MUSCAT : With an aim to increase the government revenues, Oman is planning to implement income tax to individuals earning higher incomes starting from 2022, The Arabian Stories has learnt.
However, the salary bracket of individuals who will come under the income-tax is yet to be revealed.
According to the data released by the Ministry of Finance as part of Oman’s mid-term fiscal plan 2020-2024 (Tawazon Program), the government is planning to increase its revenues through various sources to OMR 12.1 billion and total spending of OMR 12.6 billion by the end of 2024, with the fiscal deficit reaching at about OMR 537 million.
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Early last month, His Majesty Sultan Haitham bin Tarik issued a Royal Decree to implement a 5 per cent value-added tax (VAT) in six months’ time. The tax will be on most goods and services, though with some exceptions. All six Gulf Arab states agreed to introduce 5 per cent VAT in 2018. Saudi Arabia, the UAE and Bahrain have already introduced the tax.
The plan comes within the context of continued fall in oil prices in addition to the impact of the Covid-19 pandemic which has affected the global economy and lowered the energy demand thereby affecting various economic sectors.
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