Latest news with #HaithamBinTariq
Gulf Today
23-06-2025
- Business
- Gulf Today
Oman to impose 5% tax on individuals with annual income of OR42,000, a first in Gulf region
Sultan Haitham Bin Tariq of Oman has issued a decree on Sunday mandating the introduction of income tax, with the intention of implementing this on an individual income basis from 2028, according to the Oman News Agency. This would make Oman the first country in the Gulf region to impose such a tax. The law will impose a 5% tax on the taxable income of natural persons whose gross annual income exceeds OR42,000, derived from specific income types as defined by the law. The law will come into effect at the beginning of 2028. The Tax Authority said that the Personal Income Tax Law complements the tax system in line with Oman's economic and social conditions and aligns with the role assigned to the Tax Authority. It also contributes to the objectives of Oman Vision 2040 by diversifying income sources and reducing reliance on oil revenues, with targets of 15% of GDP by 2030 and 18% by 2040. Additionally, the tax aims to promote wealth redistribution among societal segments, enhancing social justice, while supporting the state budget and specifically financing part of the social protection system. The Authority also affirms that the implementation of the personal income tax follows an in-depth study assessing its economic and social impact, based on income data from various government entities. The study established a carefully considered exemption threshold, revealing that approximately 99% of Oman's population will not be subject to this tax. Notably, the exemption threshold is set high at RO 42,000, and the tax rate is low at 5%. The law also includes deductions and exemptions accounting for social considerations in the Sultanate of Oman, such as education, healthcare, inheritance, zakat, donations, primary housing, and other factors.
Arab News
15-06-2025
- Politics
- Arab News
Turkish president discusses Israel-Iran strikes with Oman's sultan, Kuwait's emir
LONDON: Turkish President Recep Tayyip Erdogan discussed developments in the Middle East during separate phone calls on Sunday with the Sultan of Oman Haitham bin Tariq, and the Emir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. Erdogan discussed with the Omani sultan the Israeli strikes against Iran, which began on Friday morning, and their 'worrying repercussions' for the region, the Oman News Agency reported. The parties stressed the importance of dialogue and diplomacy and a return to the negotiating table to settle conflicts and prevent the escalation of crises in the region. The ONA reported that they exchanged views on maintaining security and stability in accordance with international law. Erdogan and the Emir of Kuwait Sheikh Meshal also discussed the rapid developments in the Middle East and the conflict between 'the friendly Islamic Republic of Iran and the brutal Israeli entity,' the Kuwait News Agency reported. In addition, both leaders renewed their condemnation of the ongoing Israeli strikes in the Gaza Strip, where at least 54,000 Palestinians have been killed since late 2023. They emphasized the importance of de-escalating tensions, halting aggression, and resolving differences through diplomatic means in the region, the KUNA added.
