Oman Exempts Income Tax for Salaries Below OMR 2,500/Month
- Publish date: Thursday، 07 November 2024
- Related articles
- The Cost of Living in Oman
- Oman Completes 4 Projects Worth Over OMR 3 Million in Dhofar
- OMR 300 Fine And Jail Term for Men Dressing Up As Women in Oman
Oman has introduced an exemption from income tax for individuals earning less than OMR 2,500 monthly or OMR 30,000 annually. This change was confirmed by Ahmed Al Sharqi, Chairman of the Economic and Financial Committee at the Al Shura Council.
Read More: Oman Among Safest Nations for Expats
Tax Applies Only to Higher Incomes
Al Sharqi clarified that the tax will only apply to individuals whose income exceeds OMR 30,000 annually, ensuring that the majority of Omani citizens will not be impacted by this new law.
Extensive Review of the Tax Law
In a statement, Al Sharqi explained that the draft law underwent thorough analysis, including a review of over 29 articles. The committee took into consideration both the benefits and drawbacks of the law, as well as the current economic climate, before making adjustments to ensure fairness.