Oman is on course to become the first Gulf Cooperation Council (GCC) state to introduce a personal income tax as the sultanate ramps up efforts to boost revenue and diversify its economy away from hydrocarbons. The draft law, approved by Oman’s Parliament in July, has been sent to the State Council for final approval, a decision analysts say is highly anticipated.
The Omani government is planning a levy ranging from 5% to 9%, but its application to citizens and expatriates will be different. Omani citizens will be taxed at a flat…