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20. Kazakhstan -

Personal Income Tax Rate: 10%

Corporate Income Tax Rate: 20%

GDP Per Capita: US$34,480

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20. Kazakhstan -

With a 10% top personal income tax rate and a 20% top corporate income tax rate, Kazakhstan opens the list at #20. Its economy is one of the fastest growing in Central Asia.

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19. Romania -

Personal Income Tax Rate: 10%

Corporate Income Tax Rate: 16%

GDP Per Capita: US$43,750

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19. Romania -

The renewable energy, transportation, finance, and IT sectors greatly contribute to Romania's high GDP per capita.

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18. Timor-Leste -

Personal Income Tax Rate: 10%

Corporate Income Tax Rate: 10%

GDP Per Capita: US$3,710

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18. Timor-Leste -

Timor-Leste, in Southeast Asia, has one of the lowest rates of income tax and corporation tax in the world.

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17. Paraguay -

Personal Income Tax Rate: 10%

Corporate Income Tax Rate: 10%

GDP Per Capita: US$16,270

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17. Paraguay -

One in four people is poor and two out of three workers have no social protection in Paraguay, where both the income and corporation tax rates are low.

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16. Kosovo -

Personal Income Tax Rate: 10%

Corporate Income Tax Rate: 10%

GDP Per Capita: US$16,760

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16. Kosovo -

Limited tax revenues hamper the government's ability to address economic cycles in Kosovo, according to the World Bank.

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15. Bosnia and Herzegovina -

Personal Income Tax Rate: 10%

Corporate Income Tax Rate: 10%

GDP Per Capita: US$20,730

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15. Bosnia and Herzegovina -

Those earning low wages face a high relative tax rate in comparison to workers earning average wages in this Balkan nation.

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14. North Macedonia -

Personal Income Tax Rate: 10%

Corporate Income Tax Rate: 10%

GDP Per Capita: US$22,580

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14. North Macedonia -

Favorable income taxation has been designed to attract foreign investment to North Macedonia.

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13. Bulgaria -

Personal Income Tax Rate: 10%

Corporate Income Tax Rate: 10%

GDP Per Capita: US$35,850

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13. Bulgaria -

At 10%, Bulgaria has one of the EU's lowest personal income tax rates, significantly lower than the average rate across the trading bloc.

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12. Turkmenistan -

Personal Income Tax Rate: 10%

Corporate Income Tax Rate: 8%

GDP Per Capita: US$20,550

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12. Turkmenistan -

In Turkmenistan, the personal income tax system involves a flat tax rate of 10% for individuals, while the standard corporate tax rate for resident companies is just 8%.

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11. Guatemala -

Personal Income Tax Rate: 7%

Corporate Income Tax Rate: 25%

GDP Per Capita: US$11,000

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11. Guatemala -

The tax system of Guatemala is a unitary system. This means all kinds of individual income, other than capital gains, is lumped together and subject to a single tax of 7%.

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10. Brunei -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 55%

GDP Per Capita: US$76,860

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10. Brunei -

Brunei does not currently levy any income tax on individuals. There is no sales tax or value added tax (VAT), while corporations are taxed at the rate of 22% or 55%.

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9. Saudi Arabia -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 20%

GDP Per Capita: US$71,370

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9. Saudi Arabia -

Saudi Arabia has a zero personal income tax rate and a 20% corporate income tax rate, making it one of the most favorable regimes in the world for individuals and businesses.

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8. Oman -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 15%

GDP Per Capita: US$40,020

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8. Oman -

There's currently no personal income tax rate law enacted in Oman, where the statutory rate of tax for corporations sits at 15%.

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7. Kuwait -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 15%

GDP Per Capita: US$53,760

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7. Kuwait -

A small island country, Kuwait has one of the world's strongest economies. The country has a zero personal income tax rate and a flat 15% corporate income tax rate.

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6. Qatar -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 10%

GDP Per Capita: US$118,150

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6. Qatar -

Qatar is one of the richest countries in the world. The GDP per capita is US$118,150, where individuals pay zero income tax. Headline corporation tax is at a rate of 10%, however, petroleum companies are subject to a minimum 35% tax rate.

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5. United Arab Emirates -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 9%

GDP Per Capita: US$92,950

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5. United Arab Emirates -

One of the wealthiest countries in the world, the UAE has a flexible tax rate that has attracted many start-up businesses in recent years.

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4. Bahamas -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 0%

GDP Per Capita: US$46,300

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4. Bahamas -

There are no taxes on personal or corporate income in the Bahamas, where GDP per capita is US$46,300.

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3. Bahrain -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 0%

GDP Per Capita: US$62,750

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3. Bahrain -

Bahrain ranks third in this countdown of the lowest income tax rates in the world. Individuals and non-oil sector corporations do not pay taxes in the country. However, oil companies operating in Bahrain must pay a minimum corporation tax of 46%.

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2. Cayman Islands -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 0%

GDP Per Capita: US$99,624

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2. Cayman Islands -

With no tax on individual or corporation income, and a GDP per capita of US$99,624, the Cayman Islands ranks second on this list.

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1. Bermuda -

Personal Income Tax Rate: 0%

Corporate Income Tax Rate: 0%

GDP Per Capita: US$118,774

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1. Bermuda -

The top spot goes to Bermuda, whose zero rate of taxation on individual and corporation income is further offset by a GDP per capita of US$118,774.

Sources: (Yahoo! Finance) (Insider Monkey) (World Bank) (OECD iLibrary) (IMF) (PwC)

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