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A bird's eye view of Oman.

PHOTO BY ARCHIVE


Income tax coming to UAE’s neighbouring country Oman, says IMF

 

DUBAI – The UAE’s neighbouring country of Oman is planning to introduce income tax, the International Monetary Fund (IMF) has reiterated.

According to the IMF, it is expected that Oman will introduce income tax on high-income earners in 2022.

The IMF said that the country is developing a personal income tax on high-income earners after introducing the value added tax (VAT) in 2021. Oman’s fiscal adjustment plans include the introduction of a 5 percent VAT this year.

When introduced, Oman will be the first country in the Gulf Cooperation Council to impose income tax.

Oman’s economy was down by 6.4 percent in 2020 following the economic impact of the coronavirus crisis. ICA/Expat Media


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