Come July, everyone is rushing 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. That's right.
According to CNBC's list based on KPMG's 2011 survey of 96 countries, these eight nations don't have to pay any income tax to their government.
Here's a list of countries with no personal income tax.
United Arab Emirates
UAE, which is the third-biggest exporter of crude globally, largely depends on taxes from oil companies. This accounts for 55 per cent in corporate taxes.
Qatar
The country levies no taxes on personal incomes, dividends, royalties, profits, capital gains and property. However, people in Qatar have to pay 5 per cent of their social security benefits, while employers contribute 10 per cent.
Oman
Majority of Oman's revenue come from crude oil. According to CNBC report, the country's oil revenues increased 35 per cent in April to $8.49 billion compared to the same month last year and accounted for over 71 per cent of the sultanate's total revenues.
Kuwait
Though there is no income tax in the country, Kuwait nationals have to contribute 7.5 per cent of their salary for social security, while their employers pay 11 per cent additional on their behalf.
Cayman Islands
If you are working in Cayman Islands, you needn't worry about a pension plan. Here, employers pay towards a pension plan. This rule also applies to expat employees, who have been working Cayman Islands for a period of nine months.
Bahrain
Here as well, people contribute 7 per cent of their total income towards social security benefits, while employers make a contribution of 12 per cent.
Bermuda
Bermuda is considered as one of the world's most affluent countries. However, employees have to pay $30.40 per week toward social security insurance, which is matched by the employer.
The Bahamas
Bahamas is the wealthiest Caribbean country. Even then, employees give away 3.9 per cent of their salary for social security, while employers contribute 5.9 per cent of a employee's salary.
According to CNBC's list based on KPMG's 2011 survey of 96 countries, these eight nations don't have to pay any income tax to their government.
Here's a list of countries with no personal income tax.
UAE, which is the third-biggest exporter of crude globally, largely depends on taxes from oil companies. This accounts for 55 per cent in corporate taxes.
The country levies no taxes on personal incomes, dividends, royalties, profits, capital gains and property. However, people in Qatar have to pay 5 per cent of their social security benefits, while employers contribute 10 per cent.
Majority of Oman's revenue come from crude oil. According to CNBC report, the country's oil revenues increased 35 per cent in April to $8.49 billion compared to the same month last year and accounted for over 71 per cent of the sultanate's total revenues.
Though there is no income tax in the country, Kuwait nationals have to contribute 7.5 per cent of their salary for social security, while their employers pay 11 per cent additional on their behalf.
If you are working in Cayman Islands, you needn't worry about a pension plan. Here, employers pay towards a pension plan. This rule also applies to expat employees, who have been working Cayman Islands for a period of nine months.
Here as well, people contribute 7 per cent of their total income towards social security benefits, while employers make a contribution of 12 per cent.
Bermuda is considered as one of the world's most affluent countries. However, employees have to pay $30.40 per week toward social security insurance, which is matched by the employer.
Bahamas is the wealthiest Caribbean country. Even then, employees give away 3.9 per cent of their salary for social security, while employers contribute 5.9 per cent of a employee's salary.
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