Latest news with #Al-Saqri
8 hours ago
- Business
Oman plans to impose personal income tax, a first among Gulf states
DUBAI, United Arab Emirates -- Oman has rolled out plans to levy personal income tax as part of a broader push to move the sultanate's economy away from reliance on hydrocarbons, the official Oman News Agency said Sunday. The move, issued by royal decree, is a first among the six-member oil-rich Gulf Cooperation Council. However, the 5% tax won't be imposed until 2028. Only those who make upward of $109,000 annually — the top 1% of earners in Oman — will be required to pay it, the Gulf state said. It's unclear whether this will inspire other nations in the area to follow suit, though the International Monetary Fund has predicted that Gulf states may need to impose new taxes in the coming years to diversify government revenues. The lack of income tax so far has been a boon for development in the Gulf, helping to attract migrant workers to the region. But for Oman, the introduction of the income tax 'will further prioritize financial stability by diversifying revenue sources' that will help shelter the country from 'fluctuations' in the global energy market, Minister of Economy Said bin Mohammed Al-Saqri said He added that oil and gas revenues can account for up to 85% of the nation's public income, depending on the market. "The tax serves as a new revenue stream to diversify public income sources and mitigate risks associated with reliance on oil as the primary revenue source," Al-Saqri said. Oman has been weighing the personal income tax for several years, and its introduction follows other fiscal reforms. In 2020, it rolled out a program to cut down public debt and boost economic development. The move, Al-Saqri said, is part of Oman's broader Vision 2040 project, which hopes to turn the country into a technology-based economy.
Yahoo
9 hours ago
- Business
- Yahoo
Oman plans to impose personal income tax, a first among Gulf states
DUBAI, United Arab Emirates (AP) — Oman has rolled out plans to levy personal income tax as part of a broader push to move the sultanate's economy away from reliance on hydrocarbons, the official Oman News Agency said Sunday. The move, issued by royal decree, is a first among the six-member oil-rich Gulf Cooperation Council. However, the 5% tax won't be imposed until 2028. Only those who make upward of $109,000 annually — the top 1% of earners in Oman — will be required to pay it, the Gulf state said. It's unclear whether this will inspire other nations in the area to follow suit, though the International Monetary Fund has predicted that Gulf states may need to impose new taxes in the coming years to diversify government revenues. The lack of income tax so far has been a boon for development in the Gulf, helping to attract migrant workers to the region. But for Oman, the introduction of the income tax 'will further prioritize financial stability by diversifying revenue sources' that will help shelter the country from 'fluctuations' in the global energy market, Minister of Economy Said bin Mohammed Al-Saqri said He added that oil and gas revenues can account for up to 85% of the nation's public income, depending on the market. "The tax serves as a new revenue stream to diversify public income sources and mitigate risks associated with reliance on oil as the primary revenue source," Al-Saqri said. Oman has been weighing the personal income tax for several years, and its introduction follows other fiscal reforms. In 2020, it rolled out a program to cut down public debt and boost economic development. The move, Al-Saqri said, is part of Oman's broader Vision 2040 project, which hopes to turn the country into a technology-based economy. Gabe Levin, The Associated Press Sign in to access your portfolio
Winnipeg Free Press
9 hours ago
- Business
- Winnipeg Free Press
Oman plans to impose personal income tax, a first among Gulf states
DUBAI, United Arab Emirates (AP) — Oman has rolled out plans to levy personal income tax as part of a broader push to move the sultanate's economy away from reliance on hydrocarbons, the official Oman News Agency said Sunday. The move, issued by royal decree, is a first among the six-member oil-rich Gulf Cooperation Council. However, the 5% tax won't be imposed until 2028. Only those who make upward of $109,000 annually — the top 1% of earners in Oman — will be required to pay it, the Gulf state said. It's unclear whether this will inspire other nations in the area to follow suit, though the International Monetary Fund has predicted that Gulf states may need to impose new taxes in the coming years to diversify government revenues. The lack of income tax so far has been a boon for development in the Gulf, helping to attract migrant workers to the region. But for Oman, the introduction of the income tax 'will further prioritize financial stability by diversifying revenue sources' that will help shelter the country from 'fluctuations' in the global energy market, Minister of Economy Said bin Mohammed Al-Saqri said He added that oil and gas revenues can account for up to 85% of the nation's public income, depending on the market. 'The tax serves as a new revenue stream to diversify public income sources and mitigate risks associated with reliance on oil as the primary revenue source,' Al-Saqri said. Oman has been weighing the personal income tax for several years, and its introduction follows other fiscal reforms. In 2020, it rolled out a program to cut down public debt and boost economic development. The move, Al-Saqri said, is part of Oman's broader Vision 2040 project, which hopes to turn the country into a technology-based economy.
