<h1>Gulf state introduces 5% personal income tax for high earners starting 2028 to diversify economy</h1> The Gulf state plans to implement a 5% personal income tax starting in 2028, becoming the first among Gulf Cooperation Council members to do so. The tax will apply only to top earners making over $109,000 annually, affecting approximately 1% of the population. This measure aims to diversify government revenue sources and reduce dependence on oil and gas, which currently account for up to 85% of public income. The initiative forms part of a broader economic transformation strategy to develop a technology-based economy by 2040.