MUSCAT — The Shura Council in the Sultanate of Oman has submitted a draft income tax law to the State Council, marking a significant development in the country's fiscal policy.

The initial draft of the income tax law was introduced in 2022, proposing a tax on high-income earners.

According to the draft law, a tax rate ranging between 5% and 9% will be applied to both citizens and foreigners in the country, albeit under different conditions.

Residents are expected to be subject to income tax if their annual income exceeds $100,000, while citizens will be taxed if their net income exceeds $1 million.

Oman had achieved a budget surplus of 147 million Omani riyals by the end of April this year. General state revenues totaled 3.744 billion Omani riyals, marking a 15% year-on-year decrease, while public expenditure also decreased by 7% year-on-year to approximately 3.6 billion Omani riyals. — SG