Why can't every country be like Monaco with no taxes?

Monaco stopped levying income tax over a century ago because the revenue from its casino enabled the state to run. Monaco does not levy personal income tax, but can levy Corporate tax at a rate of 33% if you are making you money in the principality. read more

Monaco does not levy personal income tax, but can levy Corporate tax at a rate of 33% if you are making you money in the principality. It also levies VAT at a rate of 20% and payroll tax totaling 30% of one’s salary. read more

Monaco's policy of not charging residents income tax has fostered the common misconception that the country is an offshore tax haven, writes Evelyne Genta, the principality's ambassador to the UK. In the wider public's mind, Monaco and Monte-Carlo remain synonymous with casinos, Formula One, luxury yachts, Grace Kelly and, wrongly, offshore tax havens. read more

The amount payable is paid directly to the French government. The Principality of Monaco doesn’t levy capital gains tax nor wealth tax. Inheritance tax and gift tax are payable, but only with regard to assets situated in Monaco. In other words, these taxes don’t apply to assets situated outside Monaco (money in a foreign bank account for example). read more