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Oman may Introduce Income Tax

Oman may Introduce Income Tax

To diversify sources of income for the budget, the Omani authorities are planning to introduce an income tax. The bill has already been submitted to the State Council.

This is how the country is trying to achieve economic stability. Currently, taxes are withheld only from corporate income (15% rate). Taxes are also levied on special payments for non-residents (10% rate).

Oman may become the first Gulf country to adopt an income tax. In general, the rules are aimed at individuals who have a high income. The thresholds are $100,000 for non-residents and $1,000,000 for residents.

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