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The restoration facility in health insurance, as the name suggests, replenishes the sum assured after you have used the entire amount within a calendar year. Read on to know more about it. The scheme is targeted at private sector employees. Read further to know about the scheme in detail. One of the most important factors that are taken into consideration by lenders when you apply for a loan is your CIBIL score.
First Name Last Name. The thought "Why should I pay income tax? As taxes can eat up a considerable portion of your salary, it is prevalent for many people to believe that taxes are nothing but a burden. But is it truly the case?
Not really. Let us have a look at the importance of income tax in India- 1. Helps Build the Nation The cost of running an entire country, especially one that is as large and populated as ours, is humongous. It is through the taxes we pay that the government can perform civil operations.
In other words, without taxes, it would be impossible for the government to run the country. Income tax is one of the biggest sources of income for the Indian government. If people start thinking that income tax is a burden and avoid paying the same, it will directly impact the growth of our nation and also result in social collapse.
Calculate Now. Can you save more Tax? Plan here. Which of these Financial Solutions would you like advice on? Life Insurance. Health Insurance. Business Loan. Additionally, just because these countries don't charge income taxes doesn't mean they offer a tax-free life. The Bahamas, for example, derives its tax revenue from value-added taxes VATs , real property taxes, casino taxes, import duties, stamp duties, and license fees.
Individuals and business in the U. Of course, this isn't without its difficulties. Not only is obtaining citizenship difficult in some countries , the U.
Over the years, thousands of millionaires have acquired citizenship in countries with lower tax rates. Currently, all U. Citizens would need to renounce their U. If you or your business is still interested in moving to an income-tax free country, the first task is to decide where you're going to relocate. Some countries make it harder to secure citizenship than others, and each locale—some rather remote—comes with unique costs, challenges, and risks. Below are the 23 countries that do not levy income taxes on their citizens and residents, organized alphabetically:.
Formerly a British protectorate, the archipelago features a diverse economy. However, occasional conflicts between protestors and security forces do occur as a result of ongoing political unrest. In order to acquire a residence permit in Bahrain, one must be prepared to submit several forms and pay a substantial sum.
Alternatively, foreign workers who receive a work visa from a local employer are eligible for a residence permit. Said employer is responsible for arranging the necessary paperwork.
Bermuda is one of many British Overseas Territories that don't levy an income tax, though it is the oldest and most populous. The Rock has a long history of tourism, dating back to Victorian era. Livestock is the prominent agricultural activity, as poor soil quality limits the potential for growing crops. The U.
Virgin Islands. In order to become a permanent resident, a perrson must reside in the British Virgin Islands for a year period. They must then submit a residence form in person to the Government of the British Islands Immigration Department. This allows the Brunei government to provide free medical services and free education through the university level.
The House of Bolkiah, the royal family of Brunei, has remained in power in Brunei for more than six centuries. It can be very challenging to acquire a permanent residence permit for Brunei, which typically requires passing stringent tests on local culture, customs, and language. Like Bermuda, the Cayman Islands are both one of the British Overseas Territories and home to a prominent offshore financial center.
Despite its remote location, residents reportedly enjoy a standard of living on par with Switzerland. Immigrating to the Cayman Islands isn't particularly difficult so long as one has resided there for at least eight years prior to applying though no more than nine years prior to applying, outside of specific circumstances.
According to the CIA, foreigners seeking work in Kuwait can become victims of forced labor, due in large part to a sponsorship law that make it difficult for workers to escape abusive workplaces.
Since , the Kuwait government has been working to reduce the number of expats in order to minimize competition for upper-management jobs. Additionally, expats over 50 years old are legally barred from working in Kuwait's public sector.
Although the island nation's tourism and fishing industries have seen substantial growth, Maldives is still facing a mountain of steadily accumulating debt. Additionally, according to the CIA, both outsiders seeking work in Maldives and local residents can find themselves victims of forced labor. Residence in Maldives is possible, though one must first acquire a Work Permit.
This can be obtained through a local resident or company via the sponsorship program. Afterward, one will become eligible for a Resident Permit. Monaco is a popular tourism destination and—as with a number of no-income-tax countries—a major banking center.
Local residents have a standard of living similar to thriving French metropolitan areas. Securing a residence permit in Monaco is costly. One must own or rent a residence of some sort, such as a house or an apartment, and have an account in a Monegasque bank.
Nauru was once one of the richest countries in the world due to massive supplies of a specific natural resource: phosphate. These days, while efforts are underway to extract "secondary phosphate" to keep the economy afloat, the island's future is uncertain. Other sources of government income include fishing licenses and the Australian Regional Processing Center for asylum seekers.
Supposedly Nauru once had an Economic Citizenship Program where citizenship could be expedited for a fee. However, if that information was ever available online, it is no longer available. The Australian external territory's primary driver of economic growth is its tourism industry.
Rather than being heavily reliant on food exports, Norfolk Island is self-sufficient, producing its own beef, poultry, and eggs. Australian and New Zealand citizens will have the easiest time immigrating to Norfolk Island, as they have access to an exclusive process. Foreign nationals looking to live, work, and reside there will have to fill out and submit a multitude of forms and documents.
The country's leadership is working to diversify the economy by bolstering its tourism, shipping and logistics, mining, manufacturing, and aquaculture industries. Sultan Qaboos bin Said, Oman's longest reigning monarch, passed away in January Oman's government is working to create more jobs due to the rising number of foreign nationals entering the country.
This British Overseas Territory's economy mainly revolves around fishing, farming, handicrafts, and postage stamps. The island's population is currently estimated at only 50 people. Pitcairn's immigration process is almost astonishingly straightforward. All that has to be done is fill out a Settlement Application form, pay a fee, and then participate in an interview with the island's Deputy Governor. Qatar shares many similarities to Kuwait.
Its economy is also reliant on oil, though in Qatar's case its energy sector rakes in additional profits from natural gas. Despite this, industry accounts for more than half of the country's GDP—which is also true in Kuwait.
This implies that, to assess who bears the burden of a tax, it is not sufficient to look at statutory tax rates. A similar argument can be made if the tax is levied on consumers, since in a market economy the tax will lower demand, and this will have a consequence also for producers. The key point is that, in order to analyze the economic incidence of taxation in a market economy, we need to look beyond statutory tax rates.
Below we provide concrete examples of how economists try to estimate the economic incidence of taxation. To do this, they make the following assumptions: i Taxes on earnings are borne by workers; ii Taxes on individual income are borne by the households that pay them; iii Taxes on corporate income are borne by individuals in proportion to their capital income; iv Taxes on consumption are borne by individuals in proportion to their consumption.
Based on these assumptions, the CBO calculates total tax contributions as a share of pre-tax income for different segments of the pre-tax income distribution. The visualization, plotting CBO estimates of average tax rates, shows that the federal tax system in the US has been generally progressive: those located higher in the ranking of incomes, pay a higher share of their income in taxes.
Across time, we can also see that progressivity has not been constant — the period saw important reductions in tax rates for the rich, without comparable reductions for the poor. The hike in tax rates towards the end corresponds primarily to significant changes in tax rules in The visualization above shows that, according to the estimates from the Congressional Budget Office , richer individuals in the US generally tend to bear a larger burden of taxation than the poor.
The next visualisation, from Piketty and Saez 19 shows estimated average tax rates in France, the US and the UK, at two points in time: and Notice that these are average rates i. Again, we can see in these estimates that the systems in question are progressive — increasingly higher percentiles in the income distribution pay increasingly higher effective rates of taxation. However, the lines are much flatter in , which shows that the systems have become less progressive at the top: the average share of income paid by those at the very top of the income distribution has dropped substantially since This is important because, as the authors of the figure point out, over the same period pre-tax income inequality grew significantly: a few very rich individuals at the very top are accumulating an increasingly large share of national incomes.
An important point that should be kept in mind is that these estimates are not directly comparable to those from the Congressional Budget Office discussed above, because they do not take into account government transfers, and rely on different methodological assumptions — for example, they do not consider excise taxes but they do consider estate taxes.
For more details see Piketty and Saez We have already pointed out that rich countries tend to collect much higher tax revenues than poor countries. The visualization provides further evidence of the extent of this correlation. The vertical axis measures GDP per capita after accounting for differences in purchasing power across countries , while the horizontal axis measures tax revenues as share of GDP.
We can see that there is a strong positive correlation: richer countries tend to have higher tax revenues as a share of their GDP. And this is also true within world regions represented here with different colors. We argued above that the efficiency of tax collection is a strong predictor of cross-country differences in tax revenues — rich countries have more capacity to extract revenues.
As historical data shows, this capacity was largely possible because, throughout the 19th century and up until the first half of the 20th century, these countries found increasingly cheaper ways to collect taxes.
The visualization, from Lindert 21 , shows that the US and the UK saw steep declines in the administrative cost shares of indirect tax collection across the 19th century and the early 20th. As we can see, the cost of collections dropped, from over 4.
Cross-country differences in tax revenues are linked to the capacity of countries to implement efficient tax collection systems. Here we provide evidence suggesting that political factors — such as the extent of institutionalized constraints on the decision-making powers of policy makers — help shape the level and evolution of fiscal capacity of countries.
The chart, from Besley and Persson 23 , plots the cross-country relationship between political institutions and tax revenues. The authors approximate the strength of political institutions by calculating the proportion of years since independence or since if independence is earlier that a country had strong constraints on the executive. In essence, this variable aims to capture the extent to which accountability groups impose institutionalized constraints on the decision-making powers of policy makers.
The scatter plot controls for baseline differences in GDP — that is, what we observe is the correlation between tax revenues and political institutions conditional on GDP levels. As we can see, countries with strong executive constraints collect higher tax revenues, when income per capita is held constant, than do countries with weak executive constraints. This hypothesis seems to be supported by raw correlations.
The plot, from Benedek et al. It shows a broad negative association: between and , when foreign aid as a share of GDP was increasing, average tax revenue in relation to GDP decreased slightly. This relationship cannot be interpreted causally, as there are many factors that simultaneously drive ODA flows and tax revenues.
More complex econometric studies that try to account for further sources of bias find that there is no consistently significant relationship between aid and tax collection see Prichard 26 and the references therein for more details. One way to gauge the extent to which taxation redistributes resources between individuals in a country, is by looking at how the distributions of incomes change before and after taxes.
The visualization does this, showing the reduction of inequality that different OECD countries achieve through taxes and transfers. The estimates correspond to the percentage point reduction in inequality, as measured by changes in the Gini coefficients of income, before and after taxes and transfers. The IDD provides further details regarding how these estimates are constructed. The data shows that across the 35 countries covered, taxes and transfers lower income inequality by around one-third on average equivalent to around 0.
Generally speaking, countries that achieve the largest redistribution through taxes and transfers tend to be those with the lowest after-tax inequality. While informative for the purpose of cross-country comparisons, these results have to be interpreted carefully, since the before-tax distribution of incomes is already the result of choices made by individuals who take taxes and transfers into consideration.
Put simply, the before-tax distributions of incomes are likely to be different to the actual distributions of incomes that would be in place if there were no taxes or transfers. This can be clearly explained in the context of pensions: individuals receiving state pensions appear in the data as poor before transfers; but many of them would of course have private pensions if they lived in a country without state transfers. The extent to which taxes affect behavior is discussed in more detail below.
In market economies, consumers and producers change their behavior in response to taxes. For example, if a taxed good has a substitute that is not taxed, some consumers will shift to the substitute to avoid the tax. These changes in behavior can lead to inefficiencies.
For example, high tax rates may discourage labor supply; and in the case of very rich individuals, they may even induce migration of talent to countries where the tax burden is lower. So how large are these behavioral responses? The scatterplots support this. The two plots correspond to different time periods. The vertical axis represents the fraction of all top-league professional football players who are foreign nationals in the country where they play, and the horizontal axis shows the average top earnings tax rate for foreign players in that country.
As we can see, in the period there was no correlation between migration and tax rates; yet in the period , after the Bosman ruling on free mobility was enacted, the correlation became strongly negative: the countries with higher top earnings tax rates became less likely to have foreign players.
The authors also show that the mobility of players had a negative impact on the performance of football clubs of countries with high tax rates. The inconsistencies between sources are often due to differences in methodological choices — such as differences in the classification of social security contributions, or the omission of data from taxes collected by local governments. And in addition to methodological differences, sources also seem to differ in other substantial non-systematic ways.
A very detailed account of data quality differences can be found in Prichard et al. The chart shows an example of data discrepancies in tax revenues for Ghana.
Considering the above data limitations, the ICTD developed the new Government Revenue Dataset , merging and prioritizing sources under a standard classification system. Prichard et al. All our charts on Taxation Composition of tax revenues Government Revenues as a share of national income Number of countries having implemented Value Added Taxes Relative weight of two forms of consumption taxation Revenue from income taxes in Europe Share of domestic budget funded by domestic taxes Statutory corporate income tax rate Statutory corporate income tax rates, vs Tax reduction in income inequality Tax revenue Tax revenue as share of GDP Tax revenue vs GDP per capita Tax revenues by source Taxes on goods and services Taxes on income vs.
History of taxation. Taxes started growing in early-industrialised countries after the First World War. Click to open interactive version. Income taxation played a fundamental role in the historical expansion of tax revenues.
Evolution of fiscal capacity in a sample of 18 countries — Figure 4 in Besley and Persson 3. In the 20th century, European countries expanded revenues from direct taxation faster than other sources of government revenue.
Revenue structure and government structure in the US are historically interdependent. In the process of development, middle income countries have increased tax revenues.
Taxation today. What are the main instruments used by governments to collect revenue? Classification of different sources of government revenues — Figure 2 in Prichard et al.
How much tax revenue do countries collect today? How do developing and developed countries compare in terms of tax revenue?
Which forms of taxation dominate revenues in different world regions? Taxation of incomes. How have income tax revenues evolved around the world?
How have statutory tax rates for the rich evolved in the last few decades? How do marginal rates of taxation compare to average rates of taxation in the US?
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