Here are details on 10 such nations showcasing remarkable economic resilience.
The budget discourse is the issue of taxation, with public clamour for relief through tax cuts and exemptions.
Finance Minister Nirmala Sitharaman has unveiled the Union Budget 2024, sparking widespread discussion on its economic implications. The budget discourse is the issue of taxation, with public clamour for relief through tax cuts and exemptions. However, there exist several nations globally where governments do not levy any income tax on their citizens, yet their economies flourish robustly. Here are details on 10 such nations showcasing remarkable economic resilience:
United Arab Emirates (UAE)
Leading nation is the United Arab Emirates (UAE), notable for its absence of personal taxation. Instead, the government sustains itself through indirect taxes such as VAT and various duties. Fueled by robust sectors like oil and tourism, the UAE boasts a formidable economy.
Bahrain
Similar to Dubai, the government of Bahrain does not impose income tax on its citizens. Instead, it relies on indirect taxes to fund its expenditures. This system has fostered rapid growth in small businesses and startups, contributing to the overall improvement of Bahrain’s economy.
Kuwait
Kuwait, a tax-free country, does not levy income tax on its residents. With its economy predominantly reliant on oil revenues, the government foregoes the need for collecting taxes from its populace.
Saudi Arabia
Saudi Arabia does not impose income tax or direct taxes on its citizens. The country’s economy maintains a robust pace supported by its indirect tax system.
Bahamas
The economy of the Bahamas thrives on tourism, with the country refraining from collecting income tax from its residents. Each year, tourists from around the globe visit this destination, significantly bolstering its economic stability.
Brunei
As a nation with substantial oil reserves, the government of Brunei sees no need to impose taxes on its citizens.
Cayman Islands
Situated in North America, the Cayman Islands sustains its economy primarily through tourism, attracting visitors for its scenic beauty and holiday destinations. The government refrains from levying income tax on its residents.
Oman
Similar to Bahrain and Kuwait, Oman does not impose taxes on its citizens. The country sustains a robust economy through the sale of oil and gas.
Qatar
Like its Gulf neighbours, Qatar relies heavily on revenues from the oil industry. As a result, income tax is not levied on its populace. Despite its size, Qatar is wealthy due to its oil resources.
Monaco
Located in Europe, Monaco is a small yet economically strong country. It generates revenue primarily from tourism, allowing it to abstain from taxing its residents.