Oman authorities announced that individuals earning less than OMR 2,500 per month or OMR 30,000 yearly would not be required to pay income tax.
Chairman of Economic and Financial Committee at Al Shura Council Ahmed Al Sharqi, “In the income tax project, the tax is applied to those whose income exceeds OMR 30,000 per year.”
Ahmed Al Sharqi said that the authorities examined the draft legislation on the Individual Income Tax, weighed its advantages and disadvantages, and deliberated on the best time to enact the tax, given that a substantial portion of the populace is exempt from it.
“We have amended more than 29 articles of the draft Individual Income Tax Law, with an extensive study on the impact of the individual law and the economic situation”, the chairman of economic and financial committee added.
Oman, a country nestled in the Arabian Peninsula, is renowned for its stunning landscapes, rich cultural heritage, and a welcoming atmosphere. The country’s economy is primarily driven by its oil and gas reserves, but it has been diversifying its economy to reduce its dependence on these natural resources. Tourism, particularly eco-tourism, has emerged as a significant contributor to Oman’s economy, attracting visitors with its pristine beaches, majestic mountains, and ancient historical sites.
Oman is home to a diverse population, with a significant number of expatriates working in various sectors, including oil and gas, healthcare, education, and hospitality. The country’s multicultural environment has enriched its cultural heritage, blending elements of Arab, Persian, and Indian traditions. Oman’s cultural heritage is evident in its ancient forts, traditional souks, and vibrant festivals.