Home Industry Economy This GCC country has just approved a draft law on personal income tax Six other draft laws were jointly issued by the councils by Nida Sohail January 31, 2025 The State Council and Majlis A’Shura in Oman have approved a draft law on personal income tax in the country. The tax exemption limit has been raised to OMR50,000 to benefit the middle class, and the tax rate has been reduced to 5 per cent. GCC countries: From tax havens to global business hubs End-of-service gratuity and other benefits will be exempt from taxes, as they are not considered sources of income. According to a report in the Oman Observer, the tax will only be imposed under suitable conditions. Oman’s Minister of Finance also stated that raising VAT (Value Added Tax) will affect all residents, whereas the income tax will impact just 1 per cent of the Sultanate’s population. Read: UAE set to roll out 15% tax for global corporate giants Six other draft laws jointly issued by the councils include regulations on electronic transactions, public health, human organ and tissue transplants, individual income tax, special economic zones, and free zones. Oman raised approximately OMR1.4bn in taxes in 2024, including corporate, selective, and VAT collections revenue. Tags Gcc Country income tax Oman personal income tax You might also like Oman’s Asyad Group plans to sell at least 20% of shipping unit via IPO Oman and Kuwait announce Isra Wal Miraj holidays for 2025 Carrefour exits Oman as Majid Al Futtaim shifts to Hypermax Oman’s OQ to raise $490m from IPO of methanol, ammonia unit
