Oman could start taxing the rich from 2022 to try and cut budget deficit

Taxation 2020-11-02

Muscat: Oman plans to take a step unheard of in the Gulf region: It's going to start taxing the income of wealthy individuals beginning in 2022, as part of a broader programme to tackle a budget deficit that's ballooned due to low oil prices and the coronavirus pandemic.

By reducing government spending while spurring investments, the plan is projected to bring the budget deficit - estimated to reach nearly 19 per cent of gross domestic product in 2020 by the International Monetary Fund - to 1.7 per cent by 2024, the Ministry of Finance said in an emailed statement. Revenue from the income tax will be used to fund social programmes.

The tax would apply to high-income individuals, but the plan - whose implementation is still currently being studied - doesn't specify income brackets.

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From: Bloomberg

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