Oman's Finance Ministry aims to introduce an income tax on high earners in 2022, to restore finances battered by low oil prices.
None of the six Gulf Cooperation Council (GCC) states, currently collect income tax from individuals.
“An income tax on individuals would be a first in the Gulf. I think it will be a significant move and closely watched by other GCC countries,” said Monica Malik, chef economist at Abu Dhabi Commercial Bank.
“This initiative is still under study, all aspects of its application are being considered. It is expected to apply this tax in 2022,” the 2020-2024 medium term economic balance document said.
Source : https://www.khaleejtimes.com/business/income-tax-to-be-introduced-in-oman-ministry
You can access Law including Guidelines, Cabinet & FTA Decisions, Public Clarifications, Forms, Business Bulletins for all taxes (Vat, Excise, Customs, Corporate Tax, Transfer Pricing) for all GCC Countries in the Law Section of GCC FinTax
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