In a recent report by Khaleej Times, it was revealed that it is expected that Oman might roll out Personal Income Tax sometime next year. If this happens, it will make Oman the first country in the GCC to do so! If you are also wondering what it means and are curious about this development, here’s all you need to know about the probable move.
Oman To Roll Out Personal Income Tax?
This development of Oman rolling out Personal Income Tax comes. This might happen after the kingdom’s Shura Council advanced this draft law to the State Council. It’s worth mentioning that this bill is nearing its end of legislative approvals and may be introduced in 2025. Not to mention, according to the same report, it was revealed that this initial bill dated back to 2020. However, according to several analysts and experts, other countries in the Gulf Cooperation Council might introduce Personal Income Tax. Though it is worth mentioning that this might not happen in the near future.
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What Does It Mean?
It is expected that other countries may use Oman as a template for launching the tax in their nations. At this point, it’s worth mentioning that previously the UAE Ministry of Finance they revealed that the UAE has no plans to introduce personal income tax. However, the UAE did introduce a 9% tax on Corporate Income for boosting revenues.
It should be noted that most of the patriots and nationals in Oman will not be affected by the new tax regime. Yes, foreign nationals will be liable to PIT of 5 to 9% on income from Oman over $1,00,000. While the same for Omani citizens the threshold will be orders of magnitude higher at net global income over $1 million and it would be taxed at 5%
On a concluding note, it should be revealed that there are 2.2 million experts in Oman that make up 42.3% of the total population of 5.2 million.
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