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Indian Government took a huge step demonetization to fight against Black holders. This Step Create a huge problems for People Having Black Money. All of them are running here and there, trying to settle their money. Swiss Banks Are Considered as Biggest center of black Money as they don’t disclose information about their customers and it is easier to keep money there because they don’t ask for source of income.
There some Other Countries where no tax levied on personal income and Investment of citizens. So here is the List of Tax Heavens of the World.
In Saudi Arabia, there is no tax on salary. However, migrants who run their own business in this country have to pay 20 percent tax. Companies associated with natural gas sector have to pay 30 percent tax to government. Whereas, companies associated with oil and hydrocarbon sector have to pay 85 percent tax.
This island is best for black money holders. In this island public are neither required to pay any kind of tax on personal income nor does they have to pay in social security fund. However, here every company has to run a pension scheme for its workers under National Pension Law. Even people who are working from last 9 months in this place are also paid pension under this scheme.
Local workers of Qatar have to pay Social Security charges according to 5 percent rate but other citizen of the country this rate is double i.e., 10 percent. But, there is no income tax is imposed on workers and also there is no such tax on transfer of fund or property.
Oman is counted among the top oil trader country of the world. This country is also counted among the list of tax heaven countries of the world because the government of Oman doesn’t impose any kind of income tax on people. That means, black money holders of India could settle in this country to escape from heavy taxes.
According to the Tax Law of the country, every citizen of the country is free from income tax. However, giving donation for national security is compulsory for both government private employees of the country.
There is no income tax levied on any citizen of the country. However, social insurance and employment tax is imposed on them. People have to pay 7 percent of their income in social insurance and employment tax and the employer have to deposit money 12 percent rate for social security of employees.
Bahamas government also doesn’t impose income tax on public. But real estate acquisition tax (stamp duty) and holding tax (real property tax) is levied on them. Apart from this, companies have to pay 5.9 percent of employee’s total salary for social security to the government and employee’s contribution is 3.9 percent in this. In the 2015, government has started VAT on product with 7.5% rate.