Oman to be first Gulf country to impose personal income tax

RIYADH: Oman will become the first country in the Gulf to impose a personal income tax, as the oil producer works to diversify its revenue stream. The sultanate will impose a 5-percent levy on taxable income for individuals earning over 42,000 Omani rials ($109,091) per year starting from 2028, according to a royal decree. The Gulf country added that the tax would apply to about 1 percent of the population. The move comes after Oman launched a medium-term fiscal program in 2020 to reduce public debt, diversify revenue sources, and spur economic growth, which has improved state finances.

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