Income tax, what is that? Check out these 7 countries where people don't have to pay any Income Tax

In what could come as a major disappointment for individual taxpayers, Finance Minister Nirmala Sitharaman has not announced any changes in the tax slab in the Union Budget 2021. The FM was widely expected to provide relief to the pandemic-hit common man for which her announcement on individual taxation was eagerly waited. The Budget however seeks to reduce compliance burden on senior citizens who are of 75 years of age and above. Such senior citizens having only pension and interest income will be exempted from filing their income tax return. Personal taxation is a part which touches every individual earner. But do you know there are certain countries which does not collect any tax on individual earning? Let’s have a look at 7 countries where people don't have to pay any Income Tax.

UAE collects some corporate taxes on oil companies and foreign banks, but this gulf country does not collect any income tax from individuals. People have tax-free salary.

People don't have to pay income taxes in the Bahamas. The Caribbean country does not collect income tax.

Personal income has zero tax in this Arab country. Though for companies there is a certain taxation system in place.

Whether or not you are a resident of Kuwait, you have tax-free personal income in the country.

Oman too does not collect any tax income tax from residents and non-residents.

There is no personal tax or company tax in Panama. However, for offshore companies, under certain category, there is a little bit of taxation system in place.

Monaco does not collect income tax from individual resident. But it is really easy to get residency of Monaco. You only have to live there for six months or more, after which you are exempted from paying tax.