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The Sultanate of Oman enacted legislation by royal decree establishing a 5% personal income tax effective 2028, marking the first such levy among Gulf Cooperation Council member states. The tax applies exclusively to high earners exceeding $109,000 annually, representing approximately 1% of Oman's population. The Minister of Economy justified the measure as essential for fiscal diversification, citing oil and gas revenues comprising up to 85% of public income depending on market conditions. This legislative initiative forms part of Oman's Vision 2040 economic transformation strategy, aimed at reducing hydrocarbon dependency and establishing a technology-based economy. The reform follows previous fiscal measures implemented in 2020 targeting public debt reduction and economic development enhancement.
The Sultanate of Oman enacted legislation by royal decree establishing a 5% personal income tax effective 2028, marking the first such levy among Gulf Cooperation Council member states. The tax applies exclusively to high earners exceeding $109,000 annually, representing approximately 1% of Oman's population. The Minister of Economy justified the measure as essential for fiscal diversification, citing oil and gas revenues comprising up to 85% of public income depending on market conditions. This legislative initiative forms part of Oman's Vision 2040 economic transformation strategy, aimed at reducing hydrocarbon dependency and establishing a technology-based economy. The reform follows previous fiscal measures implemented in 2020 targeting public debt reduction and economic development enhancement.
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