It is necessary to pay corporate taxes for every business establishment. Though, not all are created equally as there are some people who do something to lessen the amount to be paid periodically and some countries does not require an individual to pay certain amount to the government.
The US administration recently lowered the corporate taxes. Every business has to handover 27% of their revenue to the country’s government. This new rate is not that high compare to the recent years. There is a study made by the World Bank showing that a global average of corporate taxes reach up to 40.5%.
Operating a business in a low or tax free country definitely have perks for the business owners. Their prices for their services or goods are definitely lower compare to other countries.
Here is the list of 5 top countries that does not have or at least require only a small contribution from the business income to pay for the government.
It is considered to be the fastest growing economy among the Arab countries due to its low price of oil. No doubt that they have an impressive 0% rate of corporate tax. Processing of petroleum products is the most important industry in this country followed by aluminium production. With regards to services, banking and finance are the most significant ones.
Their bilateral trade with United States is approximately worth $2 billion yearly. It focuses more on products like aluminium, apparel, vehicles, machines and some agricultural products.
Aside from their stunning location in the Caribbean, investors are attracted to set up a business here as the country does not require anyone to pay certain amount for the government. There is no need for any business establishment to have a tax agent Southbank to file and pay any dues to the government.
Both tourism and financial services are country’s source of income. Citizens of this country relies to US for the source of their food and some imported goods.
An estimated 6 million US citizens visit the Bahamas every year for vacation that helps the country to boost its economy at the same time opening the eyes of some US citizen businessmen to open more business in the country.
It is very recent that Hungarian government cut its business tax and lower it to only 9%. It is one of their ways to attract more foreign investors for all the member states of Central European Union.
Hungary is also known for highly skilled workers and a low wage level that makes Hungarian a top priority for outsourcing employees to any US companies. As Hungarians, started to work for US companies, most of them are generally shock with the US income tax return as they do not experience paying those amount in Hungary. Check this link http://efirm.com.au/company-tax-return to find out more details.
The country’s main imported goods are more on electronics, food, pharmaceutical and vehicles. While different sectors such as agriculture, tourism, manufacturing of certain goods and green industries are country’s main source of income.
It is located in the South eastern part of Europe. It also has a 9% business tax rate issued to all business owners.
Tourism is country’s number one source of income. They rely more on foreign investments, same thing with their import of goods.