Income tax coming to Oman, says IMF

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Consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis.” byline=”staff reporter” caption=”A bird’s eye view of Oman.” credits=”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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