countries are commonly called tax havens because the tax system here is either very simple or non-existent. This is the reason why many wealthy people, businessmen and expatriates consider these countries as their first choice.
However, some of these countries are now moving towards changing their tax policies. For example, Oman, which was tax-free until now, may impose an income tax on personal income in the near future. The aim is to make the country more stable and diversified by moving away from its dependence on oil. The Omani government believes that strengthening the tax system is essential for its economic structure.
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