Muscat – Oman will soon implement a personal income tax targeting individuals with monthly earnings above RO2,500, according to Ahmed al Sharqi, Chairman of Majlis A’Shura’s Economic and Financial Committee.

At the shura’s annual media briefing on Tuesday, Sharqi confirmed that those earning over RO30,000 annually will be subject to tax under a new legislation, which is currently being considered by the State Council.

To gauge the potential impact of the proposed law, a comprehensive study considered both Oman’s economic context and the need for diversified income sources. The tax aligns with the country’s broader economic strategy under Vision 2040 aimed at reducing reliance on oil, which currently accounts for 70% of the national budget. “This shift is crucial for building a resilient economy,” Sharqi said, explaining that the revenue will bolster development and social projects across the country.

In addition to discussing the tax, Majlis A’Shura presented its recent efforts, including recommending over 29 amendments to various laws. It highlighted its legislative role, which includes evaluating, proposing and forwarding draft laws to the government. Among its current initiatives is formation of a dedicated committee focused on addressing jobseekers’ issue. This committee, tasked to align labour skills with market demands, is examining legislative and economic shifts affecting the workforce. Its efforts extend to assessing policies on vocational training to ensure jobseekers are equipped for Oman’s evolving job market.

© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).