Oman to Introduce Income Tax on High Earners as Part of Economic Diversification

Oman, 7 November, 2024 : Oman will soon implement a personal income tax on individuals earning above RO2,500 monthly, as announced by Ahmed al Sharqi, Chairman of the Majlis A’Shura’s Economic and Financial Committee. This new tax, targeting those with annual incomes over RO30,000, is under consideration by the State Council.

The tax aligns with Oman’s Vision 2040 economic diversification plan, which aims to reduce the country’s dependency on oil revenue, currently accounting for 70% of the national budget. Revenue from the tax will fund social and development projects, with Sharqi emphasizing its importance for building a resilient economy.

During the Majlis A’Shura’s annual media briefing, the council outlined its recent legislative initiatives, including proposing over 29 amendments to various laws. Additionally, a dedicated committee has been formed to address jobseekers’ needs, aiming to align workforce skills with market demands and improve vocational training policies to support Oman’s evolving job market.

Source :  www.muscatdaily.com