The 10 Countries With the Lowest Tax Rates in the World: we have come to acknowledge that one of the most common thoughts these days, not only in the US but around the globe, is “why should I pay such high taxes”? Part of this stems from the bloat of governments in developed countries, which tend to have higher tax rates than underdeveloped countries.
Taxes are indeed a crucial element regarding any State’s finances, as in order to run its machinery and operate efficiently providing public health, education, and infrastructure, among other things, it needs a regular income. Nevertheless, some countries have notably lower tax rates than others, and these differences do not always denote a vast difference regarding living standards or quality of infrastructure provided by the local and federal governments.
Some countries have a lower cost of living, with consistent living standards as well. Usually, cost of living indicators take into account variables such as consumer index price as well as tax rates and rent indexes. Some countries indeed have a less expensive cost of living and are always an option for those feeling desensitized to high taxes and cost of living, and wondering whether they can have a better livelihood abroad rather than in their homeland or current country of residence.
For those interested in these countries, we have compiled a list of the 20 Countries With the Lowest Cost of Living in the World, featuring a countdown regarding cost of living, correlated with New York City`s figures. Some of these places, as you might guess are underdeveloped countries, such as Nepal, Algeria, and Vietnam, but some of them have large economies and vibrant markets as well.
This time we have compiled a list with a ranking of countries with the lowest tax rates. The list compares how much countries charge to companies, in relation to their commercial profit. So, which are the ten countries with the lowest tax rates? Read on to find out.
No. 10 Bahrain
Considered one of the top economies in the Middle East, this country has oil and petroleum, which constitute 60% of all exports. The country doesn’t have any tax on profits, although it has a labor tax of 14.6%, plus another 0.4% in miscellaneous taxes.
Our list of countries with the lowest tax rates continues on the next page with another Middle Eastern oil haven.