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Oman to impose Tax on High-Income Earners soon, says IMF
Oman- February 17, 2021:
Oman’s finance ministry has indicated in its 2020-2024 economic plan that it is considering imposing a wealth tax in order to make government finances more sustainable as Covid-19 takes its toll on business activity.
The International Monetary Fund (IMF) has estimated that Oman’s budget deficit will reach nearly 19% of GDP this year. The new economic plan is projected to reduce that to 1.7% by 2024, according to a statement from the ministry of finance.The proposed tax would apply to high-income individuals, but the plan does not specify what the income brackets would be.
Currently none of the six Gulf Cooperation Council (GCC) states, collect income tax from individuals. Oman will become the first gulf state to introduce income tax on high earners in 2022.
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