Bermuda tops no income tax list - Royal Gazette

Created: Aug 22, 2023 07:59 AM

Businesses in the French Riviera principality of Monaco, except those that earn over 75 per cent of their revenue outside of Monaco, are subject to a 33.33 per cent tax on profits (File photograph)

Bermuda has first mention on the list of the “Top 7 Countries with Zero Income Tax” in a GOBankingRates article now being widely republished on Yahoo! Finance and elsewhere.

The list follows on with Monaco at number two and Cayman Islands at number three.

Then, in order are Bahamas, United Arab Emirates, Qatar and Oman at number seven.

In an unrelated article, the publication lists nine US states with no state income tax — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

But the country list, which elevates Bermuda to a nation, states: “Famous for its pink-sand beaches and turquoise waters, Bermuda also holds the distinction of having no value-added tax or sales tax. The Government, instead, derives its revenue from customs duties, payroll taxes and other indirect taxes.”

Notes on the others include that Monaco businesses, except those that earn over 75 per cent of their revenue outside of Monaco, are subject to a 33.33 per cent tax on profits.

Cayman is a “major global tax haven” that generates revenue through trade tariffs, work permit fees and financial sector taxes.

Bahamas has an economy heavily reliant on tourism and offshore banking, and has a value-added tax on certain goods and services.

UAE has a “booming economy, modern infrastructure and high living standards”. There is a corporate tax imposed on foreign banks and oil companies.

Qatar, another Gulf state with vast hydrocarbon wealth, provides residents with several tax advantages. However, like the UAE, it imposes corporate taxes on foreign companies in certain sectors.

Oman’s revenues predominantly come from the oil and gas sector, although there are efforts to diversify its economy and reduce dependence on oil.

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