Oman today_ Oman is preparing to introduce a new personal income tax law with significant changes. According to the draft, individuals earning more than $130,000 annually will be subject to tax, up from the previous threshold of $100,000. Additionally, the tax rate for these individuals has been reduced to 5%, a significant drop from the previous rate of 15%. This move is particularly impactful for foreign workers, as their end-of-service benefits and gratuities will be exempt from taxes.
Currently, Oman will be the first country in the Gulf to introduce personal income tax. This step is part of Oman’s efforts to diversify its economy and reduce dependence on oil and gas revenues. Although the exact timeline for the law’s implementation is still uncertain, some officials have suggested that its implementation may be delayed for further analysis.
Oman is moving towards introducing personal income tax
