https://www.taxtmi.com/highlights?id=89764 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. en-us Tue, 24 Jun 2025 09:04:53 +0530 Tue, 24 Jun 2025 09:04:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=89764 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. Highlights Indian Laws Tue, 24 Jun 2025 09:04:53 +0530 https://www.taxtmi.com/highlights?id=89764