Oman to introduce income-tax on wealthy individuals

Oman expects to introduce an income tax on high earners in 2022, the finance ministry said in a 2020-2024 economic plan, as the Gulf state seeks to restore finances battered by low oil prices. None of the seven Gulf Cooperation Council (GCC) states, all oil producers, currently collect income tax from individuals. Oman's Sultan Haitham, who took power in January, last month approved the medium-term fiscal plan to make government finances sustainable as the coronavirus crisis and low oil prices strain state coffers. "An income tax on individuals would be a first in the Gulf. I think it...