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...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes