Muscat: Oman’s Finance Minister has revealed plans to implement income tax targeting individuals earning 30,000 Omani Rials or more annually. However, this measure will be introduced only when favorable conditions are in place.
The minister emphasized that while the recently increased Value Added Tax (VAT) will have a broad impact, the income tax will apply to just one percent of the population.
In 2024, Oman generated around 1.4 billion Omani Rials in tax revenue, encompassing corporate taxes, selective taxes, and VAT.
This move marks a significant step in Oman’s fiscal policy, aimed at diversifying revenue sources and reducing reliance on oil income.
