logo
These 10 countries do not take any tax from their citizens, reasons vary from..., check full list here

These 10 countries do not take any tax from their citizens, reasons vary from..., check full list here

India.com4 hours ago
New Delhi: The main source of income of any country is tax. If we talk only about India, here income tax is levied according to the income of the people. That is, people who earn less have to pay less tax. The highest rate of income tax in the country is 39 percent. In many countries of the world, the tax rate is less than India while in many countries it is higher. There are some countries in the world where tax is not levied. In such a situation, the question arises that how will the economy of these countries run? Why is no income tax levied?
The countries where tax is not levied include most of the Gulf countries. Apart from this, European and African countries are also included in this list. The special thing is that income tax is levied in big and powerful countries like America, France, Britain, Germany and China, then why is this exemption given in these countries. Let us tell you the special reason behind this UAE
If we look at the countries with direct tax-free economy in the world, then the name of United Arab Emirates (UAE) comes first in it. No tax of any kind is taken from the public in the country. Instead, the government relies on indirect taxes such as VAT (Value Added Tax) and other charges. UAE Economy is very strong due to oil and tourism. For this reason, people in UAE have been given relief from income tax. Bahrain
In the Gulf country Bahrain also, citizens do not have to pay any kind of tax. Here also there is no need to pay any kind of tax on earnings. In Bahrain, tax is not taken from the public by the government. Kuwait
Kuwait is also included in the list of tax-free countries. There is no personal income tax here either. The country's economy is completely dependent on oil. Most of the oil is exported from here. Due to which the government does not have to take direct tax. Saudi Arabia
Saudi Arabia has also kept its people completely free from the hassle of tax. Direct tax has been abolished in the country. Meaning that people in this country do not have to spend even a single part of their earnings as tax. However, the indirect tax system is also strong in this country. The money received from this gives a boost to the economy. It is also counted among the prosperous economies. The Bahamas
The Bahamas, which is called a paradise for tourists, falls in the Western Hemisphere. The special thing about this country is that the citizens living here do not have to pay income tax. Brunei
Brunei, which has oil reserves, is located in Southeast Asia. Here people do not have to pay any kind of income tax. Oman
People do not have to pay income tax in Oman which has large reserves of oil and gas. Qatar
Like Oman, Bahrain and Kuwait, Qatar is also in a similar situation. Qatar is also very strong in its oil sector. This country is undoubtedly small but the people living here are very rich. Income tax is not collected here either. Monaco
In this European country, the government does not collect income tax from the people. Nauru
Income tax is not collected from the people in the world's smallest island nation, Nauru.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump warns Russia to end Ukraine war in 50 days, confirms major Nato, Kyiv arms deal
Trump warns Russia to end Ukraine war in 50 days, confirms major Nato, Kyiv arms deal

First Post

timean hour ago

  • First Post

Trump warns Russia to end Ukraine war in 50 days, confirms major Nato, Kyiv arms deal

Trump on Monday warned Russia to end the Ukraine war within 50 days or face harsh new sanctions, while confirming a major arms deal for Nato and Ukraine read more President Donald Trump speaks during a meeting with Nato Secretary General Mark Rutte in the Oval Office of the White House, on Monday in Washington. AP US President Donald Trump on Monday issued a warning to Moscow, demanding that Russia end its war in Ukraine within 50 days or face sweeping new economic sanctions. At the same time, he also confirmed a major deal to supply what he called the 'greatest military equipment' to both Nato allies and Kyiv. 'We're very, very unhappy' with Russia, AFP quoted Trump as telling reporters as he met Nato chief Mark Rutte in the White House. STORY CONTINUES BELOW THIS AD Trump: 'One of the reasons that you're here today is to hear that we are very unhappy, I am, with Russia…We're going to be doing very severe tariffs if we don't have a deal in 50 days. Tariffs at about 100%… I'm disappointed in President Putin because I thought we would have… — The Bulwark (@BulwarkOnline) July 14, 2025 'We're going to be doing very severe tariffs if we don't have a deal in 50 days, tariffs at about 100 per cent,' said President Trump on Monday, warning of 'secondary tariffs' aimed at Russia's remaining trade partners in a move designed to further isolate Moscow and cripple its economy amid ongoing Western sanctions. Trump and Rutte also announced a new agreement under which Nato will purchase US weapons — including Patriot missile defence systems — and distribute them to Ukraine to support its fight against Russia's invasion. 'This is billions of dollars worth of military equipment is going to be purchased from the United States, going to Nato… and that's going to be quickly distributed to the battlefield,' Trump was quoted as saying. Rutte, a former Dutch prime minister, described the new US-led arms deal for Ukraine as a major step forward, confirming that a growing number of European nations have committed to funding the effort. STORY CONTINUES BELOW THIS AD 'This is really big. This is really big,' The Guardian quoted Rutte as saying, adding that President Trump called him last Thursday with a clear message: he wanted to give Ukraine the weapons it needed, but expected European allies to cover the costs. 'Which is totally logical,' Rutte added. Calling it a sign of Europe 'stepping up,' Rutte revealed that several countries are already on board with the plan, including Finland, Denmark, Sweden, Norway, the UK, the Netherlands, and Canada. 'And this is only the first wave, there will be more,' he added. The Nato chief said the alliance will coordinate closely to identify and meet Ukraine's battlefield needs. 'It will mean that Ukraine can get his hands on really massive numbers of military equipment, both for air defence, but also missiles, ammunition,' The Guardian quoted Rutte as saying. Trump began his second term in January by seeking a rapprochement with Russian President Vladimir Putin, aiming to fulfill his campaign pledge to end the Ukraine war within 24 hours. STORY CONTINUES BELOW THIS AD The move raised alarm in Kyiv, where officials feared he might abandon Ukraine — especially after Trump and his aides sharply criticized President Volodymyr Zelenskyy during a February Oval Office meeting. Trump frustrated with Putin However, in recent weeks, Trump has grown increasingly frustrated with Putin, as Russia has not only refused to halt its three-year invasion but has intensified its military offensive. 'I don't want to say he's an assassin, but he's a tough guy,' AFP quoted Trump as saying of Putin on Monday. Last week, Trump had teased an announcement on Monday on Russia. He then announced on Sunday that he would send vital Patriot air defense systems to Ukraine to help it fend off escalating barrages of Russian attacks. Washington has also U-turned from an announcement earlier this month that it would pause some arms deliveries to Kyiv. Rutte's visit to the White House is the first since the former Dutch prime minister described Trump as 'daddy' at a Nato summit in The Hague in June. Moscow intensifies strikes Moscow has unleashed record waves of drone and missile strikes over the past few weeks, with the number of Ukrainian civilians killed or wounded in June hitting a three-year high, according to UN figures. Trump's announcement on Monday came as his special envoy Keith Kellogg arrived in Kyiv to meet Zelenskyy. STORY CONTINUES BELOW THIS AD Zelensky hailed the 'productive meeting', saying they had discussed 'strengthening Ukraine's air defense, joint production, and procurement of defense weapons in collaboration with Europe.' The Ukrainian leader also said he was 'grateful to President Trump for the important signals of support and the positive decisions for both our countries.' Russian forces meanwhile said on Monday they had captured new territory in eastern Ukraine with the seizure of two villages, one in the Donetsk region and another in the Zaporizhzhia region. Its forces also killed at least three civilians in the eastern Kharkiv and Sumy regions on Monday, regional Ukrainian officials announced. In Kyiv, Zelensky also proposed a major political shake-up, recommending economy minister Yulia Svyrydenko take over as the country's new prime minister. Svyrydenko said on social media that Ukraine was facing a 'crucial time.' With inputs from agencies

Equities edge lower as tariffs, inflation data and earnings weigh
Equities edge lower as tariffs, inflation data and earnings weigh

Business Standard

timean hour ago

  • Business Standard

Equities edge lower as tariffs, inflation data and earnings weigh

By Sinead Carew and Nell Mackenzie MSCI's global equity index edged down on Monday and US Treasury yields edged higher as the latest US tariff threats kept investors on edge while they waited for inflation readings and the start of earnings season due later in the week. The euro briefly hit an almost three-week low while the dollar index held steady after US President Donald Trump's threat to impose a 30 per cent tariff on imports from the European Union and Mexico from August 1. European shares fell on Monday after the tariff threat. The EU said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany's finance minister called for firm action if the levies went ahead. The latest tariff salvo comes as US earnings season begins this week, with the major banks leading the pack. S&P 500 profits are expected to rise 5.8 per cent from the year-ago quarter, according to LSEG data. "It's all about earnings season now. People are not sure what it's going to hold. They want to be optimistic. Usually earnings season pans out better than expected," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, but he noted that trading valuations are "a bit expensive relative to the five-year average." "That on top of the most recent tariff announcements has people sort of just waiting on the sidelines," said the money manager. On Wall Street at 10:54 a.m. the Dow Jones Industrial Average fell 53.36 points, or 0.12 per cent, to 44,318.15 while the S&P 500 fell 6.66 points, or 0.11 per cent, to 6,253.09. The Nasdaq Composite rose 18.05 points, or 0.09 per cent, to 20,603.58. MSCI's gauge of stocks across the globe fell 1.07 points, or 0.12 per cent, to 921.49 while the pan-European STOXX 600 index fell 0.26 per cent. PRESSURING POWELL While US Federal Chair Jerome Powell has signalled a patient outlook on interest rate cuts, Trump is piling up political pressure for more aggressive easing. White House economic adviser Kevin Hassett over the weekend warned Trump might have grounds to fire Powell because of renovation cost overruns at the Fed's Washington headquarters. Trump said on Sunday that it would be a great thing if Powell stepped down. In US treasuries, the yield on benchmark US 10-year notes rose 1 basis point to 4.433 per cent, from 4.423 per cent late on Friday while the 30-year bond yield rose 2.2 basis points to 4.9791 per cent. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 1.8 basis points to 3.896 per cent, from 3.914 per cent late on Friday. Besides earnings season, investors are also waiting for US consumer price data for June, due on Tuesday, and will monitor for any upward pressure from tariffs. They will also watch for any tariff impact to supply chain costs in producer price and import price figures also due this week along with a view of consumer health in retail sales data. In currencies, the dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.09 per cent to 97.98. The euro was down 0.08 per cent at $1.168 while against the Japanese yen, the dollar strengthened 0.07 per cent to 147.51. The Mexican peso weakened 0.65 per cent versus the dollar at 18.767, with Mexican President Claudia Sheinbaum confident a trade deal could be reached before the August deadline. Bitcoin crossed the $120,000 level for the first time and was last up 1.48 per cent at $120,891.36. Oil prices fell on Monday after touching their highest level in three weeks, as investors eyed further US sanctions on Russia and the threat of tariffs that may affect global supplies. US crude fell 0.64 per cent to $68.01 a barrel and Brent fell to $70.07 per barrel, down 0.41 per cent on the day. Gold prices steadied after hitting a three-week peak on Monday with attention on trade talks and US economic data, while silver climbed to its highest level since September 2011. Spot gold fell 0.41 per cent to $3,341.63 an ounce. US gold futures rose 0.04 per cent to $3,357.20 an ounce.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store