A gulf country has decided to launch income tax in the country. At present, none of the six Gulf Cooperation Council (GCC) states collect income tax from individuals.
Oman has decided to launch income tax for high earners. The tax will be implemented in 2022. This was announced by the finance ministry in Oman in its ‘Economic Plan 2020-2024’.
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The ministry aims to bring Oman’s fiscal deficit down to 1.7% of gross domestic product by 2024, from a preliminary deficit of 15.8% this year. It also has a target of increasing non-oil revenues to 35% of total government revenue by 2024, from 28% this year.
Earlier International Monetary Fund (IMF) has predicted that Oman’s economy may shrink by 10% this year and its fiscal deficit could widen to 18.3% of GDP from 7.1% last year.
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